All Forum Posts by: Kelly Beck
Kelly Beck has started 7 posts and replied 33 times.
Post: What is Brandon Turner's Favorite book on Storytelling?
- Posts 33
- Votes 13
Quote from @Keith Miller:
I remember him mentioning it multiple times in the podcast, but I can't remember the specific book, can anyone help me out here?
Post: Storytelling Method: Talking with potential private money lenders
- Posts 33
- Votes 13
I recently read about using storytelling to build rapport with potential private money lenders instead of focusing on the numbers. Honestly, this way of raising Private money seems so much more natural than the way I’ve been taught.
Does anyone know a good book, resource, blog, etc. to learn more about how to do this?
We’ve been investors for a few years with experience in sub to’s, owner financing and flips, but we’re now focused on slow flipping and being the bank, which calls for longer term private money loans. We have some great stories to share about the people we’ve helped, but this is not the typical type of investing people are looking for.
We’d appreciate any resources someone could point us to. Thanks!
Post: First lien HELOC with First Savings Bank
- Posts 33
- Votes 13
Quote from @Osvaldo Guerra:
Hi! I'm also looking into this. I'm waiting because I still haven't owned my house for 6 months. So far it's the bank with the highest LTV I've found. Please let us know if you finally do it! Thanks.
Did you end up using First Savings? And what is there LTV? We're looking for one that does 90%. Thanks!
Anyone invest in the Meridian area? We're looking to branch out there for low-cost owner financing properties (offering financing for those renting). I understand there is crime there, just like many low-cost areas, but I reached out to a rehabber about taking some photos of properties for us and he told me to look in other areas because of the high crime rate and that "it just keeps getting worse."
Is it really that bad there? Anyone with actual familiarity of the area is appreciated. Thanks!
Post: Baselane - Banking Solution for Landlords
- Posts 33
- Votes 13
Lots of good thought there, thanks!
Post: Baselane - Banking Solution for Landlords
- Posts 33
- Votes 13
Quote from @James Shannon:
Baselane almost certainly doesn't take security and fraud as seriously as a bank would. They don't even have two-factor authentication (e.g., SMS code on login), or at least don't enforce it for me since I chose to signup using Google. The underlying bank (Thread) MAY do fraud detection on the debit card, but they probably don't do any fraud detection on outgoing wire requests. Ideally there'd be second factor requirements on any transfer, and especially "suspicious" ones (as defined by an entire team of people who monitor that sort of thing).
Cookie theft and other takeover scenarios are a thing. Is Baselane going to be liable for these types of issues, or are they going to tell me to contact Thread?
This is all made worse by the fact that there's no "collaborator" login (as other solutions have). As I evaluate this, I figured I'd share my account with my bookkeeper, but then realized that would also give them access to my accounts.
Don't get me wrong, I like Baselane so far, but this might be a fatal flaw for me. I could keep a limited amount of money in Baselane accounts, and constantly transfer in and out, but that sort of defeats the purpose. They do offer linked accounts, so maybe I'll go with a 3rd party bank that I can trust.
In regards to having multiple accounts, I’ve been told that Chase is a bank that allowed for this, but I also don’t trust that Chase wouldn’t be taken out with the other banks failing, so I don’t know about using their accounts, either.
If you happen to come by a bank you would trust, I appreciate if you’d share.
Thanks.
Post: Baselane - Banking Solution for Landlords
- Posts 33
- Votes 13
Quote from @Jamie Banks:
There's a few ways to quickly access your funds
- ATM for cash
- ACH to another account
- Wire (for larger property purchases, etc.)
Is the wiring instant and is there a charge? Right now we're using a local credit union and every time I need to do a wire transfer I have to go into the branch location. Thanks!
Post: Landlord or Tenant Friendly area?
- Posts 33
- Votes 13
How would I determine if a county/state was landlord or tenant-friendly? Or what jurisdiction would I be looking under, ie. state, county, township? I want to make sure the eviction process would favor the property owner and be quick for land contract/contract-owner transactions and not be looked upon as a foreclosure. I have no idea how to go about determining this.
Thanks!
Post: Capital Stack fees
- Posts 33
- Votes 13
Quote from @Kelly Beck “…capital stacking…”
We found it’s actually called credit or card stacking.
Post: Capital Stack fees
- Posts 33
- Votes 13
This company calls it “capital stacking” but I have since found out that they’re calling it the wrong thing…credit or card stacking is what it is. So…my question would now be about the 9.9% fee for credit stacking…but I wouldn’t see why we couldn’t just do it on our own. It’s basically applying for several business credit cards with 0% interest until we have the amount we need.