All Forum Posts by: Nick Thompson

I've heard many times that normal banks only allow up to four mortgages in a persons name. I was wondering if the same applies for home equity loans? If I have ten rentals with say 60% equity in each, would I be allowed to pull equity loans on all of them? I believe they want 6 months reserves for each property. I'm trying to strategize for the future. 

Nick

Thank you for the Greetings @Bryan Gamble 

Young age and investing growth/compounding interest are in our favor. I'm curious if you've done a deal yet? Good luck to you as well! I will definitely post on future deals. 

Thank you, @Bruce Scannell 

I've listened to quite a few podcasts, but BP tops them all! I have learned a ton so far. Sadly, I've probably already forgotten a lot more. I really want to get into a couple of deals so that I can put the techniques to use before I lose them. I bought my house when I was 20, and my realtor at the time turned me onto Rich Dad Poor Dad. He kept saying the same thing, "I wish I had gotten into this when I was your age". I've heard that enough times to really motivate me to make something happen while i'm still "younger"!

Thanks @Scott K. 

Yes, I intend to do business right in my local area. The amount of "easy" deals has definitely died off over the last couple of years, but there are definitely still deals to be had. SFRs seem to rent out quickly. As far as the cabin rentals go, it is not easy to sell a cabin near value unless you are in a coveted area (Higgins Lake). I know someone who flipped a cabin in Alger last year, and I believe he went 20% below value to sell it. 

Hello everyone on Bigger Pockets! My name is Nick Thompson and I'm a 24 year old newbie investor from Mid Michigan. I have been trolling the site for a few months now, and have listened to all of the podcasts. After Josh's incessant nagging, I decided it was time to start posting on the forums and actually using the tools that BP has to offer. I just finished my first live-in flip last month. I look forward to purchasing my next primary residence and buying my first pure investment properties in 2015. I plan to focus on fix-and-flips and long term holds, but I've heard of a lot of other cool strategies during my initial learning period. 

If you live in my area, or just want to chat, please don't hesitate to get in touch with me!