All Forum Posts by: Donald Cooley

I'd be interested and was thinking about the same thing. Let me know what you have in mind. 

Congrats on your first purchase! We use Foremost insurance, which I believe is a subsidiary of Farmers Insurance. You may want to call around to compare different rates for the insurance and make them compete for your business. I think the only number you have control over is the house payment, I'm guessing the home equity is a shorter term on the payback. I'm relatively new myself, but I believe you will be able to refi out, and pay off the equity line, once the house is seasoned.

One thing you may consider is that it sits in the shadow of the Fermi nuclear power plant, it is also a rather rural area. I work (w2 income) occasionally in Flatrock which is just about 10 minutes north of there. 

If it's occupied ask for the current agreements. One thing I learned on my first deal is they had made some updates, I found out when I went to register it as rental they had a inspection yet to be done for a permit. Thankfully it worked out ok as it passed, but I woke up to the fact I may have been on the hook if it didn't pass. 

Welcome to BP! So much to learn on this site, take full advantage of all the great information on this site. Personally I've started right in with rentals, I recently bought my first one in Warren and it cash flows well.  Good luck in whatever you decide to do. Look forward to hearing your progress. Good luck on your endeavors! 

Don

Welcome to BP! There is plenty to soak up on this site. Good luck on your endeavors. 

Don

Welcome home and welcome to BP! Thank you for your service. Best of luck on your endeavors. Use all the assets on this site there is plenty to learn. 

Welcome to BP! Good luck on that first deal. 

The best way I have found to keep moving is instead of telling yourself all the reason it won't work, start asking instead how can I make this work with what I have. I have learned through the podcasts, forums, and webinars many creative ways to get things. Keep pushing, set goals, and let nothing get in the way (mostly yourself). Best of luck on your endeavors!

Wow, what a great piece of information...I need to get more active on these forums, not only to learn, but network and really grow my business and take it to the next step and reach my goal of financial freedom! 

Thanks