All Forum Posts by: Eric James

If you want to make money so you can spend more money, 401/IRA type accounts probably won't be to your liking. If your objective is to accumulate wealth over the long term these types of accounts can be advantageous.

I like @Jeff Greenberg 's advice. if the seller still hopes to sell the property you may be able to prevent that through legal action (or at least the seller should come to realize that).

I'm in the process of moving to TX and am purchasing a primary residence. I asked my mortgage broker approximately how much my DTI ratio would allow me to purchase for a multi family property(s) and was surprised to learn it's high enough to allow me to purchase something like a 10-15 unit property, or alternatively 2 (or maybe 3) triplexes or 4-plexes. I've owned a triplex for the past 7 years. Eventually I would like to purchase a small apartment complex, but I don't know if I would be better off going the multiple triplex/quad route first, and then later trade up. Do you have any thoughts on the advantages of each possibility? Thanks.

Thanks @Dan Mahoney and @Allen Fletcher . I'm looking into rolling my 2 previous employers 403 (b)s into a SD Roth IRA.

I would think if you are currently employed, and have a new job lined up in the new state you wouldn't have a problem. Is that the case?

I think you're going to have to stay in your financed SFR until you've been there a year. That's what you agreed to when you financed.

Congratulations @David Zheng How have you dealt with the DTI ratio constraints common with many conventional lenders? It sounds like you have well surpassed that with your portfolio.

Are you going to refinance the first property before attempting to get another FHA loan?

Thanks @Kevin Fox . IF the 12% rate I mentioned is APR, that would mean 6% interest paid for the 6 month loan period. However, points are charged upfront and are generally independent of the loan period, correct? That would mean a total of 10% paid (6% interest + 4% points) paid for the 6 month loan, which would be the equivalent of 20% annually. Am I missing something? That still wouldn't be much less than I pay for credit card interest. I'd be more interested in being on the lending side of that kind of deal than on the borrowing side.

When you are ready to rehab currently rented units, how about you raise the rent of several to the after-rehab rates? The tenants will probably move out, and then you can rehab those units. If they don't move out you're still collecting the higher rent.