All Forum Posts by: Filipe Pereira

Bringing this back from the dead. Thanks for posting the question! 

congrats. Well done!

Welcome Karl. There is much to learn here. Congrats on taking your first step to becoming a successful entrepreneur. 

@Lane Kawaoka 

Not worth selling the "toy". ;) 

Don't currently own a home to use a HELOC.

Most cards won't allow cash advances as high as their credit limits, so it's highly unlikely I will get the money I need that way. 

A personal loan at 1.99% is the route I will likely go. That's basically free money. 

Hey all, what kind of trust did Kit mention when comparing trusts to LLCs? @Jacob Reilly

@John Casmon, I would love to, but I can't. My parents don't get involved with my finances. They refuse to loan me money, although I am very fiscally responsible and mature for my age (23). My grandparents aren't around, and my aunts/uncles are broke with children and mortgages. LOL. 

@Eric Delcol I have enough in contributions in my retirement account to serve as my reserves. I have 6 months worth of PITI. (principal, interest, taxes, insurance). The idea is to buy and hold - high cash flowing property that I can pull equity from in the future possibly, and/or while saving money for the next purchase. Whatever that may be.

I have considered seller financing, but not a portion (i.e. carry back). I will look into this further @Joshua Springer. Thanks for the heads up. 

I agree @Lane Kawaoka?

I think I am going to go with a personal loan at a local credit union. I should be able to get what I need for 2-4% interest. Not bad. 
https://www.americaneagle.org/Rates/Personal-Unsecured-Rates.aspx

Thank you @Jason Hirko for chiming in! Thanks for reaffirming some stuff I read on BP last night, you sound like a credible source in the area! Unfortunately, I don't think it's possible for me to save much more than I already am! 

Thank you @Mike F. I agree my money is probably better spent in REI now, but at a ripe 17 years old, I didn't know half of what I know about now. 5 years later and a bit wiser, I have begun to change my investment strategy.

It's a great deal @Christopher Lombardi! I have a decent available credit on my Cards, but I cannot take out that same amount on a cad advance unfortunately. I do have great credit, and always pay in full ahead of time, but I don't think there is enough on the plate for me to use. Plus, I'd be worried about what that would do to my credit score. This is a fully rented out turn key investment...no value add :/ (That's the only downside of the whole deal, I suppose). 

@Timothy Maloney I have a credit score in the high 700s, and no debt to my name. Shoot me a PM if you'd like. 

It is a Roth IRA that I started ~5 years ago when I was finishing up high school.