All Forum Posts by: Matt DuSold

Yeah I figured it would be more complicated and a bit pricey. I am just trying to find all the routes and to see which is best. Hey, I still have a while to study and get my available money up there. Thanks Wheatie.

Well I tip well so it was 13 dollars. I guess I'm up 87... 8)

Wow, thats pretty simple. Thanks Jason!

Thanks Wheatie. I would be using this as a rental and that is the main reason of not wanting to zero out the account. I would have no problem with taking out 5K even up to 10K but all of it would just scare me.

Could anyone explain points on a loan? I have tried to look but never got a good understanding. I may have just been looking in the wrong places...[/i]

Im not going to tell you not to buy any courses but I would agree with what Slim says. I am just starting out also and have been reading books, have yet to take any courses though. I am on this site (religiously) about 3 hours a day (I am a little obsessed I know) and have learned more than any book I have read.

With that being said I am still going to be reading books to pick up things here and there. You need to remember on this site all these people are speaking off of real life experience and are very very intelligent.

Good luck with anything in the future.

Thanks for your help Jason. To answer your questions. I would have the job and then the money in my savings so I would easily have 20K or even say 23K in a year. I would be putting 20% down and yes I have found properties that would cash flow.

What are the usual rates for a HML. I am sure they differ but just on average? Thanks again for the quick answer Jason.

Basically my question is, Is it a bad idea to use a HML for a down payment on your first property?

I will be fresh out of college next summer when I intend to buy my first property. By that time I will have about 15K to work with but don't exactly want to zero out my account.

I will have a job where I am making decent money next year and will be living at home so I will not have huge expenses. This is why I feel if I were to get a HML for say 20K on a quad worth 100K something along these lines I would fare OK.

I would clearly be able to pay off that HML but it just worries me a bit to have to pay off two loans. It also scares me to zero out the account. I didn't know if anyone has done this or something like this before.

Thanks for any help.

So the only negative from getting an LLC before you start investing is paying the annual fees on them?

When you have a LLC you just set it up straight through a bank account and that is how you can attribute expenses to it?

Welcome Larry! Love to see more Chicago people jump on the site!

I was getting my haircut today and talking to the lady while she was cutting my hair. I eventually told her I wanted to start REI she said "That's a terrible idea the market is horrible". I just silently sat in my chair and remembered she was cutting my hair, and making a living off $10 hair cuts.

No offense to anyone who enjoys cutting hair...