All Forum Posts by: Alexander Ransom

Any good ideas or apps for tracking your miles driven for your business? Also, what are you able to write off as far as where and when you drive? For example, do I only write off the miles I drive to the property or can I calculate round trip? Any advice would be appreciated!

If the table saw is something you plan on using frequently, do not cheap out. You should be safe with Bosch and Dewalt. I personally bought a new Bosch a year ago and it has been through a lot of use, no problems.

hey everyone, my partner and I found a good deal but are currently in the process of closing on another property. With this other property we are thin on money for other investments. We do however have a couple people in mind that we think might be interested in private lending. My question to you all is do you have any good strategies when approaching a potential private lender? What has worked for you? We want to be professional and try not to make it sound like we are simply asking for money, but rather offering an opportunity to the lender. Any helps / tips would be appreciated! Thanks in advance.

hey everyone, my partner and I found a good deal but are currently in the process of closing on another property. With this other property we are thin on money for other investments. We do however have a couple people in mind that we think might be interested in private lending. My question to you all is do you have any good strategies when approaching a potential private lender? What has worked for you? We want to be professional and try not to make it sound like we are simply asking for money, but rather offering an opportunity to the lender. Any helps / tips would be appreciated! Thanks in advance.

So I found a triplex for sale in the Madison area that has three units and each one has been occupied for 15 years. It is clear to me that the rent has not been raised in a very long time. The gross rent is currently $1060/month. I feel that the rent should be raised significantly to gross at about $1700-$1800. This deal would only make sense if the rent were to increase. Any advice on how to manage this situation? Do we raise it slowly each year? Would we let them know before we buy the property? Any help/advice would be appreciated! 

Alex

So even if there is no money borrowed they will still look at it as money i could (and will) spend, therefore it will effect my DTI.

Thanks for the info. Would you suggest I find a bank to pull a HELOC before looking at houses or making an offer?

I am looking for my first deal and considering using a home equity loan or home equity line of credit to pay for the downpayment and/or slight remodel on a rental property. Can anyone easily explain the difference in the two? Also, what are some things to watch out for? I have a wife and a 4 month old baby in our current home which we bought 3 years ago.