All Forum Posts by: Joshua Springer

How much is it costing you to refinance??

Sounds great...I tell myself I will retire at 40 but with 9 years left to go i'm not sure I can wait that long!

J lays it out very well in his blog post.

Well I guess Kalyb that answers part of your question...you better hitch hike out east before you start spending your 100k ;)

PS...a lot of you guys are missing where he has 0 income..pretty hard to qualify for a loan that way without anything else to your name!

A few years ago when I discovered Zillow I set my MMM price...I put it at about 20% over the highest price it ever estimated...which was about 40% higher then the current price.  I'm with everyone else...I wasn't motivated, but with a big enough offer I could be ;)

I'd also look back at the purchase contract and see what was listed in the property disclosure.  See what the listed as far as defects in the garage.  If you can prove they knew of the problem but didn't list it, you could have a case with the previous owners as well.

Start by getting something to play the podcasts in your truck.  It's going to be overwhelming at times but hey you can always rewind and listen again :)

Before you do anything else I would start working on building your credit/finding out what it is.  Get a few credit cards, use them every month with very low balances (lines of credit).  Pay them off every month.  Find a credit union, take out a CD secured loan or savings secured loan so you can build a installment loan trade line.

Go to annualcreditreport.com  (1 free report per year per bureau) and get a credit report from all 3 bureaus.  Make sure all the information is correct and if anything is still reprorting.

Credit will be your best friend if you don't have enough cash to finance a deal on your own.

I'd do this ASAP so you can build credit while you're learning the rei world.

While I do not have the experience to properly answer this question I would err on the side that your daughter is responsible for costs.  I didn't see anywhere in your post where the roomate was legally required to find a new roomate.  If the lease wasn't broken I can't see where you could get your money back besides an amicable agreement between the two parties.

Well first off a partnership is not bad as long as you set expectations in writing.

As for $175 cash flow.  No one can possibly give you good advice on whether that's acceptable.  We don't even have a deal to look at.  If you paid $10,000 for a property with low holding costs $175 would be amazing...while $175 on a $500,000 property would be downright scary.

Anyways good luck...my best advice is to take the most conservate approach between the two of you till you have enough experience to not get yourselves into trouble.

I think I will make it a personal goal to attend one of these in the next few years.  You guys are doing an awesome job.  Keep it up!