All Forum Posts by: William Chrisman

Thanks everyone! I've got a lot to consider

Is there a trusted website for buying selling notes?If not a website then where is a good place to start?

Is there a trusted website for buying selling notes?If not a website then where is a good place to start?

Jon Holdman although you may be the minority my feelings keep leaning towards owning it free and clear. I guess the underlying question would be.....do i want to stay here long term if so then keep it debt free, if I decide this is a temporary place then maybe i'll try the mortgage, rent current property idea----that I put in a previous post.

At what point should a newbee start an LLC at X number of properties, at $x net worth. Or asap regardless of the numbers? And including Why would greatly help :)

One quick note: when looking into taking cash out i've been told since I have had the property for less than a year I would have to use the purchase purchase price and not the appraised value. So i will at least hold off until june when I hit the one year mark.

Joel Owens Thanks! If it were a rental I wouldn't hesitate to take the equity out but with it being a primary residence it makes me a little nervous. One other thought I've had is to mortgage my current home then rent it out and the guest house take lets say 150k (using a conservative number) and try to find at least two more foreclosures, live in one rehab the other. Wash rinse repeat!

Quick and to the point!

I purchased my home last june with cash, a foreclosure for 54k its worth about 180k. I have one rental property with a mortgage that breaks even and only about 6k equity, I have a guest house on my property that I will be renting in the next six months once i finish the much needed repairs. I'm hungry for another rental property. Is it worth mortgaging my primary residence to get cash to purchase more properties? I really like not owing anything on my home but Im ready to find another property.

I currently own one rental property and planning one more by the end of year for cash. What are the advantages and disadvantages of doing this as opposed to financing.