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All Forum Posts by: Michael H.

Michael H. has started 13 posts and replied 100 times.

I wouldn’t respond. Generally the less you say when you decline them the better.
If you have other qualified candidates I have no idea why you are even considering this person.

Post: Young and ambitious. Where do I begin?

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
If it was me, I would pay off the car. If I didn’t want to do that I would sell it and get a cheaper car where I didn’t have a car loan. You want to have a strong balance sheet when getting into real estate. It is easy to get into trouble when you have those kinds of debt (credit cards too).

Post: No Mortgage Without a Job?

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
Is this a joke?

Post: Where do you park your money?

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
I trade equity options when building up a reserve.

Post: Renting out bedrooms in my house

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
The main thing is you have to get along and trust them since you are giving them access to your personal home. There are things you can do to protect your things but they still have access to many things so keep that in mind. Definitely write up a lease and make it month to month like others have said. You don’t want to be living with someone you don’t get along with...Nicole A. How did you deal with when your tenants wanted to invite a friend over? Did they need to ask prior to them coming over? I currently rent rooms out in my home and that is one thing that I struggle with how to deal with that aspect.

Post: Cash Back Credit Cards

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
I have never met a millionaire that said the difference was cash back credit cards. They are just doing it so people will sign up and get in debt and they make more on the late fees and interest than the cash back amount. Many Americans have CC debt so it is just a numbers game like someone already said.

Post: Finance a car to purchase property: creative or crazy?

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
This is how people get into trouble. I like what Samantha said (not sure how to tag on phone). Buy a beater and use the difference in what you get from your truck and the beater to invest. If you don’t want to do that I would advise in waiting until you have more cash saved up.

Post: What would you do with 30k out of college?

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
Pay for one month’s rent in NYC. Seriously though, 30k doesn’t go very far. If I was in your shoes I would move to a cheaper area and establish yourself and then invest. You have plenty of time. Real estate isn’t going anywhere.

Post: House rules when house hacking

Michael H.Posted
  • Rock Hill, SC
  • Posts 104
  • Votes 209
Hey BP, there is a lot of discussion on here about house hacking. I was wondering, for those of you that house hack and rent out bedrooms in your house, what are some house rules that you have? What about if they want to invite guests to come over? Thanks!