All Forum Posts by: Tony Savage

Yes, I working on building my business line of credit.

Hey Virgil,

I'm currently flipping a home in Chattanooga, TN. This is our second flip there and my partners and I fund are own flips.  

I can tell you that should you use hard or private money. You need to be very accurate with your rehab budget as well as the time it's going to take to complete the rehab.  If you are over budget (I'm talking like 30 to 40%) or late on the completion of the rehab that would be very costly and may eat away all of your profit after paying off your lenders.

It's good to see some fellow San Diego investors on BP!

If your tenants can't make their rent payment; there is no way they will abide to a payment plan.  They will agree to a payment but they won't make the payments. 

Depending upon how much they owe you.  File the eviction if they are in rears for thousands of dollars.  If it's hundreds, just let them walk and tell them you won't file if you're out by the end of the month.

They are just giving you excuses because the do not have the money to pay their rent.  Move forward with eviction proceedings.  Tell your tenants to provide you with an ADD diagnosis from their doctor.  Anyone can say they have ADD.  

Zelle & Venmo, then record on my spreadsheet.  This also gives tenant proof the their rent has been paid.

Remember this Acronym:

T- Taxes

I- Insurance

M- Management

M- Maintenance

U- Utilities

R-Reserves

Maybe your wife would be willing to take a lump sum based on the equity in the Air BnB.  Afterwards set up a payment plan with her with a balloon payment in 3 to 5 years.

Here Here!!

Don't take out a HELOC Jason, it's not worth the time it takes for the amount of money you need. Either pay cash for it or get a low interest C.C.

When I have to buy material from Home Depot for my rentals. If I spend at least 300 bucks or more I get 6 to 18 months no interest.  HD always mails me these finance promos, so I use HD money for free and pay it off as I get closer to the time the promo expires.  

Look into it, you may get more than 18 months with the amount of cash you need. This all is dependent upon you getting the carpet from HD of course.