All Forum Posts by: Ken Maddis

Lisa, good question, I'm in a similar situation with house in my name, but we are looking to apply for HELOC jointly. I didn't even think of it until I read your post.

I did find this:

Co-signer

If your credit isn't the best, you may get a better housing deal if someone co-signs the loan with you. A cosigner can be your spouse, your partner, a relative or a friend, provided they have good enough credit to guarantee the loan. Co-signers assume responsibility for the mortgage along with you: If you default on the loan, the lender can go after him for the money. Even though the co-signer shares responsibility for the payments, his name does not appear on the deed.

https://budgeting.thenest.com/mortgage-borrowers-t...

0 Votes

Originally posted by @Manoj Sadasivan:

Hello, any recommendations on Property Management companies in Jackson, MS area. I found a few just by googling, but after talking to then it seems like no one is taking any new clients. I plan to purchase 2 properties this year that I plan to give off to a PM to manage. Any recommendations would be greatly appreciated. Thanks

I am looking for one in Jackson as well, have you had any luck yet?

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For whatever it's worth, Wells Fargo is laying off over 600 mortgage workers "as it grapples with a slowdown in its mortgage business, a bank spokesman said on Friday." (quote from Reuters)

1 Vote

Originally posted by @Joshua D.:

Hi guys! Thank you all for your responses. You've given us a lot to think about and make changes on, and we greatly appreciate it.

To answer everyone's question about the 7k/month net profit, what we've usually done is figure that we make $13,000/month gross rent, and we cut it in half to cover all bills, maintenance, utilities, and mortgage payments. Our mortgage payments are around $2600/month, so us cutting it in half probably gives us a little more room than half, but yes, the 7k is a safe number to say that is what we would have leftover at the end of the month, from just rental income alone.

Here is what my wife has proposed. Take a look at our monthly expenses below:

-$100/month- gas

-$250/month- groceries

-$180/month- health insurance

-$55/month- truck insurance

-$478/month- truck payment

-$550/month- electric and heat (last month, we expensed this through the business, and are planning on doing that going forward. I figured since we work from home part of the time, part of this should be able to be used as a write-off.)

-$31/month- cable

-$11/month- netflix

-$8/month- hulu

-$10/month- amazon

-$650/month (average)- my credit card bill

-$235/month- my dirt bike payment

Up until this week, my wife has been covering ALL of the above expenses, solely out of her $700/week paycheck. She also contributes $5,500/year to a ROTH IRA account, in each of our names.

Her proposal is that I should pay for my truck payment, truck insurance, gas, dirtbike payment and gas for my truck entirely on my own, out of rental income. This would be about $2000/month I'd reimburse her for.

Is her proposal reasonable?

Sounds to me like she's being more than fair. The bigger question is, do YOU think it's reasonable?

2 Votes

Originally posted by @Joshua D.:

She feels like a "sugarmama" and "used."

Is she justified in feeling this way? In your opinion, should I go back to getting a W-2 job and doing the rentals, etc, as well, on top of it?

Or is she being unreasonable?

Thank you!

Not knowing you nor your wife, and not having heard your wifes side of the story, we can go on and on and on with all these suggestions and criticisms and what not.

But I'm Just wondering if you actually asked your wife what SHE thinks would be a solution? And if she did offer a compromise, would you be willing to accept it?

1 Vote

Originally posted by @Daniel Perez:

Hello I am a new investor w a promising lead and cash in hand. I just wanted to know what steps I need to take to make this purchase

Thank you

Daniel, I am in the exact same situation, cash in hand found a property I think is great, what do I do now?
Here on BP I did some more research on the place I want to buy the property, and saw a recommendation for a good realtor. I called him on Monday, and already today we have a contract for a lot less than I would have offered on it. He's doing all the paperwork on it, so I don't have to figure that stuff out.
So getting a RE agent on your side is perhaps the first thing to do. Who knows, he might even have a better property he knows about. Good luck!

1 Vote

Originally posted by @Joseph M.:

@Christian Hutchinson , Yeah I remember there was a VISA program for those that bought a property over $500,000 I don't know if that is still around or not. I spent some time working in Florida a few years back and there were many Venezuelans and South Americans buying businesses there. Venezuelans were eager to get their money out of course and considering how much worse the situation is they were smart to. You would need to have a certain number of employees for the visa.

Yes, I think that's the EB5 visa, $1,000,000 investment in a commercial business, or $500,000 if it's in a war zone (high unemployment).

0 Votes

Originally posted by @Troy Williams:

i often wonder if topics like this actually help contribute to a downward sentiment.

As FDR said, the only thing we have to fear is fear itself. I often wonder how much fear plays a part in the minds of consumers when the media starts sensationalizing a potential downward spiral.

1 Vote

Originally posted by @Henry Murray:

Originally posted by @Steve Kontos:

@Sharon Tseung

@Henry Murray

As someone who invests out of state I can tell you one of the key components is building a team in whatever area you're looking to invest in. This combined with a proper system in place will help alleviate some of the obvious risks with investing out of state.

You should speak or shadow someone who has successfully done this type of investing. It'll help you learn the ropes and create your own system of doing things.

Hi Steve, thanks for the advice! I feel like it's one of those things that it take experience to do but nobody wants to work with you if you don't have the experience in the first place... Do you have any advice for finding and shadowing or working with someone who currently invests out of state and what might make them willing to work with a newbe investor like myself?

Good question, been wondering that myself as I start down this road.

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Originally posted by @Will Zena:

Originally posted by @Ken Maddis:

Originally posted by @Account Closed:

@Josh Sparks You have never looked at our turnkey properties. You have looked at listed multi families. Completely different game.

@Josh Fabrizio I think you will be impressed with the upcoming medications and implementations to the PM contact center! I will shoot you an email with all the details : )

Medications? Does that mean all the employees have been put on Xanax?

lol :)

Perhaps she meant "modifications"

I figured as much, it was just too funny to pass up.

0 Votes

Kansas City, Missouri

All Forum Posts by: Ken Maddis

Ken Maddis has started 1 posts and replied 74 times.

Post: Joint HELOC if only spouse is on deed?

Co-signer

Post: Property Management Companies in Jackson, MS area

Post: It's Feeling a Lot Like 2007

Post: Help my wife and I solve this FIGHT. Should I get a W-2 job?

Post: Help my wife and I solve this FIGHT. Should I get a W-2 job?

Post: New investor promising lead

Post: It's Feeling a Lot Like 2007

Post: It's Feeling a Lot Like 2007

Post: Wanting to Invest Out of State by End of Year

Post: Experience with USREEB?