All Forum Posts by: Jack Slattery

I am not a fan of combining a HELOC with a mortgage. I saw a lot of investors lose their shirts when the housing market went bust because of two loans against their investment properties. I have one mortgage free rental that has an open line of credit against it. I use it for 20% down payments and I pay it off before I buy another one. I have five rentals now.

I know it makes for a slow process but I sleep well at night.

Send it back.  

There are only a husband and wife who benefit from this LLC.

A friend of mine has an LLC that he has never filed a tax return on. Is that legal?

Since you have been there for 24 years, I see no harm in asking. With that kind of longevity you probably have more leverage than you think.

I have a rental that I purchased for $58,000. It brings in $750 monthly with PITI of $375 leaving a cash flow of $375. The tenant pays rent six months in advance and will have completed a year with me in June.

Six months ago, he asked if I could discount the rent since he pays so far in advance. I told him no but I am now reconsidering. He is a very good tenant and is very easy on the property.

I am considering offering a 5% discount with six months or better in advance. That amounts to a $37.50 monthly discount in rent.

Good or bad?

Good luck on your realestate venture.

How are you doing? I now have three SFHs and hope to close on two more this week. Just started in 2012 but not in any hurry.

I always tell the residents in my homes that I want to know about problems immediately and I see to it that they are taken care of right away. I want them to have pride in my homes. I would rather take less profit than let a house show neglect. This is a business and I always show respect towards my clients. My reputation is my most important asset and I will make sure to protect it.

Here's Jack!