All Forum Posts by: Richard Dunlop

 Why would you be tempted to pay it off.  My guess is that the property would appreciate more than the 5.25 % per year for the next few years and not just on the loan amount but on the entire value of the property.

I can answer general questions only. I am not an attorney I sometimes play one. No benefit necessary I'm just paying it forward.

720 would be a good score

Do you have anything else current on your report besides the Car and the one CC?

To get your balance reported lower (A major factor in Score) Pay as much as you can right before they cut your new bill. (the same time they report your balance to the credit bureaus) and then charge back Utilities Groceries phone bill etc.

So maybe the fictitiously low balance they reported was only your actual balance for 3 days.  But the right 3 days of each month.   

Good suggestion.

There deals in AL that can be aquired for that amount of money.

Do you have to cash out to prove your success? Or if you put $10,000 down on a property that is rented and cashflowing.  Is it good enough if a real estate agent's opinion is that you now have $20,000 equity?

You are setting yourself up to give away all of your profits in transaction costs if you try to cash out.

@Jon Carter

 Hide the $10,000 under the mattress and pretend you lost it on your first deal.

Ask for just one more chance and get $10,000 more; now with $20,000 to invest...

It's called Creative Financing!

Welcome to BP.

I'm a neighbor just down the road in Corktown Hubbard Farms areas.

Richard

 And bunting toward first with no one on base gets you removed from the game.

I think it is wise to look for extremely good deals when your resources is your biggest limitation.

But that said don't stay out of the market for long or the so so deal may look like a bargain 1 year from now while you're still on the sidelines.

 Set the same rate as they pay on their credit cards. If the borrower pays 8-10% on their credit cards then that would be a good starting point.

If the borrower is paying 18-21% on their Credit cards then that would be a good starting point.

If the borrower has no active current Credit cards then DON'T lend money at 10%! 

Welcome to BP. Get active and BP will teach you a lot before you jump in. 

 I see @Brandon Turner posted in the opposite forum those same two episodes as recognition of his total failure!