All Forum Posts by: Danielle Wolter

@Clint G. I am a huge fan of using 0% credit cards, as long as you can pay it off before the 0% promotion expires. I have another business that I got off the ground last year and used a 0% credit card which has been as awesome way to start scaling my business! I totally plan to do this for future rehabs as well. 

Congrats! This sounds like quite a find. I am intrigued by mobile home parks and very interested in making them part of my portfolio as well. Great job!

I'm not sure how they check it, but your taxes will show the rental income. If you're getting an owner occupied loan, best to live in the property for a year to avoid being pinned with mortgage fraud. 

@Alejandro Garcia Welcome to BP! I'm also from CA (San Diego) and have started looking at out of state investing because it's so hard to get cash flowing properties here in CA. Personally, I am looking at Memphis, but there are a lot of great markets out there! Good luck!

@Dana Lapple Welcome to BP! I'm somewhat new as well, and love the idea of being financially free in 10 years. There's a lot of great information here to help you get there. Good luck!

If your ultimate plan is to sell off the units, know who you will be marketing to. If it's investors, it may be difficult for them to get loans on a low owner occupancy building. If it's homeowners, that shouldn't be an issue. The HOAs on my condos have increased significantly since buying them, so you may want to consider that. You don't have a lot of control over it. Special assessments are definitely killer.

@Kenny Schumacher I chose Memphis mainly based on cash flow potential. Because I own appreciating property in CA, I wanted to add some higher cash flow properties to my portfolio. I was familiar with Memphis as I used to go there a lot for work. I just got back from a trip out there and it was an amazing experience. I met a lot of great people. I highly recommend anyone investing out of state go visit and meet some people in the area. It gives you a whole new perspective. 

@Kenny Schumacher Welcome! I'm also a new investor from CA looking to invest in Memphis. I'm actually in Memphis right now checking it out! Anyway, we have similar backgrounds as I also have a degree in Accounting and finance. Passive income is the goal and there is a great wealth of information here to help you get there! Good luck :-)

@Amir Boneh Thanks for the recommendation!

If you're looking for pure passive income, you could possibly look into syndications or other ways of being a limited partner in an investment.