All Forum Posts by: Nathan Price

@Jacob Rowland They call it credit worthiness for a reason, you got this fella! I like the idea of the lines of credit that are difficult to use when building up credit, along side of developing your financial Thermostat.

Here's a Hack I use to help my friends.

Fingerhut is a website that will give ANYONE a credit card with about a $100-$200 limit. The nice thing about it is that it can only be used on Finger Hut so you can't really do anything with the line of credit, your utilization will stay at 0% and that line of credit with give you a nice little immediate boost to your score.

A Secure credit card through a credit Union is another great way to boost your credit. Basically you put up your own money to secure your line of credit (put down 300 or so and they give you a credit card secured by your cash). This is awesome because again, you are securing a line of credit that you are self insuring so the bank gives you a card without as many hoops or weird qualifications. These two methods can be done one right after the other giving you 2 lines of credit in a quick amount of time! This is a great starting point that even someone with less then perfect credit or no credit at all can get started! The key is to keep the %'s low on the cards so you have the biggest credit gains! 

Let me know if this helps, I have more suggestions but ill take a break lol

This is a thought... when I bring a buyer client through a house on the market down here in Columbus, I use that fact as a point of negotiation because of the obsolescence of a boiler in "modern homes". Even in our hot market down here people are passing on properties that have those old features, its a huge hurdle for alot of buyers to overcome. 

You will get a way better reception being able to have the new mechanicals in the house. I think that if you have a good crew that you know can keep that HVAC update on time and on budget its a huge + for you to have a smooth sale. 

If you decide to list it first with the boiler and get the feedback that the house "needs new HVAC" By the time get that response you will be working uphill as far as days on market and any price adjustments you might make along the way.

Thats my .02 af far as what I look for with my clients being a Buyer Agent by day investor by night. Hope this helps!

 

@Jonathan Denney Have you looked into some of the landlord apps like Cozy? Its a good way to keep your costs down on your first few rentals and has a lot of support and good features for keeping the process manageable. There are quite a few ways to make it part of your process, and it can scale up with you. 

Also has landlord expense tracking** 

@Jonathan Denney for my properties since I started with 2, I would have about 6 months of mortgage payments held back per property in a separate savings account to sort of self insure. I think 3-5% holding back is a pretty good number as you get more properties since we do have all 3 seasons here. I like having that cushion for the first couple rentals you own just to take out some of the sting if you have things like a water heater go out, or an oven stop working. 

Just my .02 you can 

@Garrett White Great Win! What does your next home look like?

@Kyle Shrum I had the same thoughts as you do when I got my first Investment Property. It was a little daunting looking at my student loan and car payment and thinking if it was a good idea to dive in while i have that debt. 

With what your current situation sounds like, I would say your in a great position to invest! I think with how cheep money is right now there are tons of options for you to get a good BRRRR going! What you focus on expands! I think if you focus on the debt that's all that will change, if you focus on growing your rentals, your income and cash flow will grow making your loans a smaller percentage of your focus! Keep networking and keep surrounding yourself with all the other positive people who are doing it, your going to be a rock-star.

just my .02, Buy and Holds will start to compound your success. oh yea, my first 2 properties where bought on land contract, so there are great ways to make deals come together! 

For the first half of this year we will be mainly north hilltop area and north linden. Working up to the OTE and Southern Orchards probably more towards the second half of the year. 

Ive bought and sold a condo in the Blacklick area several years ago, Bought and sold (Wanted to hold this one) in Whitehall and now we are gearing up to head into hilltop area and north linden area. 

Hello Bigger Pockets Community! I am a Central Ohio native and have lived here my whole life. I have been interested and followed the market here my whole life. 

I have a bought and sold several properties personally in Columbus and have been networking in the wholesaling and private money circles here in the city. I love meet people who are also interested in investing and can share stories and strategies. 

I stay busy and have made real estate my full time job/passion. 
Thanks! 

Nathan Price