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All Forum Posts by: Lee Huffman

Lee Huffman has started 6 posts and replied 85 times.

Post: Anyone pay mortgages with credit cards for travel rewards?

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33
Thanks for the tag @Alexander Felice.

Hey James, you can pay for your mortgages using programs like Plastiq. They do charge a fee, which may not be worthwhile for regular spending.

However, when you're working to hit minimum spends on new credit cards, the small fee is worth the massive amount of travel rewards you are earning. With most credit card sign-up bonuses worth $500+, spending a little bit for fees is just a cost of doing business.

Send me a message if you'd like to discuss how this works.

Originally posted by @James Masotti:

Post: Anyone have experience with LendingHome?

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33
Originally posted by @Calvin Lipscomb:
Originally posted by @Lee Huffman:

Great info @Drew Castleberry. We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.

 Three years later.  How did it go.  I am looking them right now too.

 The deal we were looking at fell through, so we didn't need to use them. Did you end up going with Lending Home? How did it go?

Post: Don't get the big following around travel rewards on credit cards

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33
Originally posted by @JD Martin:

Hey all,

I've listened to a lot of podcasters and I always hear people hawking the idea of travel hacking/travel rewards on credit cards. I don't get the attraction of points over pure, hard cash back on the cards. All of the credit cards I have are cash back cards, and I can use that money for anything - credit against the statement (I pay for everything with the card and pay it in full each month), get them to send me a check and save it for vacation, whatever. 

What is the value of getting points versus just getting the cash? 

Thanks for the tag @Alexander Felice . Eric, the biggest value for airline miles is when you redeem for premium cabin space on international flights or when flights are ultra-expensive, like around holidays or popular events. Hotel points are amazing when you can redeem points for stays at aspirational properties that smart people like us would never use cash to stay at.

I focus on teaching people to use airline miles and hotel points to reduce their travel expenses so they can use their cash to invest, pay down debt, or travel more & have better experiences.

I recently spoke with @Mindy Jensen and @Scott Trench on the BiggerPockets Money Show Episode 27 where we talked about everything you need to do to get started in the world of travel rewards. Take a listen and let us know what you think.

Post: Using Real Estate Purchases to Earn Credit Card Rewards Points

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33

@Bobby Thompson you’re welcome. I look forward to chatting with you.

Post: Using Real Estate Purchases to Earn Credit Card Rewards Points

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33

PS: You won’t earn any points with the Home Depot card. Not useful for that, but it is useful for cash flow when you take advantage of the 12-24 month 0% financing promos available.

Post: Using Real Estate Purchases to Earn Credit Card Rewards Points

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33

@Bobby Thompson there is no perfect points program. The points that are “best” are the ones that get you to your goal. Just like real estate, there is no “best” real estate strategy that works for everyone.

The best approach is to figure out what you want to do (more vacations but in economy, fewer but in First/Biz Class, aspirational hotel stays, etc), then devise a plan that will help you get there.

Hit me up if you chat about it more. I can help you create that plan.

http://www.BaldThoughts.com

Post: New to site - ramping up my activity

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33

Sure @Brent Ely .  I'll message you my guy's info.

Post: Anyone here interested in credit card signing bonuses?

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33

Yes, I was there @Neil Henderson. I've been card hacking for 10+ years using Southwest and SPG, but got really heavy into things the last 5 years based on motivation to get to Paris without paying.  I consider the early days of SW and SPG my Bachelors Degree and the past 5 years MBA level.

The only problems I have with mortgage companies are when I do an "app party" in the preceding 3-4 months before a mortgage application.  Even then, it's just a form asking what came about with the recent inquiries.  Since I'm at the stage where I'm just closing one account to open another, I explain it that way and they have been fine with it.

It obviously helps to have good income, size able assets, and great credit from an underwriter's view.

Post: Transfering Rental Properties to an LLC to Free-Up FNMA Financing

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33

@Billy Raz that's the same response my mortgage broker told me when we investigated doing a portfolio loan to free up slots.

Post: Multiple banks?

Lee HuffmanPosted
  • Rental Property Investor
  • Mt Juliet, TN
  • Posts 90
  • Votes 33
You always want to have options, even if only to have them negotiate with each other for better pricing. And, yes, there will come a time when a bank's appetite will change. With rates so low, there's negligible benefits for doing an ARM vs a 30-year fixed. Why'd you go the ARM route?