All Forum Posts by: Stephen Schott

We are interested. However only a few of the folders in this drop box have any info in them. It would help if we had Operating Expense and complete income sheet?

@Erik Perks I am also interested in the Carbondale market and looking at a few deals. I come from Cape Girardeau area and have been invested here for a few years now. What would you say the vacancy in Carbondale area hovers around?

Ok. tl;dr. But my quick answer to anything when you're first starting especially in the Cape Area..since Cape is technically run by the landlords, just establish your LLC. and be done with it. Worry about strategic asset protection later on down the road when you have grown a considerable amount. Most guys in Cape Area just have an LLC and that's it. They may work with a personal financial adviser that can provide them with a more extensive plan for very, very, cheap in comparison. I say this from the position of an investor and a financial adviser that works closely with many investors in the southeast Missouri area.

@Tim Sisk welcome to BP my man! I am a current investor in Cape Girardeau area. Very involved in the market here. The thing with Cape is it is very over saturated with investors. Being a college town the demand is always here for rentals, but investors can pick them up pretty quick so you have to know how to find the good ones. With that being said, there is said there is a lot of money to be made here. If you can find property that needs work (there is currently a program to "refurbish" the south parts of cape) and has potential to fill with renters, then you have a great deal. Because cape has so many buy and hold investors its easy to rehab a place, get it rented, then sell it for a quick flip. If you're interested in any deals out here i can introduce you to the landlord association president and some other key members in the community. I'm a rather tiny fish in comparison ;P 

And I apologize for this structure of this post may be a bit redundant and convoluted. I am at the office now and felt a bit rushed so forgive the juvenile linguistics. (haha)

So I am taking out an Equity line of credit on my home. I purchased this house for 27,850  2 years ago in all cash. I rent out the basement and am still currently finishing up the top floor. After much sweat equity and cash dumped into it the house appraises for 88,000. I have put roughly 25,000 in reno work into the house(well, with gobs of help from my dad who contracted for 20 years). My question is about my credit. My credit score is young and not very good. I have a credit card that has been near max for a while because when I was younger I maxed it out and haven't been able to pay it off. My credit score is way below a 700 mark.

My questions is: I read a post about how to fix your credit and it said never withdrawal more than 30% of any line of credit. If I use this equity loan to pay off my credit card and a few other debts and (the initial reason for looking at this type of loan) purchase a car, will it help my credit score out at all if I leave at least 40% of the usable credit line available? I plan on selling the house before the 10 year note is up and just paying off the loan. But what are some suggestions here?

I love BP. I am an aspiring real estate investor here in SE Missouri, I just need to re-establish a good foothold on my finances and believe I am mature enough to do so. I am about to graduate and have a good job in insurance and continuously have my basement rented out so I don't ever plan on digging myself a hole once I'm out of this one. Any advice is greatly appreciated!