All Forum Posts by: Neal Bratton

@Robert Spencer Welcome to the site. It sounds like your motives are coming from a genuine place. I hope that you can be successful and be able to share that with others. I am curious about the credit card thing. Did you finance 100% of the cost through credit cards? I have never heard of a buy/hold deal where that was used. I might be misunderstanding but I would say those 3-5% fixed rate mortgages could really help you out if that's an option. Anyway good luck!

Neal 

@David Wilson Thanks for posting. This is the best place to accelerate your investing and help reach your goals through real estate. Plan on being active on the site and you will really see the benefits. The podcasts are a great resource for listening and learning about what people are currently doing. Semi-Retired by 50. Sounds like a nice goal!

Good luck and hope to see you around.

Neal

Of course it all depends. I'm guessing the property has probably appreciated in value. Of course the only two ways to access that equity are to sell or refinance. You could probably do either. Some other questions you would need to answer are: Are you looking to build passive rental income or ? Could you get a higher Rate of Return from a B or C class investment? Would you rather stay in A class regardless?

As for the 5k. You need to have some sort of cash fund for surprise expenses and capex. You will need to decide what that amount is. Maybe 5k, maybe 10k. Then the equity vs downpayment decision is just dependent on your risk tolerance, investing strategy, and goals.  

Welcome @MIke VeraI am also looking for more rental properties in the Louisville area. Not sure how long you have been on the site but it is a great resource for all things real estate. Sounds like you are well on your way. Happy Investing!

Welcome @Raz Cain. Housing homeless veterans sounds like an amazing goal! I wish the best for you and the people you will help.

Welcome @Paul CAdieux, You can definitely educate yourself about many different things on this site. I would recommend finding a local, investor friendly, real estate agent. I think that is the safest way of entering the market for someone starting out. You may not hit a home run of a deal. But a single is great to get your feet wet.

Good Luck 

Good deal. Well there are lots of different strategies and niches. (and someone on here doing each of them) Might set up some keyword alerts and subscribe to forums that interest you to filter down your experience.

Best of luck,

Neal

Hello @Cody Barrett,

I would definitely shop around for financing, I'm not sure your situation but as long as your credit is good, I think you can get a 30 yr if you want for not much more. Of course nothing wrong with 20 yr (build equity faster)

As far as the tenants, if they have current lease agreements, you might not be able to walk in a kick one out so you can move in. If they only have month to month you should be able to give them the proper notice, and move in after that time is up. Each state is a little different. But yes, everything I know is if you are doing a owner occupied loan, you need to have the intent to occupy. (maybe not immediately but you would probably need to check this with the lender)

But sounds like you are on your way. Be sure and post how it goes.

Good luck,

Neal

Greetings @Ashley Casey. You're in the right spot. What kind of investing are you looking to do?

Welcome @Darryle Nowell BP is a great tool to get educated and meet like minded folks. You can get overwhelmed pretty easily though with different strategies and niches. Not sure if you have something specific in mind yet or just want to dabble until something jumps out at you. Either way, good luck.

Neal