All Forum Posts by: Matthew C.

@Michael Ritrovato  Sell it, and depending on the debt, either pay it off or use the money to find something with a higher return.  If the debt is high interest, like credit cards, then i'd recommend paying it off with the sale proceeds.

@Cameron Lee Brown Through working previously as a credit analyst, I've reviewed quite a few PFS.  Typically the Lender you're working with will provide you with a straightforward form that lists the broad areas (e.g., Personal Info, Employment, Income, Assets, Liabilities, etc).  This should provide them a high level financial position of the borrower.  You definitely want to provide all forms of income and expenses, but don't have to get as granular as detailing specific expenses like gas/groceries.  In regard to the income detail, you will typically see this broken out between the various forms of income (e.g., W2, Business Distributions, Rental Income, Interest & Dividends, etc.).

You should be able to do a simple google search on Personal Financial Statements, and see the standard format.  I personally just created a PFS file in excel that I track/update monthly so that I always have a fairly up to date one on hand - Also just a good way to track net worth MoM.

@Navid Mirkhani I agree with @Jay Hinrichs 

If a homeowner knows they're in a "hot" market, I doubt they would consider selling at a discounted price, when the days on market for a retail sale could be next to nothing.  Yes, I'm sure people are pulling it off, but I wonder what their average cost per contract is..

@Account Closed Now only if I was this proactive at 14.. Just try to absorb as much information as you can, and utilize that moving forward.  It may be quite difficult getting into this at your age, but I have definitely seen a couple 17 and 18 year olds doing very well for themselves, so moral of the story.. times are changing, and age won't matter as long as you can provide VALUE to buyers and sellers.

@Jorge De Jesus I believe you're correct in your thinking..  Don't feed the instant gratification crowd, as it ultimately will not help them in the long run.  

If they're trying to cut corner's at this stage, what is the likelihood of them even making it to their first deal?  They'll soon realize that it wasn't as easy as some guru portrayed, and move on the the "next thing."  People who consistently look for short cuts will do this throughout life, as they don't have the will power and internal drive to grind it out a bit to learn a process.

@David Wales Is this still ongoing?  I would love to join this moving forward.

@JR Nieman  Just reading this post..  What ended up happening with this one?

Hi @Jonathan Twombly.  Thanks for your note.  Not certain why, but I was unable to send you a message via BP, so I just messaged you through LinkedIn.  I look forward to chatting with you!