All Forum Posts by: Mitchell Mims

@Cirilo Villar

If you can’t get approved for a card, go to a local CU and set up an account. Then get with lending agent and ask for a $500 personal loan which they will likely give you with no credit with such a low balance. Place the $500 loan in your new account, and set the account up for auto pay. You will have to pay $30-40 in interest but you will have a years worth of perfect credit history when your balance is “paid off”.

It’s hard to get credit without credit. Consider the $30-40 the cost of doing business and then do your best to avoid typical consumer debt for the rest of your adult life. 👍🏻

@Eric C.

How does one do that without circumventing sunshine laws? Genuinely curious as I am researching Florida LLC for my rental and really like anonymity.

@Ryan S.

I like 100% of small deal.

But with the right people and the right deal, I’d reconsider if the math persuaded me to.

Lack of capital.

Working on creative solutions to close deal #2.

Hello all,

New to the group and relatively new to the ideas found here. That said, I would like to get some input for those more seasoned about my situation.

I bought a small 3/1 home in 2015 for $65,000. I fixed it up and lived in it for a while, but now it is a rental for $850/month. My current mortgage is $475/month and I owe $57,000. The house is now worth $100,000 now according to my realtor.

My issue is what to do from here. I could refinance on my rental for $80,000, and have $23,000 cash to use on another property but I don’t know that I have enough capital to move on the next property. I have $6,000 liquid cash among other retirement accounts with ~$8,000.

I could gather all the cash I can and look for a low cost home to BRRRR with my own money coupled with a possible a small alternative loan.

I like the idea of low cost single families which are common in the Florida panhandle where I live and I already own one. With those numbers above, is there a way to BRRRR a $40-60k home with my current assets? If not, which financing option is the most sensible in this situation?

I’m trying to get the ball rolling, just green and unsure which path is best. Don’t want to screw it up before it starts.

Thanks in advance!