All Forum Posts by: Jon Jonhson

Whats everyone's favorite book/manual for setting up systems for buy and hold?

Anyone recommend any apps?

Whats your favorite method of collecting rent? 

Hi ,

I was wondering what everyone would suggest in this situation;

I have 3 credit cards with significant debt

1- am ex with 14,823 at 20.99% =259/mo interest

2-am ex with 9,220 at 15.99%= 122.85/mo interest

3- visa with 6,900 at 15.99%= 91.94/mo interest

I attempted a flip that ended up becoming a rental and was left with much more debt then I expected. The interest alone is significant. I brought up the idea of getting a HELOC on the place to pay of said debt. The interest rate would be 7%. which would mean significantly less of my payment would go towards interest. Ive got 1,000 /month either way to pay toward this debt. Credit cards would mean approx total of 470$/month would go towards interest. Using a HELOC approx 180 would go towards interest. My CPA said I should not citing a lot of reasons that didn't make sense to me mainly he says I need to learn the lesson and I do not want to lose my equity in my place.

What are your thoughts? I see no downside to a HELOC. I feel I have an old school CPA who dosent get the idea of leverage.

What happened to those 90 days of intention journals? I was thinking of buying one but i do not see them in the book store anymore. 

Hi thanks for sharing, this is a good solid story.  Post your next one! 

My CPA recently convinced me not to do a BRRR on a property but I think hes older and just dosent get it. (Does not own properties) I think im going to look into speaking with someone else and see what they think. Thanks for the motivation!

Thanks guys!

Hi, looking for a CPA or financial advisor that can help me figure out what to do with my flip, specifically, 1031 exchange it, sell or hold it for awhile.  

Thanks

Hi I have a friend in Tennessee who bought a home near an army base and has been relocated. He is looking to get out of his loan and isn't trying to make a profit. He wants the ability to buy a new house with his va loan but he can only have one. I am wondering what ways can I take over his loan, and get him out out of his va loan with low or no money down?

I am just wondering who on here from maine uses a CPA for their taxes.  Who would you recommend? I just have a duplex, first year. 

Hi everyone!

First, thanks for taking the time to help a noob.

Goals:

Year One

Buy duplex with FHA loan

Buy single family home with low money down

Year two

Buy multi family 3-4 unit with 20% down

Help GF buy multi family with FHA loan

Hi so i have completed my first year goals I own a duplex (live in one side) rent the other side out for morgage. I own a single family home that I got with 5% down and got under market value. It needs about 5k in work. I am renting it out for twice the morgage. Morgage+ taxes+ insurance =850 rent =1700 month.

My gf will not be approved for a large enough loan next year to buy a multi unit FHA. I would lke to help her. Here is my plan.

-She opens a bank account and I have the tennants split the rent into two checks for 850 each.

-I hire her on as my "property manager" for 850 a month.

-Her income goes up by 10200 a year. I pay the extra taxes on this amount.

Does this plan sound like somthing that will work to accomplish the goal of getting her to buy a FHA multi unit? Is this legal?

Hi everyone!

First, thanks for taking the time to help a noob. 

Goals:

Year One

Buy duplex with FHA loan

Buy single family home with low money down

Year two

Buy multi family 3-4 unit with 20% down

Help GF buy multi family with FHA loan

Hi so i have completed my first year goals I own a duplex (live in one side) rent the other side out for morgage.  I own a single family home that I got with 5% down and got under market value.  It needs about 5k in work.  I am renting it out for twice the morgage.  Morgage+ taxes+ insurance =850 rent =1700 month.

My gf will not be approved for a large enough loan next year to buy a multi unit FHA. I would lke to help her. Here is my plan.

-She opens a bank account and I have the tennants split the rent into two checks for 850 each. 

-I hire her on as my "property manager" for 850 a month.

-Her income goes up by 10200 a year.  I pay the extra taxes on this amount.

Does this plan sound like somthing that will work to accomplish the goal of getting her to buy a FHA multi unit? Is this legal?