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26 December 2016 | 19 replies
This may be a long post, but I thought it would be good to walk through everything step-by-step, and explain my thinking along the way.If you want to stick with me through it all, here we go:I was not going to be getting a conventional mortgage for my first property for a number of reasons.First, I am still annoyed at the hoops I had to jump through to get a mortgage for my primary residence.Second, my liquid cash was on the lower end.Third, the properties that I would need to start out with would not be financeable anyway.Fourth, my DTI is on the high side, due to the decision that we made to take out a HELOC to complete interior improvements on my primary house.So, I decided that my path was going to be to form a single member LLC, and take a loan from my 401(k) at work to finance the down payment.Since I do not view the 401(k) loan as a long-term solution, I am treating like hard money, and pay it off ASAP.So, my first deal would be a flip, or a rental that was such a good deal, that I could re-fi out and pull all my cash out.I decided to reach out to the commercial lending department of the local credit union, which I am a member.The person I talked to (who became my lender) is fantastic.I told him what types of properties I was looking for, and that I’d look to turn them into rentals, or to flip them.I will never forget his response, which reminded me why I love this credit union.He said:“Typically, the deals you are talking about are much smaller than the deals we like to do.However, we also realize that you can not get to that level unless someone helps you get there.So, if the numbers make sense, we will see if any of our products fit.”Awesome!
23 September 2016 | 40 replies
If I were already making money, I'd definitely go for it but it doesn't seem to make sense financially right now.
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15 September 2016 | 3 replies
Welcome Sean, definitely get hooked up with the "Bluegrass Real Estate Investment Group."
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15 September 2016 | 0 replies
After 24 years on the road we want a new challenge and real estate investing is the path we have chosen.
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19 September 2016 | 9 replies
I will definitely act on that suggestion.
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16 September 2016 | 10 replies
Definitely get yourself an investor friendly realtor and I'd recommend @Tristam Griffith.
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18 September 2016 | 4 replies
Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!
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31 October 2016 | 15 replies
After all, the definition of insanity is doing the same things over again and expecting a different result.
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20 September 2016 | 2 replies
Definitely understand what you mean about it being mostly paperwork... but what about a mini-vlog series by you or Josh where you update the audience, show the paperwork, record the phone calls with the seller, show us the progress of the property etc?