All Forum Posts by: Thomas Oliver

Jessie I see exactly what you are saying. I still say keep it. It will be cash flow and money in hand that will pay for itself and build equity back up. Once it's sold its gone. There will be no more money to be made. All 3 of the banks I deal with are loaning 80% FMV on refi. I am setting mine up on 15yr notes. Tho.

I say keep it. I'm new to the game. Here is what I seen in the deal for you. Your loan is 46K. The property value is 100k So you have 54k in equity 34k in borrow able equity. So I would keep it rent it out. If you need the extra money for another deal. Refi and get your cash. Let it pay itself back. That way you still have a property. Producing incone.

Congratulations. I dealt with a similar situation on new construction. I also learned my lesson.

Welcome I am new here also. I understand exactly where you are coming from. I grew up poor. Never with out necessities just no extra. Everything I know about managing money is self taught. I quit school in 10th grade. I worked my but off in my job the last 13yrs to move up. I refuse to be broke or do with out. I read a lot and study a lot. I have 3 rentals myself 1 trailer 1 brand new duplex. Going to build 3 more this yr. closing on a 6 property deal next fri. It can be done don't be scared and never give up. I wish you luck.

Thanks for the advice Adam. I am working with just a little cash. I do have great credit. A 6 figure annual salary and just about all my debit payed off. Also a good standing with my banks. I built 3 rentals last year. I'm closing on 6 on the 20th. So in less than a yr I have went from 0 to 9 properties. The ones I'm buying are forclosed and empty. I'm stealing them I hope. Lol. The figures say I am. Lol. The plan is to refi in a yr or so and take that cash for a bigger purchase. Thanks Thomas

I am new to all this. I am dealing with small hometown bank. Setting everything up on 15yr notes at 4.2% refi every 5yrs. I will have my third mortgage in a week. All 3 with different banks. My question is. Once I reach 10 total I won't be able to cash out? Or is it 10 with each bank? I also have them set up in a LLC. Thanks Adam Johnson thanks for the input. I had read your earlier post. Yes you are correct the banks are holding the notes in there portfolio my banks will only loan 80% of the sale price tho. That does turn into a cash on hand problem. I will not purchase anything for more than 80%of the apraised value. Now what I have been trying to do is take my cash and pay cash and borrow that back to get around this. I have ran into a couple of good deals that I didn't have the down payment. I have been considering a hard money lender to loan me the 80% then refi through my bank for a good interest rate. Due to once I own it they'll loan me 80% of the value. Please tell me if I'm thinking wrong. Thanks

Welcome I am New here also. I am in the buy and hold. Trying to buy the good deals and hold them. Due to the less you pay the better your cash flow will be. Good luck with your ventures.

I am new to all this. I am dealing with small hometown banks. Setting everything up on 15yr notes at 4.2% refi every 5yrs. I will have my third mortgage in a week. All 3 with different banks. My question is. Once I reach 10 total I won't be able to cash out? Or is it 10 with each bank? I also have them set up in a LLC. Thanks

I'm going through this right now. I am in the process of buying a 4plex 3-2 with carport. Value around 320k. And 2 houses. Total value 450k. So far the cheapest ins I have found is 6500.00 a yr. I have my agent still working on it. I just built a dueplex. Worth 163k. The annual ins on it is 1600. How do u have your policy's set up?

It's all new. Yall please bare with me on some of the auto correct and getting used to the app. All of my online work is done from my phone. I started building due to having money left over out of each loan to build my working capital. Then a 6 property for-closer fell in my lap. I couldn't turn it down. Once I have it up and running I'll start building again.