All Forum Posts by: Thom Sieloff

Dear Joe. I have good credit. Thanks. In addition to that, I have 2 credit cards paid off and the other two are down to 60%. Glad everyone has a thought to add and an opinion to share.

GOD bless,

Thom

for further clarification... the 66% that the LLC would receive would be to cover the mortgage, advertising costs, repairs,ect. and save up reserves for major repairs. After those things were accomplished (minus the mortgage which would be covered monthly by one of the rents), we would then save up our 20% for a down payment on an additional property. Then we would snowball it from there. I have in the past managed a total of 6 properties (on behalf of others), so I won't be going in blind...
Still great advice, and we decided to slow it down and shore up our finances before jumping right in. Thank you all for your help.

Originally, the plan is to purchase a 3 or a 4plex. I found a couple potential properties that I'd like to followup on. 1 mortgage w/ 3 to 4 rents. Build up reserves immediately and fix what needs fixing, then with my 33%, pay down the personal debt, and with the LLC's 66%, save up enough to purchase property #2.... in a nutshell. I truly understand that I would not become rich over night, as I have been a landlord before & am still planning to keep my job. At least for now...

@ Paul. Thank you. I had considered a partner, but haven't found the right "connection" yet.

@ Dawn: Our credit cards are low balances (all under 10K) and we will sit down and figure out a strategy to knock them all out (3) in 18 months. Also, our interest rates are all under 8%...for now. We just need to make some time to do that. Sunday.

ok thank you, Jon. I will find a way to do that.

Thank you. It is all very good advice. What about Hard Money Lenders and then refinancing? And... can I put my properties under my LLC at a later date after they had been purchased?

Greetings my good friends at Bigger Pockets! My wife and I are looking to acquire our very first rental property. (WooHoo!) However, we need some ideas on how to get financed.
The scenario... We have no money to put down, we both have pretty good credit (upper 600s) & each have jobs, yet we are close to maxed out on our cc. I also recently started an LLC out of my home state of NV and am filed as a foreign entity in IL, which I want to purchase all our properties under, however because it is new, it has no credit history, which means we will have to cosign.
We want to use the good debt to eliminate the bad debt and build our rental portfolio and eventually retire.
Any ideas?

Hi Carolina E. I have not tried meetup.com. Thank you for the suggestion. I appreciate that! As far as bandit signs go, I have seen only one, which is pretty old and the number is always busy. There is a city ordinance against bandit signs on poles in the area and are very few and far between. Fortunately, my wife knows a couple of landlords in the area, so we are starting with them, and one couple even offered to take me under their wing. Forever grateful for that. Just eager to meet more people.

Greetings my fellow investors. I am rather new to the real estate investor career and am looking forward to getting my first property under contract. I am running into some difficulties finding people to work with here in the Peoria & Bloomington/Normal IL areas. If there is an REIA here, I have had no luck finding any information on it. I have been able to locate the REIA in Chicago, but nothing downstate. Any help would be useful. Anyone from either of these cities or surrounding areas... I would really like to meet up with you. Thanks.