All Forum Posts by: Junior Matthews

Thank you so much!  Sent connect to you. 

Originally posted by @Mitch Messer:

Hi @Junior Matthews.

I work with a highly creative and knowledgeable mortgage banker who serves both Georgia and South Carolina. I'd be happy to put you in touch so you can get answers to your questions. 

Connect with me here on BiggerPockets and I'll gladly make a warm introduction.

For the record, I receive ZERO compensation for making this referral!

@Stuart Grazier thanks! That’s what we were thinking. We are looking into leads for private lending now. Itching to get some more properties and not have to go back to a 9-5! We are so close 

Thanks @Chris Mason! The only other debt that we have is a car payment and I believe around 10k in student loans. Both of which we could eliminate if we chose to. We do have my wife’s business that is on track to bring in far more this year, my reserve income, and my wife makes a very small salary as she opened up a preschool. Just itching to buy another property!! 

We are getting out of the military which is a decision we have already made. My wife opened a preschool that is growing and makes a little money there, but it only opened this past school year. I am also in the process of opening my own mobile mechanic business, but again we won’t have two years of owning that business under our belt. Financially, I know we are ok. We also have an eBay business that brings in a good bit of money, but it’s not a consistent salary. 

I completely understand that the banks are going to want to see how we would pay the mortgage. I was curious how far proving rental income would go. It seems like we would actually have more income coming in if we could keep purchasing investment properties. Our other option, I suppose, is to buy a small house with all cash which would deplete all of our savings, which I really don’t want to do right now. I was just trying to think of ways to make the bank comfortable with our situation since I don’t plan to go back to a conventional job. 

I am leaving my salary job and want to buy another investment property. Currently have my single family home and a 4 unit investment property that brings in approx $1k per month. We have owned the investment property for a year, but we previously had an investment property in HI for almost 2 years. My wife and I have owned a business for about a year and a half which only made about $30k in 2018. We want to invest in another property, but we won’t have my salary anymore. Would we be able to use any of the rental income to offset that? Any advice for what we should do moving forward? Ready to invest again ASAP and keep earning passive income!!!!

I am leaving my salary job and want to buy another investment property. Currently have my single family home and a 4 unit investment property that brings in approx $1k per month. We have owned the investment property for a year, but we previously had an investment property in HI for almost 2 years. My wife and I have owned a business for about a year and a half which only made about $30k in 2018. We want to invest in another property, but we won’t have my salary anymore. Would we be able to use any of the rental income to offset that? Any advice for what we should do moving forward? Ready to invest again ASAP and keep earning passive income!!!! 

Lane- I agree 100 % and after doing a full analysis and considering things like ROI, we’ve decided to sell the property. One of things I always here is to never invest solely on potential appreciation and that’s what this really turns out to be. Thanks for your input.

Isi Nau- I have been renting the property for 3 years. The cash flow is more than slightly negative unfortunately. A lot of it has to do with the 400 per month HOA fees.

Julie, I don’t think that will work well in this area. Thanks for the idea though.