All Forum Posts by: Mike Lambert

I've been researching using Lines of Credit to pay down a mortgage (this one is for my primary home). I'm interested to get feedback. Please shoot holes in my plan and let me know if you have better ideas.

Hypothetical deets (all numbers are rounded):

30-yr Mortgage: $280k @ 4.8%

Dual net monthly income: $9k

Total monthly expenses: $5k (includes mortgage payment)

(Cash Flow: $4k)

Plan is to use a Line of Credit (18% APR) and pump $15k into the mortgage every 6 months (conservatively paid off in month 4).

Using this approach (per the amortization schedule calculator I have) I will pay off the mortgage in less than 7 years.

I will pay around $11k in Credit Line interest (approx. $700 each 6-month iteration), but will reduce my mortgage interest by over $200k!

I look forward to hearing from you guys (especially the accountants!) Fire away!

Mike

Is there a way to search the Fileplace for documents instead of searching all of BP (and getting dozens of forum post results)? I submitted a recommendation but they responded that this was already a function.

Mike

Hello!

I am moving to the Fayetteville, NC area and would like to start building my Real Estate team. I am looking to buy, rehab, rent a SFR or small multi-family unit. Below are some of my parameters. If you are a RE agent that has a pulse on the area and is knowledgeable about investment properties (specifically fixer-uppers), I'd love to work with you!

LOCATION: Rockfish/Jack Britt areas of Fayetteville (Seventy-First Classical & Jack Britt high school districts)

SIZE: Generally 3/2; 12,000-2,000 SF

PRICE: $90k INCLUDING closing costs and rehab (be prepared to make low offers!)

Excited to hear from you!

Mike

Hey Brandon. I'll be PCSing to Ft Bragg this Spring and am looking to build a RE team.

If you (or anyone) has recommendations on Real Estate agents, lenders, contractors, insurance agents, or property managers, I'd appreciate it!

I am new to REI, but would like to purchase my first rental property (Rehab & Rent) within 6 months or arriving.

Cheers!

Mike

To my knowledge LLCs cannot get VA loans.

@Arianne L. Gotcha

@Arianne L.

Makes sense. I think my current agent will work out. I'll gladly take contractor recommendations when you have them. And why do say they will change in the next 12 months?

Mike

@Arianne L. & @Wyant Verbois thanks for the response.

This will be my first rental property (Single Family Residence), so I am trying to find a run-down house in a good neighborhood. My goal is to purchase under $60k, with less than $30k in repairs (total cost under $100k). Seller financing or creative negotiating to minimize out-of-pocket expenses. Fix it up and rent it out.

I found one agent originally, but she pawned me off to an assistant who wasn't very responsive. I found another agent that seems to be better. I don't know the etiquette of using more than one agent...

I definitely am in need of contractors. I have one property I am interested in, but am still keeping my eyes open. I want to have a couple contractors check out the house and give a bid to help me decide on an offer. It will be substantial reno; the current property has significant fire damage.

If any one can assist, let me know. Thanks!

I am moving to Navarre, FL, in the next 12 months and am looking for General Contractos (and sub-contractors) and RE agents. I have seen some recommendations for Pensacola, but if I can find some who operate out of the Navarre are, that would be ideal.

Thanks in advance!

You can typically file your LLC as a "foreign corporation" in your new state, but it depends on the state..

https://smallbiztrends.com/2012/06/small-business-properly-operate-out-of-state.html