All Forum Posts by: Cory Lucas

@Stephanie Medellin great stuff! Thank you so much for responding and the insight. We’re actually going to cut out about $6k of debt then put the rest on those cards. So we’re going to consolidate our debt and cut our payments in half with this offer. I’m talking to our lender on Friday about other things, but I’m going to bring this up to her as well to see what she has to say on how it will affect us. Appreciate the feedback 

@Ryan Hehman I called them and they said I could write the checks out to ourselves. And it would not be considered a cash advance 

@Henry Van Eijk

talk to local lenders and see if they'll do what mine calls a Subject To loan where they fund the purchase price, closing costs, and will fund the rehab costs as well. Then you're into the property for $0 down if you do it right

@Noah Stout kudos to you for getting the LLC in place, in my opinion that's the way to go to protect yourself. However in this scenario I do believe you would need it to be in your personal name to get a conventional loan. You would likely be able to quit claim it from your personal name to your LLC with no problem, but my best advice would be to talk to a lender first and then if you need to, speak with a lawyer after that. A lender should be able to answer that question for you though. Keep in mind that not all lenders are the same, so if you have one that tells you you can, but then you go with a different lender it might not be the same for them. Best of luck, happy investing!

We got a promotional offer through our credit cards for 1.99% and 3.99% APR for the life of the loan if we take advantage of it by March 1. My thinking is that's cheap money and I could turn it into some good returns by investing it and taking advantage of the low APR

I realize credit card debt is something we'd want to avoid, but if we were to for instance look to get a silent partner to help with a down payment on an STR we'd likely be looking at a much higher interest rate, so why not take advantage of this? Seems like a no brainer to me, but others that I've spoken to seem to think otherwise, curious what my BP community on here thinks. To me it's the power of the velocity of money...

What am I missing though? Aside from the debt on the credit report

@Briana Leigh McLaughlin I second what @Michael J. said, at 20 if you start buying just one multifamily unit every 2 years, you could have 10 doors by the time you're 30 for example, which it could grow much quicker, but that's just an example. And if they're cashflowing just $200 a month (modest) you'd have $2,000 a month coming in each month. And trust me those numbers are on the conservative end, not to mention the tax savings, and the appreciation you'll realize if you implement this strategy

@Wesley B Williams

sounds good! Hopefully the credit union pans out then, appreciate the feedback

Talk to local banks and see if they'll do what mine calls a Subject To loan, where you could find a distressed property or one that just needs some work and they'll fund the purchase, closing, and rehab? 

Looking to refinance our LTRs while interest rates are still favorable and to hopefully pull enough to put a downpayment down towards an STR. I'm due to consult with the local bank I work with this coming week and our local credit union. Any other recommendations you all have or other companies you all work with? I've heard of My Investor Loan and I always hear and read about people getting 30 year fixed, but I've yet to find a lender willing to do that on investment properties, we have ours in LLCs, so maybe that makes the difference

Thanks in advance for any help and feedback

@Randy Nelson something like that. That sounds right