All Forum Posts by: Eric C.
Eric C. has started 13 posts and replied 197 times.
Post: Is it considered mortgage fraud if you manipulate income?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Anytime you have to ask "Is this mortgage fraud?" it probably is. Let me ask this, would you give this much detail to your loan officer/originator?
Post: Seasoning Heloc funds for Conventional Mortgage
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Would that work the same for a cash out refi?
Post: Which one is better? House hacking or Investing + Renting?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Plus house hacking a 2-4 unit will give you a better rate even if you convert it to a full rental in a year.
Post: Seller not meeting sales agreement of tenant eviction.
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Shellie Johnson:
What are my options? We are due to close in 2 days and the law states the tenant needs 60-day notice to increase rent or evict tenants. Seller did not see that part of our offer requiring them to evict tenants prior to closing and never gave notice to evict. The broker is saying to just give notice right when we close and collect rent in the meantime. We never met the tenants officially since we were not planning on dealing with them. Rent is currently below market and we had plans to renovate after closing so we could increase rent. Any advice would be appreciated.
It seems unlikely you would find any seller willing to do that. Lets say they evict, and then the sale falls through....then what? Or maybe they are selling because they are a tired landlord and want to pass problems off to the next owner.
Post: How much do you need to retire?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Eric James:
I'm not against work, but it's said that on their deathbed nobody ever says "I should have spent more time working."
Funny, I missed your comment above but said practically the same thing. Can't remember where I first heard the quote.
Post: How much do you need to retire?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Marcus Johnson:
Tell that to Warren Buffet and Bill Gates who have all the money in the world and continue to work.
I can assure you no one has ever said as their dying words "I wish I would have worked more".
Post: How much do you need to retire?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Bob Langworthy:
I’m an accountant and will scale back my hours when I hit $10k/month. There isn’t a monthly dollar amount where I would retire early. I enjoy my work too much to do that!
I really find it hard to believe so many on here would get more satisfaction in life from working than from all the other possibilities in life that include Not Working! Not being critical here, but it is just suprising.
Post: Advice On Where To Move
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Bill B.:
Las Vegas or Texas for growth. Florida or Nevada for lack of state taxes and weather.
Nevada and Florida have horrible weather, so not sure what you mean there. Although Reno has decent weather, Las Vegas is crazy hot.
Post: 2 years and still nothing!
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Joe Villeneuve:
I am going to borrow that phrase!
Post: How much do you need to retire?
- Investor
- Grand Junction, CO
- Posts 207
- Votes 201
Originally posted by @Account Closed:
When I hit $10,000 a month I’ll think about it. But, honestly I wouldn’t be surprised if I ride it out for 30 years. Perhaps when my business is to the point where I’m buying a house every couple months I’ll quit. At that point I’m losing money by keeping the job because my time would be more lucrative hunting deals. My Fiancé loves her job I know she’s in it for the long haul. I guess my passion for Real Estate has never had anything to do with escaping the “Rat Race.” It’s all about growing as big as possible before I pass the torch to the next generation. I don’t feel stuck. I’m grateful for that.
Maybe I am an outlier in this forum, but I am not "passionate about real estate" as I just see it as a means to an end. I am passionate about living life, and if real estate can help give me the freedom to do that....Great. So many on here talk about "retiring" but really they are just trading a W2 for a different job of sorts in real estate. Having gone through several mini-retirements of 6-24 months in duration off of passive income, to me, retirement is about doing whatever you want when you want.