All Forum Posts by: Jerry Limber

@Ben Zelenka - I just did all of this research for myself, and I discovered a few things. The rates that banks (sometimes even the same bank) offer by state vary.

In Virginia, the best sign up bonus was for putting $50k in Citi Bank and getting $700 in 5 months. (New customers only, 2 months to qualify, 3 months until bonus is paid). The Citi Savings also offers a small return of like .1% that stacks with the sign up bonus. If you chase the $700, you should plan to move the money after payment and put into somewhere else. This is more of a headache than most sane people are willing to put up with, but it’s an option.

The best rate I found on a high interest savings was with Axos Bank at .83%. Minimum is very low and they seem great so far.

@Tashina Taylor how did everything turn out?

@Tashina Taylor - if you don’t mind, I would love to see pictures of the auction vs actual house once you have them. Good luck, hope it turns out ok.

I am on the verge of starting down a similar path of going heavy into syndication. I’m very curious for outside feedback from the community before I get started, any replies are appreciated in advance!

If you have a Roth 401k that you borrow against, does that eliminate the concern of repaying with post-tax dollars since that would be the case anyway? Jerry

Bobby Celiko - I live in Sterling VA, and would be interested in having a conversation along those lines. If you want to set up a get together, I would like to attend. Jerry

Hey all, looking for a general contractor in Ft. Lauderdale that can handle large remodel projects and rehabs. Does anyone know of someone who is reliable, and reasonably priced?

Not to stand on my soap box, but even if a legal strategy exists, it still feels "wrong" to me. In this industry (and in this world), our word is our bond. Borrowing money without the intention of ever paying it back feels disingenuous at best, and dishonest at worst. I think there is a time and a place for bankruptcy, but it's a tool of last resort, not an investment strategy. This isn't about legality, it's about what kind people we choose to be. It's strategies like these that give investors a bad name. Jerry

Hi @Sonja Razmovski I purchased a vacation in Fort Lauderdale earlier this year and have been very happy with the results.  The great thing about Floirda (as you are probably already aware) is the fact that it's a year around vacation rental market.  If you want additional details, feel free to PM me.

-Jerry

Can I just say Assaf Furman that this post freaked me out when I first started reading it. My name is Jerry (same as your example) and I am 32, have a good W-2 job and strongly prefer 15 year mortgages on my investment properties. My plan is very similar to what you describe in your post, keep buying a new property every year so that in my 50's I can choose to retire if I want. I completely understand the flip side of this argument on why 30 year mortgages are better. However for me, since I don't need the short term cash flow and am able to stash away enough cash to keep buying properties every year based on my salary, it works better for me. The reality is, I don't have time (or least choose not to spend my time) buying properties at a faster rate than I currently am. I'm not a full time real estate professional. This is my long term retirement plan and the peace of mind provided by the faster equity pay down is preferable to leveraging myself into oblivion for the next 30 years. -Jerry