All Forum Posts by: William Ware

Hi Mike
You've definitely found the right place to find your answers and I'm sure with a few searches you will find them. I personally had your same "plan" on paying cash and owning free and clear properties. But has I've learned from this site (both sides of this issue) I've decided to leverage my free and clear properties to buy more. I'm not a fan of long distance ownership as I want to be able to manage my own properties. I've read too many "unflattering" stories about mismanagement from property management companies.
Definitely need to build your team consisting of:
Several Realtors
General Contractor
Attorney
Accountant
Preferably the above should be or fully understand Real Estate Investing

Sell a $600K house per day as a super agent.
Rehab/Flip 4 houses per week at $20K profit.
Own and run a mid-sized medical practice.
Own and run a large landscape maintenance company.
Consistently bat .300 in the big leagues.

If only I would have practiced more....... :mrgreen:

Hello All
Looking for ways to increase my FICO scores in a short period of time (30-60 days). Here is my situation:
Part time Real Estate investor with several properties owned free and clear
Need to leverage properties to grow business
660 Credit Score (FICO)
45K Credit Card debt
145K Mortgage
80K income (full time job)
One late payment (30 days) 2 years ago

Unable to use 48k year in rental income due to last two years tax shows negative income (properties were purchased and rehabbed during this time)

Bank deal - Approved mortgage with the following stipulations
- Debt to income is too high - Bank would require that 18000K goes to CC Debt at closing
- 2500k Loan Cost

OR - depends on increasing credit score to 680 min 720 optimal

- Bank Line of Credit (for this they will use rental income plus job income
- Low fee's for loan

My question is "How can I achieve a relatively quick score increase by 20-50 points?
How much would I need to pay down my credit cards to get this increase?

Thanks for your time

Great thread...Looking to purchase my first flip and will use this great advice.

Here is their Facebook page. Never used them but know several investors who have.

https://www.facebook.com/michigan.propertymgmnt?sk=info

Very Good advice from Zion and Bryan. I agree that you need to set your standards and screen to them. I don't do month to month leases but I also avoid "troubled" neighborhoods. How did you come up with $700/month? Did you investigate similar properties in your area? My screening consist of
Application
$30 fee (pays for background and credit check)
Call to place of employment
Call to previous landlord
Based on these factors will determine if I accept them and amount of security deposit.

I ran into a similar situation but it took 60 days to rent. I lowered the rent from $1100 to $999 and it rented it just a few days. Don't lower your standards but a 5-10% decrease may help. Plus you find the right tenant you can make it back on a year 2 or 3.

As a Real Estate Investor in this same situation..I've learned more in these threads than in my 1.5 years of investing.Kudos to all the great people that make BP such a great learning site...and it's free.

The secret of the rust belt is slowly leaking out. My examples:
Metro Detroit
Purchased 3 houses 3/1 during 2010
Avg purchase price 25k
Avg rehab cost 7k
Avg Rent $825
Rented all 3 with a yard sign and before the rehab was finished..non sec 8.. 2 of the 3 tenants had a foreclosure
You can do the math :cool:

Taylor MI, invested $33000, 3/1 SFH - $900.. No rehab
Ypsilanti MI , paid 25k cash, 6k rehab, 3/1 SFH $850
Ypsilanti, MI , paid 20K cash, 8k rehab, 3/1 SFH $850

No Sec 8, no war zone,
Always looking for cash investors