All Forum Posts by: Marquis W.

Exactly Jassem, I filed chapter 7 at the age of 18 because I did exactly what you just said $20,000 in credit card debt from shopping malls and had a $40,000 truck at the age of 18 with no job!! But I see people with jobs and decent credit get denied for a $60,000 for a mortgage all the time because of technicalities when at 18 I was given $60,000 without even showing a pay stub. You can't tell me the system is flawed and its not by incident. 

Check out this link

http://www.cbsnews.com/news/want-to-be-successful-...

Well I am glad to see that everybody on here is a saint, or maybe you come from privilege that I can't relate to. I wasn't surrounded by people who gave sound financial advise, nor did I have parents or grandparents to give me a loan or a gift for my first investment. I say that to say this, If I was to base my success on the bank telling me yes or no and leaving it at that I would not be where I am today. They told me no over and over until I bent the rules to my advantage. I can't except everybody to relate. Maybe you all have great jobs with great incomes, a bread winning spouse, and great relationships with banks. If so this this blog is not for you, but for those who find it hard to do things the "traditional way". I refuse to let a NO determine my destiny. P.S. Pete rent can be used as an indication of what you can afford. You can have no credit and get approved for a mortgage using rental history of 2 years or greater by going to a mortgage company that does their own underwriting. This is the kind of stuff you have to know when you trying to come from nothing to something my friend.

Jerry I hear you, but from my experience the system is a disingenuous system because explain to my how the bank can deny a person a loan to purchase a home for him and his family which the payments on would be lower then his rent payment, but that same bank approves that same person for a car loan that he can't afford along with a few high interest credit cards. On one hand they could set this person up for success by approving the loan for the home but they much rather send him down a road of disparity with a car note and some credit cards. This is what feels wrong to me Jerry. The idea that the BIG guy gets to pick on the little guy like that. In my mind its nothing that we as the little guy can do to the BIG guy that is disingenuous we are just playing their game the way they play it. 

One of the strategies I use to buy houses is to use my credit cards which are my personal cards. I have 6 houses 1 is my primary which i have only 20% equity in after doing refi to buy other houses. and the other 5 houses are under my LLC which includes me and my wife as members. In my mind I should be able to purchase property using those cards putting the properties in someone else name, reassign my stake in the LLC to a minimum. If i was to file a personal bankruptcy after taking these steps I don't see how they wouldn't be considered growing wealth through the process of a bankruptcy. I filed when i was 18 under different circumstances and I know the laws have changed since then so I would need to know what loop holes and huddles will be involved but I just feel like it can be done. $300,000 in credit card limits goes a long way when buying investment properties where I live 10 plus that rent for 500 plus easily.

Yea I am planning on just sitting down with my lawyer and just tell them point blank what it is I am trying to do and ask them the best way to go about doing it. 

I have a lawn service so I include lawn care in the rent... so i make money from rent and pick up a yard also...win/win. I also find that tenants who are willing to pay the extra fee are older tenants which I love because they seem to be long term long as you keep them happy. But as you know you can't legally target  based on age race and gender but by including a fee for lawn care its seems to weed out the younger crowd because they all say.."I cut my own grass" until they move in then you have to send a letter every month asking them to cut the grass.

I keep hearing about how the rich file bankruptcy not because they are in trouble but as a

strategic way to build more wealth. For example Donald Trump, Rich Dad's Robert Kiyosaki, 50 cent, Henry Ford even Walt Disney..all filed bankruptcy. So how could we as investors use bankruptcy as a tool to build wealth? I know I would need to first protect my assets that I already have but how? 

I need to catch up with you guys, I am trying to expend my portfolio I am just now working on my 4th SFR but already looking for my 5th. I hold have yet to flip. Welcome to BP

I too invest in Albany, Ga I believe the market is great for holding, and every now and then a good flip shows up.