All Forum Posts by: Ronnie Carney

I believe that quitting the day job is part of the goal for everyone here.  After all, you see the words "financial freedom" on many pages on BP.  It is certainly my goal too, but it won't be quick.  You will be able to scale your portfolio a lot faster by continually investing your w2 funds into your rei business, and like many have said, it is much easier to get a loan.

I've set a very ambitious "retirement" age of 42, which for me will be 13 years after discovering REI. I want my cashflows to be not only equal to my current w2 income, but also enough continue reinvesting, and cover my family's healthcare. Wishing you luck!

@Mindy Jensen my score hovers around 795, and I've never had a problem being approved for more credit.  If I want to purchase RE, let's say next June, would it be wise to cease opening new credit cards between now and then, or will opening more not be that much of a factor to lenders?  

Yes, I always make sure points are well used and/or transfered out before I close a card.  My oldest card is about 8 years old and I don't plan on cancelling that one.

Loved your article!

great info @Marcelo Duran credit scores rarely dip below 785 for both of us. We are trying really hard not to apply for anymore!

thanks @Mary lou L.

That is good to hear. We have zero debt on our cards so we shouldn't have a problem. We both have the IHG cards as well! The two sign ups got us a week in Jamaica for free! 

I have been pondering this lately.  I'm still in the education and learning phase of my journey, and I'm about one year away from purchasing my first property.

My wife and I like to earn hotel points and frequent flier miles via credit card signups. As a result I have about 32 credit cards listed on my credit report.  Only 12 of them are open, and I only use 3 of them.  I have NEVER paid interest on credit cards, paying them off in full every month.  Like I said, they only exist for the travel benefits.

So will this unusually large number of credit cards on our reports impact our ability to obtain mortgages, or multiple mortgages?  The only debt we have is the mortgage on our primary residence.  In anticipating the start of our journey, we have tapered off new credit card applications since January, but it hurts to pass up on so many lucrative offers.

Are there any other people out there like me, who have forayed into travel hacking? Should we give up on our credit card hobby to make REI work, or can the two co-exist?

If there are any mortgage experts out there, what are the chances somebody like me will qualify for multiple mortgage loans (one a year, plan on having 20% down.)

Just curious as to whether investors buying multiple units in Memphis ever worry about earthquakes?  I always hear that we are long overdue for another big one. (think 1865).

How do you protect yourself if an earthquake leveled the city?

This is all great information and I learn a lot from all the different opinions, they are much appreciated.  I will definitely be following up as I get closer to a purchase date.

Thanks all for the advice.  Time is my biggest obstacle right now and probably will be in the future with greater responsibility coming from both personal and professional life now.  I understand that turnkey's are geared towards out of state investors, but I was pondering the possibility of starting with one to generate some cash flow to get started with.  I would probably end up hiring a property manager anyway.

Hi all,

I'm a lifelong resident of Memphis but still green behind the ears with Bigger Pockets.  I have been interested in becoming an investor for a while now and am currently knee deep in a two year plan to raise capital for it.  I should be ready to buy near the end of 2016/early 2017.  I am spending the meantime reading books and bigger pockets, doing research.

As a new investor I want to dive right in and get started when I can to get some experience. So my question is simple.  Is it a good idea to start with one of the turn key providers here in Memphis, or should my first deal be made on my own?  Likewise, if it is a good idea, does that make for a viable long-term strategy?

Thanks for your help!