All Forum Posts by: Wanda Croft

Hi Everyone, Newbie investor here and I wanted to ask some advice on hard money lending.  I actually purchased my first property with a hard money loan.  It needed light rehab and within 3 mths I was able to refinance it into a traditional mortgage.  The advantage was clearly speed and that I was able to jump on a wholesale property that has continued to cash flow great for being our first rental.  

The only thing I did not like was that I had to pay closing costs twice.  Seemed like so much money at the time.  For you guys out there with experience should I just wait to have my 20 % down and close once or hard money the purchase quickly and go through the hassle of closing twice again?  In the long run does it matter?

When is the next one?

Very encouraging! I needed to read about a regular person out there getting so far, fairly quickly.

I want to stay motivated on our road to financial freedom for my family.  Thanks and many blessings!

Thanks so much for your reply!  

HI everyone, my question has to do with tax deductions.  We had our roof replaced on our rental last year and I know the expenses can be writing off under depreciation.  My question is about the amount.  The entire cost it cost my home owners insurance to replace it or just the deductible I paid?

Can anyone help me in this area?

I only have knowledge on my 1 rental in the area. So far, so good!  Our tenants have been good, we screened well and took 2 mths rent plus deposit.  The only problem I found so far was people not showing up to see the house.  We also stay away from section 8

HI,  I've owned my first rental in Camelot 1 for about 3 years and have done well.  There are pockets of course but my house is in great condition and has rented out very quickly.  On our 2nd tenants now.  Area is improving slowly.