All Forum Posts by: Lee Judd

@Duke Giordano

I would say you do need a lawyer that specialized in intellectual property. See if you can get referrals from local lawyers in your area. I bet someone else has had the same idea but implementing is the key and your unique spin on it makes it your own even if someone else ran with the same idea. Good luck with it.

@Prakash Singh I'm definitely not an economist but in general the more money that is in our economy the higher the chance of inflation. Currently the Fed's goal is an average of 2% inflation per year. They pump money into the economy to try to push up inflation. If a widget today costs one dollar today then next year with 2% inflation the same widget costs $1.02. In 5 yrs it will cost you $1.10 for the same thing. Your income is the like that one dollar widget. 5 years from now you are getting 10% more but your cost of the loan didn't change with a 30 year fixed rate mortgage. So you have more money to make your payment with. 

The downside of inflation is when you are holding on to cash. It is worth less everyday. That's why you will hear Robert Kiyosaki say "Savers are losing." Right now the bank is paying you half of a percent or less on your money you have on deposit. If inflation is running at 2% like the Fed wants than you are losing 1.5% on your money every year.  

All things being equal I would take rental income and put it into the next rental rather than paying down your mortgage faster or saving it in the bank. Just my thought.

@Joshua Wagner

@David Torres is a great guy to connect with locally.

@Jason Lam

I have a similar deal with a family member but in reverse. They put up the money and I found, financed and manage. We created an LLC and each own 50%. I used a local bank for the financing so they were willing for the LLC to hold title and I guaranteed the note.

@Eli Thielen one of my bigger issues is the ease of use and functionality of their reports. I think they could be better. The other is the expenses. Finding a fixing a mistake is not the easiest. Overall I'm pretty satisfied and it would take too much work to move to something else so I stay where I'm at. 😀

@Prakash Singh

I'm going with @Will Fraser on this one. Take 30yr term. Half of a percent is nothing and you have the rate locked in longer. I think inflation over the next 30 years will be significant so you will be making today's payment with tomorrow's dollars.

@Caleb Ballinger

If you refinance the land a bank is going to look at debt service for that loan. Can you service that debt today? If you can do that than you can pull cash out and have it ready for when you find an apartment. I would look at Farm Credit in your area for that loan. If not than you will need a bank that can do both types of loans and would be willing to make a loan against the farmland for the down payment. Apartment would have to be able to service debt on both loans. It is more risky for the bank doing that but if it a great deal you might be able to find one that is willing.

Good luck!

@Eli Thielen I have used TenantCloud for the last three year and it is pretty good. There are a few thinks I dont like about it but over all it is a pretty good product. I have looked at Stessa some but never full dove in to in. Both have some nice features but neither let you take pics of receipts to add to expenses.

@Matthew H.

I have a family member that I invest some with. In one instance I am paying the 5% on a loan and the other we bought 5 properties from another investor and split the ownership 50/50. They put up the money and I found, underwrote, secured financing and manage the propeties and I guaranteed the bank loan. Both of us are satisfied with our arrangement since I can bring those skills to the table that they don't have. On the loan they are making 10x what a bank would pay and potentially more on the other properties. I think it all depends on your relationship with folks and what you bring to the table. Good luck!

@Lawrence Harris

If you want a real education get a job working for a bank or a CPA that works with real estate investors. Learn that side of real estate finance. Take the money you would have spent on the college education and put that into your 1st investment. Experience is the greatest educator. Just my opinion. 😀