All Forum Posts by: Joe Glick

Good question. Both of our properties in the LLC were seasoned; however, I'm not sure if that was a requirement versus proof of a signed lease.

Jennifer -

Try Community First Credit Union. We just closed on a 50% LTV cash out loan on 2 of our properties owned by our LLC so we could fund a new cash purchase. We've found it difficult to find lenders willing to work with LLC's, but C1 was great. We even switched all of our banking as a result. Good luck!!

Jeff T -  Yes!!  PETE, AKA Mr Money Mustache, is definitely a huge inspiration and funny as hell.  Crazy you'd mention the Millionaire Real Estate Investor by Gary Keller.  I just downloaded the audiobook version yesterday and spent the 4th out on the beach with my headset on.  Only part way in, but seems like a great book.  I've heard it recommend a thousand times by BP Podcast guests.

 The 

Agree with everyone and I'd go with another applicant!!

Welcome Tanner.  Perhaps we can meet for coffee and talk real estate whenever you have some free time.  St Johns Town Center works for me.

My wife and I embarked on a new experiment in 2015, radical cost cutting in our personal expenses in order to invest more quickly in cash flowing rental properties. When I say "new", I simply mean new to us as this strategy is older than Henry David Thoreau. First, we sold our very large two story live in flip to a hedge fund investment firm. Mortgage gone, HOA gone, water bill gone, CDD fees gone, long commute gone, property taxes reduced, electric bill reduced, etc. You get the picture. We moved into a small 1,200 square foot live in rehab we bought for $62K. A concrete block bunker with a well, septic tank, and no HOA. This neighborhood doesn't even know what "CDD fee" means. Next came the vehicles. Wife's SUV traded for a Prius, cash deal. My new extended cab V8 pickup and monthly payment traded for a '04 Honda CRV, cash deal, comp & collision insurance canceled. I now live close enough to work to ride a bicycle in about 15 minutes. Let's call it a free workout with no gym fee. Next, canceled cable TV....best decision ever. More time to spend on BP, exercising, talking to my wife, or anything!! WIFI provides all the pay on demand entertainment any sane person could ever want. Next, Iphone and contract with AT&T gone. Hello Republic Wireless for $31.00 a month all fees included. While we still earn a respectable W2 income along with passive net cash flow from rental portfolio, the reduction in consumption has proven powerful in increasing our rental investment potential. Three new cash flowing SFR's so far in 2015. Best part, we're happier and healthier now than when we were uber consuming and out spending the Jones. YTD with 6 months down, we've held spending to just over $16K. The last half of 2015 may prove more challenging with a planned 2 week vagabonding vacation in Italy and the holidays.

We'd love to receive ideas, advice, and shared stories of other frugal BP investors!!

Welcome Keith!  Let the BP Nation know if you have any questions.  

Benjamin -  Lot's of great advice here.  Just a couple of additional thoughts.....

     From a buy & hold perspective, just a few things to consider prior to pulling the rip cord on your various exit options.  

     Do you like the property?  I don't know your market, but it seems odd that you're not realizing any appreciation in light of the 2009 purchase date.  I've been hurt on a number of properties, but not those bought in '09.  Why do you think value is relatively stagnant post Great Recession?  Is it market, neighborhood, location, property issues?

     If you like property from a buy & hold perspective, I'd encourage you to completely exhaust your refi options prior to exiting.  Do you have any  capital options to assist in 30 yr fixed refi.  Extending term and lowering rate could turn this property into a nice cash flowing machine for you.  If you don't like the property, then definitely choose your best exit option.  Best of luck!!

Hello to BP Community from Jacksonville, Florida!!  My wife and I can't believe we just found you by way of the BP Podcast after over a decade of real estate bumbling.  We are novices, but eager to learn from the BP community of pro investors.