All Forum Posts by: Katie Cole

In my high school economics class we went through the Dave Ramsey's curriculum/training which I enjoyed but am glad I took his advice with a grain of salt. What I learned through his training was never even open a credit card and my parents told me I needed to build my credit and no matter how much cash I end and how much money I made I would have trouble getting a mortgage. Luckily they put me on their credit cards as an authorized users and I began establishing my credit early. I was really against it at first and thought they were wrong, but now I realize if I had waited to establish credit until I tried and failed to get a mortgage it would have been a long road. 

In closing - Dave Ramsey has valuable information, but I feel he is too old school in his approach. I think his info is best for people in trouble financial situations, but he's definitely wrong about real estate.

Thanks for the insight, George. That is helpful!!

Hi Jackson - would love to get connected if you are on Linkedin or another site. I'm looking to network and build a relationship with a wholesaler. I'm not quite ready, but will be ready in early 2021. 

Katie Cole

That makes sense, it would get confusing with two business in one LLC. Thanks for your insight, I will seek out an attorney when I get to that stage!

I'm brand new to real estate and hoping to make some moves in 2021. My husband has an active LLC for his side business, but I am curious if anyone can recommend any books, podcasts, or other material so that I may understand the tax laws and how to be creative (legally).

I'm not sure if I should plan to create my own LLC or if I could use his LLC for two opposite business ventures. I want to prepare myself for what types of taxes I would have to pay on a flipped property, rental unit, etc. etc. 

Any advice/help is greatly appreciated.

Yes - good to know! I did speak with my mortgage banker who I know well and he doesn't think it'd be an issue getting approved since the debt/income ratio is low. Down payment won't be an issue either. I'm just trying to figure out if it's smart to leverage MORE debt, which I believe it will be. I just want to make sure I'm considering all potential obstacles.

We bought our first home two years ago ($250k w FHA loan - we have almost 20% equity) just as a place to live, we love the house and the area and plan to use it as a rental property after we move in 5 to 7 years. However, recently realized our desire to grow a real estate portfolio of single or multi-family homes. We are looking to buy a single family or a duplex home at the beginning of 2021 and are wondering does it make sense to buy another home even though our current home is not paid off? Should we pay off our mortgage more aggressively or continue paying it above the minimum payment and pursue a rental property to invest in.

Also - not sure if this is worth mentioning but my fiance and I both have stable jobs and my fiance recently got a pretty hefty raise and has a side business that generates a good amount of income so we will have cash to play with. I also work for a small business where I don't have a 401k match so I am pursuing other investments instead of a traditional 401k and I hope to be able to quit my job in 2-3 years and have a baby while my husband holds down the majority of the finances, but definitely want something to generate my portion of income and stay busy/happy.

Thanks so much - any insight is sincerely appreciated.