All Forum Posts by: Michael Edwards

Thanks for the tip @Account Closed 

@Levi Bennett glad to hear it!  As it turns out, it looks like Im on babysitting duty now on 9/3 but I hope you enjoy it.

Thanks for the tip @Raymond B. Not the most intuitive shortcut, but now I know!

Hi @Kent nice to meet you!

I just looked into CFRI and am planning to make it to the next meet up on 9/3. Just signed up for my free guest pass and I used your name as a reference.  Hope that's okay :)

Hi everyone!

I’m Mike Edwards and I’ve spent the last month lurking the forums/blog and listening to the podcasts.

I'm a n00b from Orlando, Florida. Like many who are getting started, I have little personal investment capital but Im fascinated by wholesaling as a means to get into REI. I work 9-5 in advertising so there is an appeal to the marketing side of things.

My wife and I just had a baby boy (our first) and I’d like to ensure a better future where I can spend more quality time with my family and establish a legacy for generations to come. I have a construction background and have always been fascinated with real estate. I’d love to have an impact on my investments by being able to add value to a property in some manner. My current experience is limited to the purchase of my first home from back in the good ol’ days of 2010.

I’m looking to continue to learn, find some great mentors, develop a great buyers list and close on my very first investment deal.

For any out-of-state investors, I have a deep on-the-ground knowledge of the Central Florida & Orlando market. Im a native to the area and have lived here for close to 30 years. Im looking to learn everything I can and I would be happy to lend my knowledge of the area to anyone who would be willing to take me under their wing.

Thanks for being awesome!

Thanks for taking the time to respond. Looks like an LLC might not be the route to take here. I really appreciate the input. I have contacted other mortgage brokers to get additional perspectives. I'll keep you posted with any updates.

Hi there everyone. 

I've been lurking around the forums for a few months picking up some stellar advice. I finally have a question of my own that I'd like some insight on.

My wife and I currently own a smaller 2/1 and just recently had a baby boy (our first). We are looking to purchase a larger home in the same area and rent out our current home as an investment property. We have compared our property to other rentals in the immediate area and could easily cash flow $200-300/month. However, after speaking with a mortgage broker we discovered our current approved amount is lower than expected due to the ownership of our current residence. If we didn't own our current home, we would be approved for over 30% more than we currently are.

Is there someway to highlight our current residence as a (potential) asset that could net additional income, rather than a knock against our approved mortgage amount? Would this be a scenario where creating an LLC or holding company would allow us to transfer our current home as a rental property to ourselves in order to be approved for a higher mortgage amount?

Anyone care to share some knowledge or personal experience in a similar scenario?