All Forum Posts by: Bob Thompson

I have found this discussion interesting. I am actually using this plan to finance my most recent acquisition and paid for the house with cash. Here is the simplest point I want to make. I borrow the cash value of my policy to pay cash for a house. I have to pay the insurance company 5% simple interest on the loan. I actually NEVER have to pay the loan back if I don't want to, the amount would be deducted from the payoff to the beneficiary. Here is the kicker, I can choose to pay back more than the 5% and grow my pot of money. If and when I pay my loan off I have all that money to invest. THE GREAT THING is that my policy earns a guaranteed amount of the whole amount of my cash value like I have never taken a loan against the policy. It would be stupid for me to go into my saving and pay cash for my house because I would be giving the bank a bunch of money that i could be paying myself. Typical whole life policies are not a good deal but the policies used in "Bank on Yourself" programs are very different and so many folks are clueless. These policies have a generational effect that most of us have never considered. Read Pamela Yellen's Book - Bank of Yourself and R. Nelson Nash's book - Becoming your own Banker. Most people don't have a clue of the power of this program. When I took my loan from my plan, I decided to pay 10% interest on the loan which allows 5% to go back into my cash build up and increase the money that I have or my heirs have in the future. I NEVER pay tax on this money afterward and neither do my heirs as it will be a death benefit to them.

Do your own research and I believe you will find the Bank on Yourself method to be one of the best ways to Finance your realestate deals in the future and coupled with a self-directed Roth Realestate IRA how can you go wrong. Just don't wait until your health age affect your premiums. I am not an insurance person or finance person. I just know that this system works for me to help me build and meet my real estate goals.

Should be a meet up at Keller Williams, Veterans Parkway coming up on Tuesday, 6 Oct 15. Hope to see everyone there. Begins about 6:30 according to John's post above. I will say I was lucky to attend and meet some good folks at the August Meet Up which enabled me to reach out to a couple of folks who helped me get some needed info to put a deal together. Although we often times like to go it alone it is nice to be able to reach out to like minded people with open hearts.

My thanks to Patrick, Kelly, and Dave. 

I have used a local reputable person here in Columbus, GA so it would not help find a person in your area although if wanted I will provide his info and maybe he could ID someone in your area. This is just to provide some general input about my own experience.

After I bought my own home in 2005 I started noticing some issues regarding my foundation. I had an individual come out who does foundation repair in our area. I am not on a slab. My repairs (two separate incidents) required about 20 helical piers which cost me $1000.00 a piece. I was given a 10 year warranty and they have been out one time since that time and adjusted the piers with no cost to me. I will call them out again before next year to do the same just to take care of any further movement. I am on a hill which goes toward a lake. Water moves with ground and this has created some problems for me. My house was built in 1974. It has  been an expensive project but seems to take care of most of the issues. Dealing with the makeup of the soil to include clay along with our droughts have created this problem according to my specialist. I still have some problems which I am going to deal with next year which either cause me tear up my concrete slab in my carport or have them put down the same type of substance that I see AFS uses to lift the slab.

Hope this provides some insight. At the time that I had this done, my guy was the only one in town that does this kind of work. Now we have a couple and we have lost one who was doing shoddy work. My guy was recommended to me by a builder who I respect. All that being said, I am not as afraid of foundation issues as I once was.

Great job. I am looking at buying older homes and many do have the 1950s brick, a little larger, and deeper ridges, that I have seen in newer brick homes. I know there must be an issue with the paint peeling but I am wondering whether a good power washing a painted brick house will repaint okay also. Your painted house is sure to stand out great in the neighborhood. Hope you get a fast sale.

Great post Andy. I really like the Lake Bottom area too. I haven't purchased anything there but have seen several of the homes in the area that have been redone very nicely.

Good evening everyone. A short introduction. I have just recently decided to get back into real estate investing. I allowed a couple of bad situations to take me out of the game for awhile. Currently dealing with a medical issue that will slow me down but I will be up and adam before the paint dries. I am looking for flips, buy and holds, and will also look for other opportunities. I have flipped my own home twice, bought and managed a rental or two. I believe real estate to be the best investment - I have tried other investment ideas - short term stock trading which did not go all that well buy I did no lose just got locked into some deals for two years. How do you know when a particular stock is going to dive; just ask me what I bought that day or week and you will know. Looking to connect with other like minded folks to learn and have fun.