All Forum Posts by: Johnoson Crutchfield

Not a suggestion here, but I had a friend swipe one of my credit cards and give me some of the money.  He made a fee, and I bought my first house for 15k cash.  Then fixed it up using funds from a different credit card, cash out refinanced with a local bank, and pay off both cards.  Did it a bunch of times on the first few homes.  

I just looked at my first bigger pockets post.   OMG.  Thank God for how much I've grown up!  5 Years Ago I owned 5 properties lol...... Now I own so many I'm embarrassed.  Blessed to be able answer any questions new folks may have.  I wanted to answer the question below as if I was new person with what I know.  My solution, scale as quickly as possible.  Make sure the deal pays for any interest you're paying.  Cash out refi as often as possible to grow.  High interest debt is really risky, but a small portfolio is even risker.  It makes you want to quit at the sign of a major maintenance issue or new government regulation.  The collective rent from a larger portfolio is so worth it.  Keep pushing guy!

POST FROM 5 YEARS AGO

Help, I'm going to give as many details as possible because I'm just getting started and could use some good advice. I currently own 5 properties including my primary. 2 of them I just purchased as bad shape rehabs that I wanted to fix and rent out, using the BRRR strategy. I had no cash so I put all of the repairs and purchases on a 50k loan at 25% and 50k credit cards at 25%. So now I am 100,000 dollars in debt. The properties appraise for 75k and 100k, for a total of 175,000, and my bank just gave me a check for 50k to refi the first property. What do I do now? Do I pay off the high-interest loan, then take the other refi and pay off the credit cards? Do I split up the money in some way, keep the high-interest loans and acquire more properties? I can't help but feel like having the high-interest debt is really risky. I need ideas and feedback. The collective rents from the two properties will be $1600/month.

First time I’ve heard anything about it being rural. But the fact that you posted this response is good reviews for everyone to see how unprofessional you are. 

I tired to use him.  Tied me up on a deal for 3 weeks and didn't get it done.  He's not someone I would use.

I agree.  This guy is rude, lies, and and is unprofessional.

@Kyle Robertson if you’re like me, you’ve probably already quit your job and are a terrible employee. Quit, then go back if you’re not successful at it. I’m 6 years and and the 1st year I quit my business grew 100%

I’ve got a deal that doesn’t fit in the typical box. I am looking to get it funded and I’m looking for suggestions. It is a rural type property with a gravel driveway that is 5 minutes away from my primary market of Tupelo MS. There are 56 apartments in the package that are occupied rented for 600 a month and charge 50 bucks for water sewer and garbage. The garbage cost is $560 monthly for the property. The purchase price is 3 million. I have enough collateral to put up $500,000. I want to get these deal done but the local banks in the aren’t used to folks scaring up to this size. I’ve got a few of them looking but I figured you all might have ideas for now to get this deal funded.

Time, improved credit, and relationships will solve this problem. Start building relationships with a few bankers. 

try a small local bank.   they should be able to work around this with that size down payment.

Hey, I'm wondering what you all think of this site.  Is this helpful? 

Are the leads real or profitable?