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All Forum Posts by: Bobbie Richards

Bobbie Richards has started 0 posts and replied 4 times.

Post: New contractor from Jonesboro, AR

Bobbie RichardsPosted
  • Bono, AR
  • Posts 4
  • Votes 2

Congratulations on starting your own company Laden. It takes great courage and and a strong will to succeed. I am a small investor in realestate in Bono and Jonesboro, Ar but I grow a little each year. I would so love to start a new business too. Very proud of you.

Post: Over leveraged

Bobbie RichardsPosted
  • Bono, AR
  • Posts 4
  • Votes 2
I like you Russel. I bought my 4th rental house this year. I paid 116K and put about 8K in renovations. I rented it for 1050. A month. But I did not buy this house until I paid off another that was 100k. It took me 3 years and I reinvested all my income from my rental properties and what I could spare from my primary income. I am a nurse and only make about 72,000 gross a year.

I applied for a loan for a rental house and they said 20% down and then at closing told me I also had to have 6 months worth of payments in the bank. Luckily I had it but I thought it was a nasty little trick. 

I'm a new comer to this forum but I am learning a lot from you guys. Thanks for the comments.