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All Forum Posts by: Randy Dickerhoff

Randy Dickerhoff has started 7 posts and replied 30 times.

Post: Loan approval question

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
@Aaron Klatt Yes I in fact own the business and am under a salary. My CPA takes care of payroll. How would I show higher amount of distributed income ?

Post: Loan approval question

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
@Jeff Dulla Thank you for your feedback. Interesting how underwriting can tweak ever so slightly. Also, as far as me owning a personal residence goes how does that effect me in the loan process? Additionally if I was to use my current resident and BRRR buy another home, what is the process on that?

Post: Loan approval question

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
@Andrew Postell Although technical, it makes sense what you are saying. Thanks for the detailed information. I know that this particular lender has looked at past 2 years. The issue was his number he had came up with. It still seemed healthy to me and after this tax year, business profit has been very well. Although my personal taxable income remains lower for tax savings in the s Corp. Should I consider raising my salary?

Post: Loan approval question

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
Ok so I have been taking steps to move forward into REI. I was told yesterday by a lender that we would have issues being approved for a loan mainly for this reason. I own a business, we make great money through this business. In fact I could carry an additional loan to my house right now and be fine with the payment and all that comes with it and still save. However, I am classified under an s-corp so I am salaried the lowest possible for tax purposes and the rest I use is distribution from the business. Apparently Freddie and Fannie only will look at my taxable income and won't even consider the business. Are there lenders who will? Strategy ?
@Linda D. That is a great point and a fantastic idea. In fact it's one that I am considering. I am new to investing and looking for my first deal. I have current primary residence that I'm considering for my first rental property. I have an FHA loan on it . Should I refinance first? Also what's your experience on this? Additionally I would have to ask the question of how would I move from this primary residence to another and being approved for an additional loan?

Post: SUCCESS Only Starting Right

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5

How do we start our journey to success? For some, our formative years helped mold and shape us into the triumphs we succumb to. Parents, teachers and coaches taught you, maybe pushed or dragged you along until you were set free to soar like eagles. School, sports, clubs, college, and internships filled your calendar and you began to operate efficiently as a well oiled machine, if you were a car you might be a Toyota or a Honda, smoothly operating with reliability day in and day out. 

For others, maybe the path wasn't quite so clear. Maybe those yellow bricks haven't been laid, guiding you to the wondrous land of Oz you desperately seek. For you, a difference in perspective is necessary. You may take the long way around a few times. With lack of guidance and inherent truths about roadblocks and pitfalls, it may be fair to say that your path might be more so intertwined and twisted,Unmarked roads, no street signs, and U-turns are in your future. 

Wherever we begin, from the first narrative or the second, or maybe a collection of both, we begin our journey down this path with one foot outstretched to land in front of us. For either of the two, this takes a great deal of courage.

How then do we begin right? Start correctly? Either way both these questions do not necessarily roll of the tongue the way I would like them to. Okay, but the question remains. We so desperately want to take the first step. Even people who do not care quite as much as others still in fact do care. We all desire success right? 

Define success. Before I go and look at the dictionary(google) or urban dictionary(google) I will make it simple.

If your interested about success isn't that the first step? 

Google or no google your interest in success may have just jump started the car to your journey. Toyota, Honda, or some old piece that you could trade Grass Cutting for the summer and a Carton of smokes for, at some point or another may need a jump. Its a fact, you let a car sit without running, it will need some assistance to get to on. 

Before writing this I had no intention on this car analogy but we will role with it and I will try not to wear it out. 

What measures your success? Can you answer this question honestly? One of the things that truly pulled me to BP is that #BrandonTurner  and company are always talking about knowing your Why. Most or all people that they interview on the show truly have a genuine reason behind there success.  Honestly, I don't care about being rich. It would be nice! I do not need it. That is a why that could destroy you. But, to each his own. Does money equal success?

An engine needs fuel. Gas that car up to get driving toward success(I wont let electric cars ruin this metaphor)! Okay so your interested in success, you have an idea of why you want it, now what? So overlooked and I am so guilty of this for so long by pride, what are others around you doing to be successful? This is the tough one, because we see what other successful people are doing and it looks like a lot of work and commitment. I have a secret for you, IT IS!

Next step is going to be tough. Go back to your why and evaluate if it is important enough to move forward. Is It? It should be. Life is way to short to not have importance. 

This is my favorite part. Once you know that your committed to your success, your ready and you can begin your journey as a sponge. Yay a sponge!? Yes actually this is awesome, soak in every bit of information you can, read books, and listen to podcast, ask questions even dumb ones, yes there are dumb questions I have asked them. Get involved, network don't sell yourself or become in auto-sale mode,genuinely talk to people and see what there up to. Find a mentor and be like a Pilot fish. Its interesting how they follow close to sharks and other large animals, this bond is symbiotic(they both benefit). You the pilot fish get an easy snack or information and lesson and the shark your mentor gets to stay healthy and clean. Don't wash your mentor but build a mutual relationship. 

Now back to you as a sponge feels full, give it a squeeze and take action and watch all that you have absorbed wash over every bit of your life, and do it over and over again.   

Post: Out of state, sight unseen investing

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
if you have read David Greens the book on long distance real estate investing I suggest you give it a read. I believe you will be successful! as long as you do the work and put the effort into diligence and your team. we live in a world where we can virtually be anywhere at anytime. You got this! excited to hear about your success
I am looking forward to putting my ear buds in during work and giving this a listen. Love my weekly #BiggerPockets podcast.

Post: How Should I Structure My First Rental

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
I appreciate those tips. does Airbnb have success this distance from the airport? I am about 15-20 minutes from the airport and 25 from downtown Nashville. I have played around with the idea I am just clueless on how to structure it. lol

Post: How Should I Structure My First Rental

Randy DickerhoffPosted
  • Mount Juliet, TN
  • Posts 32
  • Votes 5
I'm sorry guys I don't know what happened to the format there but it should still make sense for the most part