All Forum Posts by: Jordan Slater

@Rachael Meyer

I wish you all the success in the world! One note of caution…be very careful entering into business, financial commitments, co-signing… with someone that you are in an emotional relationship with but not legally married to. If the relationship ends you could be setting yourself up for a financial mess that could take years to climb out of. Get married and enjoy the tax benefits!!! Sorry for the unsolicited advice 🤦‍♂️. Just the dad in me I guess.

@Theresa Harris

Thanks Theresa!

@Jody Sperling

Thanks Jody!

Norman, OK. 2.5 years of real estate investing. Bought low and sold high on some properties. Now have $130k in cash. Have several opportunities in front of me, but would like to hear what ideas others have. I have great credit, a strong relationship with a lender, experience with home building and remodeling, and a strong desire to build a large portfolio. Help me dream big!!!

@Daniel Kahler

Hey Daniel,

My wife and I have had to make decisions whether to hold onto rental properties or sell in this great market. If you sell now, you will probably be paying capital gains taxes. If you rent it out until you return to the states you can decide then whether to rent it or sell it. If you sell it then it can potentially qualify as an investment property and you can redo the tax benefits of that. Also, after 3 years of someone else paying your mortgage down you could possibly refinance and take cash out to improve the property or buy another one.

@Jay Hinrichs So are you saying pull money for cash reserves from 0% credit card? Do I not need any money set aside? Will I only keep the $ from the credit card in cash reserves during the loan process? I am not flipping or doing BRRR (for now), just buy and hold so I thought I needed cash reserve for 3-6 months of expenses to both qualify for loan and just because it is smart to have a cushion.

LOL, sorry lots of questions.  I am ready to buy 2 additional properties and was thinking I would have to wait until next Spring.  I thought it was wise to have cash reserves and then use credit card or other leverage for down payment....

Wow, that was a lot of responses!  Thanks everybody!  The neighborhood is new construction and my home price was within approx. $10,000 of all other houses there.  The neighborhood is approx. 60% built and 40% occupied.  The mortgage and expenses are approx. $1,250 and we are asking $1,450 for rent.  This may all be a non-issue, I think I have a renter at the $1,450 after only 3 days on market.  Sheesh.  

As of right now, I would like to build my cash reserve to enough by next late Spring/early Summer to safely buy 2 rentals ($80,000 -$100,000 range) and put the down payments on a 0% credit card.  This feels doable to me.  I can re-evaluate the current home as the lease approaches its end.  

Thanks again everybody!  This is exciting.  Even if I am not doing everything perfect, at least I am doing something.  I can't wait to get a hold of the equity on the home and free the debt up to use on better cash flowing properties.

4 months ago I purchased a $195,000 new construction home. I put approx. $40,000 down. I have now taken a opportunity to live rent and expense free at an apartment complex as a Courtesy Police Officer. I am interested in buying rentals. With my recent education in real estate investing (thanks BP!) I now recognize that the new house is not a good cash flow property to rent and hinders wealth buikding. If I sell now, my realtor says I will lose approx. $15,000 of my equity. I want to use the equity and the debt I have in the house to purchase cash flowing rentals but If I rent it for a while I can get more equity out of it. What should I do?

Would the money market account function as my business checking or would I still need both?