All Forum Posts by: Tom R.

Good

I would buy a flip with financing and use the remaining money and additional financing to buy as many buy and holds as I can. When the flip sells buy another one with the profits and if the profit from it is enough buy another buy and hold.

A little less than a year ago I set a goal to have 6 figures of passive income in 10 years. At the time I felt that this goal was reachable even with conventional financing and putting 20% down of my own money. I Just went about making a spreadsheet calculation of a purchasing schedule figuring in how much I can save from my full time job and adding in the cash flow from each property. At my current wage if all my properties cost about the same as my first property and cash flow the same by the end of the 10 years I will have only reached about 75% of my goal. It is possible that as my wages increase I could bridge that gap but I cant calculate that nor can I count on that.

I need to find other ways to finance my purchases and hopefully find properties that cash flow better.

Well according to my lender since it is my second mortgage I cant have the seller pay more than 2% of the closing cost. This makes no sense to me but there was another problem with the deal that made it unworkable so I backed out. There is a solar panel system on a lease and the lease is terrible. If I took over the lease I would basically be paying full price for electricity and after the terms of the lease I would still have to buy the solar system which by that time would be 20 years old and pretty much worthless.

I am looking for an inexpensive yet durable flooring option for a house that needs all the carpets replaced. What are your recommendations?

Emotional support dogs are not recognised by the ADA as a service dog. You can deny her application.

https://adata.org/publication/service-animals-booklet

Im making an offer on my second sfr today. There is some competition, they have already received at least one offer so I have decided I can sweeten the deal alittle if I offer a little over asking and have the owner pay my closing costs.  This will decrease my cashflow but increase my cash on cash return. Have you ever done this? Does it work?

Expect to pay points if your down payment is less than 25%.

Here is the response I finally got from Auction.com 4 business days after I asked. 

"Properties listed as Conventional Financing Not Available does mean it is a cash only auction. The seller has chosen not to accept any financing as a payment method." 

Im looking at a house that has an unusual shape. I know odd shaped houses are difficult to sell. This one has been on the market for almost 5 months. Are they as difficult to rent out as they are to sell?