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All Forum Posts by: Senad Salihovic

Senad Salihovic has started 14 posts and replied 31 times.

Post: My first deal... finally

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0

great work, one down many more to go👍👍👍

Post: Lieing To The Bank? Heloc

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0

Hey guys, I am in the process of taking equity out of my primary residence to buy more rental property. 

This is the question I'm stuck on.

What is the purpose of the line of credit?

Purchase Other Dwelling

Home Improvement

Refinance

Purchase RV or Boat

Debt Consolidation

Other
I was told if I tell the bank that I am purchasing another dwelling that it would be much harder to get a heloc. Is that true? 

Post: Buying Investment Property With Equity

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0

Hey everybody:)

I am looking to buy another rental property, I have enough equity in my main residence and in my first rental property to get me another property. 

Should I use the equity in my primary residence or from the first rental? 

Whats the best way to use equity? How would I take it out? Line of credit?

Or should I just buy the property with 20down and just save the equity for bigger deals in the future?

Any ideas or info will be helpfully, I looking to buy sometime in February.

Thanks everyone:)

I have a big problem. This is my first rental property. I rented it out to a section 8 tenant. She has been in the property going on 3 months. 

The problem started 3 weeks into the lease, the toilet was clogged up, I called a plumber and he unclogged the toilet, everything was good until a week later when the sink and bathtub and toilet clogged up. I again got a plumber out and he unclogged it and found roots in the main pipe from the tree that was cut in the front yard. 

He said it would be ok for a little while but I should start saving to replace the pipe. 

After this I went on vacation for 2 weeks, I gave her my brothers number incase something happened. 

Well a week into my vacation the toilet clogged up again, my brother called a pluming company and had the sewage pipe replace from the house to the street and the tree dug up. 

Everything was ok now. 

Ok before I went on vacation I was at the house unclogging the sink, the house was a dizaster pencil and crayon markings on every single wall in every single room and hallway, the privacy fence had spray paint all over it, the deck had the same spray paint where her kid was spray painting his toy guns, there was a mattress leaning against the fence, a mountain of trash, door handles broke in one of the bedrooms, grass hasn't been cut since she moved in. 

I gave her 15 days to clean up the place, or I would proceed with eviction. 

On day of inspection, she cleaned up a little on the inside( just picked close off the floor) she failed the inspection. I told her I will be proceeding with eviction. 

That day she called section 8 complained took pics... Section 8 called me and said I had to fix the issue. 

The sink and tub clogged up again on that day, so I called the city, they came out that day and ran a camera and found that it was clogged on their side, the next 4 days they dug up the side walk, my yard and the street, replaced the pipe on their side and fixed everything. I got a plumber out again 2 days later to unclog the sink again, he found cooking grease was causing the blockage. 

She puts everything down the drain. 

I gave her an eviction letter. 

Section 8 is inspecting the property in 3 days. 

She is rasing hell, saying i am retaliating against her because of the pipe I had to replace, saying she has a lawyer and will take me to court. 

I have pictures of all the damage caused. 

What should I do, should I get a lawyer? She won't leave on her own.  She still have 3 weeks to vacate to property.  

Any advice will be appreciated 

Post: How Many Credit Cards Do You Have/Use

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0
Originally posted by @Patrick Connell:

Opening those cards will kill your credit score.....

 For how long, will it be a short decline lets say 3 to 6 months or a long decline over a year, in the time it will take to bring it back up 

Post: How Many Credit Cards Do You Have/Use

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0

How many credit cards do you have? I have 1 that I been using for the last 4.5 years. 

I read some people have 10 to 20, I am trying to get my score over the 800 mark.

I was also looking to apply for the Lows, Home Depot, Walmart credit cards, maybe all 3:)

Lows and Home Depot offer 5% everyday and I could defiantly use 5% off. 

What are your thoughts on credit cards and having multiple cards, dose it help having 5 or 10 cards that offer discounts at different places? 

I'm interested, I'm currently in the process of fixing up my first rental, would love to meet some locals and share ideas. 

Post: Looking for guidance

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0

3-5k is very little, save a lot more and eliminate your cc debt. 

I wanted to start when I had only 5k 

Got pre approved and stared my search, took me 6 months, I looked at houses every day from craigslist to the mls. 

In those 6 months of searching I was saving like crazy, at the end I saved about 20k and found a house. 

I am so glad it too that long, learned a lot just by looking at different deals, and my 5k wouldn't have got me anywhere. Save as much as you can, it will make it a lot easier when you find the right property. 

Good luck:) 

Post: Is this normal Or am I getting ripped off?

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0
Originally posted by @Daria B.:

Did you talk to the bank prior to accepting them as the bank for the loan? When shopping around and you tell them what amount you want to finance, the other things like where your credit stand, they should still be able to give you a ball park % rate. I shop often between a few prior to choosing one but I also have a lender that I used the last 2 times whose processing fees are in line (others charge more) with what I'll pay.

 yes, i talked to them about 6 months ago when i got pre approved. she estimate 4.85 at the time

Post: Is this normal Or am I getting ripped off?

Senad SalihovicPosted
  • Louisville, KY
  • Posts 34
  • Votes 0
Originally posted by @Joel Owens:

Banks on small loans like this usually charge higher rates and with only 20% down the interest rate is higher.

Not a lot of lenders will even do a loan below 50k. If you were putting 25 or 30% down the rate would likely drop some but the benefit of a few shaved basis point versus 5 to 10% more down doesn't seem worth it.

Better might be to keep that money for reserves for unexpected future costs with the property.

ok I see, I was just unsure. She did say it was a very small loan