All Forum Posts by: Fadi Tarapolsi

As a sole proprietor, I use H&R Block software for business. Since the IRS sees this as a 'pass through', I just put it all in and let it do the rest. Last year was interesting with W2, 1099, and LLC income streams. Hopefully one day I'll be big enough to need an accountant to keep it all straight. :)

As I type this I'm in the process to refinance a first lien heloc. I needed to correct some stuff on my credit from some issues last year. Not that my credit was bad, but could have used some improvement to get better rate for this purpose. The rate i got for a HELOC was even better than the traditional mortgage I got almost 5 years ago. I'm currently waiting for appraisal to finish. Closing the refi on the 24th if all is well.

There is a slight penalty for a HELOC in the form of a slightly higher interest rate, but if you use the loan as it should, you will still save tens of thousands. Me and my wife put in some conservative numbers in the calculators and will pay off in about 11 years and save about $90k. Only using the money we currently make. Hopefully we are planning to use the money to help fund some investments. TheAnd again, the rate for the HELOC in this market is better than what I had before, so still a win.

One caveat about this, it is structured as an ARM from the banks i've talked to, so the rate could/would go up in 5 years. But then we can just refi again :)

If the tenant spoke to me ahead of time that they were coming on hard times and might be late, I'd work with them. But if they had no communication with me, missed a rent payment and said "oh, we have virus/effected by work" I wouldn't. After all, if I missed a mortgage payment, the bank wouldn't give me cushion.

I've actually been thinking the same thing. The numbers make sense to do that, pay my personal house sooner using paycheck, and have access to my money for investing. I have about 300k in equity so can do quite a bit to fund my own flips.

Is it ok if i bring my wife? She isn't on BP, but an important member of my team :) 

Hello all. I've always known real estate was a path to financial freedom. I've had rental property before, but was a need as a result of moving to a new house and couldn't find a buyer right away. I'm looking to learn all I can. I come from the world of IT, and am burned out after more than 20 years in that field. Last couple of years I have been even more at the mercy of contracts coming and going. Got so tired of it and now focusing on building my empire to take control.

So that's a quick intro. Hoping to meet other people in the area with like minded goals. 

Hello folks. I'm new to all this and looking to learn from other great minded people.