All Forum Posts by: Tom L.

Joel - I'm an investor and a contractor in Riverside and I agree with both Aaron & Manolo. Talk with your DWP Planner and push for a 200A panel at each building. These guys can be a pain to deal with, but remind them that this is residential remodel work, not new construction. You may actually have more pull than you realize as the owner of that residential property. Having a single panel limits the option to split that property or convert it for other uses in the future. Insist, but if they won't budge, I recommend going with the single 400A panel. Whatever you decide, I wish you the best.

Matt & Jill,

Thank you for reaching out. Jill, my mom just moved to Chino Valley last year and she loves it. Matthew, I'm a former Marine myself... stationed at Pendleton. 

I'm also a General Contractor with room addition and remodeling experience, so my wife and I are looking to rehab a property or two, then buy a rental. At least that's our plan at the moment. I wish you the best in your future career as a Mustang officer.

Tom

Thank you All for your input. It sounds like credit card financing may not be the smartest move. The more I look into it, the more the numbers don't look good.

Thanks, Crystal

I definitely have some reservations about being able to use the cards at a reasonable rate. The cards come with a 0% APR for at least 12 months, but I don't think there is a way to utilize them without taking a cash advance at almost 25% APR. It kind of defeats the purpose of getting a 0% card for financing.

I have an opportunity to get several credit cards who's limits will exceed $50,000 combined. Does anyone have experience with this type of funding for real estate?

One of my concerns is that I won't have access to the credit without taking cash advances at upwards of 25%, as these cards will not have access checks. This seems like it could be devestating to my profits if it takes 6 months to rehab and sell a property.

Am I missing something, or are there ways to use credit cards as down payments on propertywithout cash advances?

Thank you,

Thank you, All, for your warm welcome and helpful advice. I definitely have some homework to do, but I look forward to it and getting started in this exciting world of real estate investing.

Tom

Just wanted to say, "Hello!"

I'm new to real estate investing, in fact just starting to learn. You've all been here, I'm sure. I found Bigger Pockets while surfing trying to glean some tips for starting out. The site just kept popping up and I eventually found myself spending a lot of time here, so here I am as a new member.

I hope to learn from your experience, create some local contacts, and be a productive member of this forum. After all, perhaps someone will learn from my experience one day. 

Thanks,