All Forum Posts by: Lance Roweton

DO NOT SPEND $4000 ON THAT!!! The only guy to get wealthy in that deal is the teacher of the course! Listen... it's not rocket science. Form an LLC before you start investing and then put properties in that LLC. Talk to a local landlord or two to find out how they operate... who works for them... how much they pay those guys... who they bank with and what interest rates they get and how much down payment money does their bank require... who they use to do their taxes... what types of properties they buy...etc. then when you have talked to a few of them formulate a plan and start buying. You will figure out how things work as you go and if something comes up that you don't know the answer to then ask someone. See there you go. I was going to offer you my wealth creation advice for $3500 but I just gave it to you for free!!! Good luck to you. Plenty of deals to go around.

I would not do that deal. I never buy a property that does not cash flow day 1. That is how people get in trouble. Don't play the "appreciation " game!!! That is a gamblers game that a lot of people lost back in 08. I would pass in this deal and pounce on a better deal that will come your way in the. Ear future!!! Good luck to you.

If the numbers make since and you can cash flow and also afford to buy them then go for it.

Congrats!!! Very exciting to be financially free!

I have 80 renters split up between 3 apt buildings 2 duplexes and 43 SFH's. Manage all of it myself and have a full time job. Have to be organized and have systems in place to handle the load. As business has grown my systems have had to grow. I don't have to have my job but I enjoy it so I keep doing it. Love everyone's success stories! Keep them coming!

I agree with Darrin. You need to structure the HELOC to fit your needs. I personally have mine set up on an interest only payment. I borrow on it for down payments and then pay it off and then use it again.

Yes. At tax time the interest on you HELOC is tax deductible. I have funded lots of deals with my HELOC. Once I have acquired a property I start paying down my line of credit so it is available to me again if needed. At the end of the year my bank sends me a form stating how much interest I paid on the HELOC and then I give it to my tax guy. Hope this helps. No it does not matter. A HELOC is tax deductible no matter what it is used for.

Yes. At tax time the interest on you HELOC is tax deductible. I have funded lots of deals with my HELOC. Once I have acquired a property I start paying down my line of credit so it is available to me again if needed. At the end of the year my bank sends me a form stating how much interest I paid on the HELOC and then I give it to my tax guy. Hope this helps.

I agree with the SFH strategy for all the same reasons above. When I first started investing 9 years ago I bought only SFH. Then I had a couple of opportunities during the downturn to pick up a 12 unit apt building and a 9 unit apt building. On paper the multi family buildings really look good but after managing Both buildings for the last 5 years I am back to only buying SFH...they are much easier to manage.

I agree with Bill. Don't rock the boat too much with the existing mortgage and take over her payments. Check with the bank/ mortgage company to see if you can add your name to the note and take your mothers name off the note. That way she has the peace of mind of being done with her problem and you have the peace of mind knowing that when you sell and realize that big profit your mother doesn't change her mind and collect the profit. If her name is on the mortgage legally she could do that. Not saying your mother would do that but when money is involved unexpected things can happen. Best of luck to you.