All Forum Posts by: Jon Summers

Hey Brian, no way! Very small world indeed. Thanks for the welcome! 

Thank you Jonathan, I appreciate the kind words and information! I totally agree with you. The fact that my money is just sitting in a savings account doing nothing makes me upset. Now time to talk some sense into my wife! (wish me luck). 

Thanks for the feedback Bob!

Hey everyone. I literally just wrote my introduction post, but I have a question and want to jump right in. I still need to establish an LLC to buy my first property, but I'm thinking about how I should finance the purchase. My wife and I are in a great financial position. Our only debt is a used car loan, we have $30K in savings, and we own our house free and clear. We are both 27 years old. My wife does not like the idea of using any of our savings as a down payment on a investment property. I thought about getting a HELOC depending on the property I find worth investing in. I live in a very inexpensive college town area (you can buy a move-in-ready 2/2 apartment for $40-$60K). My goal is to find a decent duplex or triplex that doesn't need a ton of work. I've been reading that traditional mortgage lenders require at least 20% down for investment properties, so if I bout a property for $50,000- I'm not sure I can convince my wife to let me invest $10K of our savings. But, what if a found a great deal for $100,000? There's no way my wife would agree to use $20,000 of our liquid cash, and I can't say I blame her. I suppose I'm getting ahead of myself, but I was hoping you great people would chime in on how you would finance your first property if you were in my shoes. Thanks!

Hey everyone! My name is Jon and I'm from West Palm Beach, FL. I moved to Greenville NC with my wife almost one year ago. After college,  I got my start in the medical field as a CT technologist. I quickly realized that I didn't want to work as a tech for the rest of my life, so I moved to Greenville NC where my wife is originally from. I went back to school and earned a business degree. I had the opportunity to work at a company where I am currently employed. This is my first desk job, and I am determined to break free. Sitting in a dark office with no windows is just not for me. I realized that if I am going to be on a computer all day, I am at least going to work for myself. I've had the entrepreneurial itch for a long time, but I could never nail down exactly what I wanted to do. My dad was a general contractor and owned a handful of rental properties. I grew up mowing the lawns of my dad's rental properties. Instead of hiring painters and cleaners, my dad put me and my siblings to work, getting it ready for the next renter. I hated when a vacancy occurred, because I knew that meant I would be on my hands and knees, scrubbing the dirty tile and cleaning toilets. I also watched my dad flip houses and make great profits. I have a lot to learn, and that's why I am here. My current goal is to figure out the best way to finance my first investment property. I am very excited about real estate investing, and I cannot wait to get started!