All Forum Posts by: Miguel G.

I called affinity and they told they only work with insurance brokers. I also called Shelter and their insurance was very affordable but they told me my rental had asbestos siding and rejected my application. Right now I am working with State Farm and it's not as cheap as Shelter but I know there are other insurance companies more expensive out there like Farmers. So, State Farm works for me right now.

Can I use the income coming in from my rental properties to buy more properties? How is the tax going to be calculate it since I haven't paid taxes on my current rental income for the year? Supposed that after paying all expenses I have $10,000 in untaxed profit for the year. Can I use that as a downpayment for a new property? I'm just afraid I won't have money to pay my taxes next year if they tax me on $10,000. 

Compared to Denver, do you consider Kansas City better/worse for doing rentals?

 I called Argentine Federal Bank and supplied all the documents requested. They made a query on my credit report and said that I did qualify for the loan requested. But 2 weeks have passed and no word from the Proof of Fund Letter. Is this typical? I was expecting a letter in a couple of days after supplying all docs.

 If you're in Kansas City, there's no other better place to meet other investors than at MAREI. They always have a full house and you'll find anything from lenders, wholesalers, investors, rehabbers, contractors, painters, ect.

Yes, I understand. My goal is to pay off the balance in 12 months. Thus, I'm looking for credit cards with 0%APR for 16+ plus. The last 6 months should help get my credit score back up just in time for another loan.

Anybody from Kansas City, Dallas, Houston, Denver, Memphis, Indianapolis with experience using credit cards to finance downpayments?

I am buying a few properties using different banks but I'm running short on cash for the downpayment. I should be able to pay off the downpayment in less than 12 months but I need the money now. What credit cards have you guys used? I need to transfer the balance to my checking out and use it as cash as you know. Please let me know which credit cards you guys use to get cash from at 0% or low APR and for how long. Thanks.

Read this post. . https://www.biggerpockets.com/forums/48/topics/276800-kansas-city-missouri-zip-codes?page=1

From what I heard so far, a lot of investors will not give out their contractors since they are one of the pillars in their businesses. That's like giving away your secrets.

A lot of new investors go to places like home depot really early in the morning like 6AM and talk to the contractors loading up materials to their trucks. All good contractors start work early and make their visit to home depot in the early hours. Ask them for addresses of projects they've done and references so that you can get an idea of the kind of work they do.