All Forum Posts by: Arpan Patel

you could do that but there are stiff fees for cash advances but I guess if you do that and your credit score doesn't take a huge hit then fine but not the way I would do it. Why not just go to a bank or private lender rather than play with that very high interest money? You woul get signiture loans from banks for half the rate from that credit card. Plus if you have to do some repairs, then you have that credit line to fall back on. Just some thoughts.

That's a lot... maybe find a credit partner or HM. What strategy are you looking to execute on?

Rates are fairly the same where the only real difference is conforming loans you can put much much less down versus non conforming and commercial they do 25 amortization with a 5 year balloon typically. You could always do buy the property in your name and then transfer title to llc move that people do. I don't use this route, we have been using commercial and in 5 years, maybe 1031 into something bigger. As far as operating agreement, your lawyer can give you the general parameters. Good to get in the normal Death, divorce, incapacitation, etc stuff as well as clarifying who can do what as far as roles, signing for the company, general execution of the day to day. I hope that helps

The only thing I would add is a slight recommendation to the pathway of first a house hack, then a few rentals that need to work and you learn how to raise the appropriate capital and management skills then move to something with some moderate rehab and maybe even a flip. That is what I recommend to all new people because you can take your time and make money while you are learning. Good Luck!!

I would say no. Maybe find a partner where they have resources and you find and manage the investment (I would say rental as opposed to a flip) and have some sort of split. HM will eat you up if you are not careful plus they usually like working with people who have some experience. I hope that helped. 

As far as if you should go to college, maybe try the community college for a couple years then to finish at a 4 year place but don't go aimlessly. As far as your brothers, shrug it off mate! I've had those in my family as well but press forward. I am not the kind of guy who wants to prove everyone wrong but it is a nice by product. Just move forward towards your goals. Lastly, start today. Maybe pick up a side hustle like flipping sneakers and use the revenue to maybe wholesale or get a rental somehow at first and get connected to your local community. Find a way to press on and keep educating yourself - in and out of school. I hope that helped.

I also vote 2

Just wondering if the Top Contributors for all respective forums were taken down. They were there yesterday I believe but I don't see them tonight. Let me know because I would like to beat a few people... Yes, I'm the guy who yelled at the tv while playing mario kart...

either really but I would recommend as a group. Think of money as a grocery - the more bulk you buy (or borrow in this case) the cheaper it would be. So I would try and get a blanket loan for this. Also, I would go to commercial lenders for this. They don't have the same 10 property guidelines as the residential lenders. 

yea you can do that. Just make sure you have promissory notes from the LLC buying the asset to the investors in the amounts of their contributions. That way, there are no questions and everyone has something in writing. Also, please make sure to get an operating agreement so it is crystal clear who is doing what. Just some thoughts.