All Forum Posts by: David P.

I am about to refinance a few properties and have had several discussions with investors regarding leveraging the money in these properties. One of the investors indicated that I could maximizing my leverage point; taking a HELOC on my personal residence @ 80% LTV paying off one of my properties and then taking out a line of credit secured on this free and clear property @ 80% LTV and rolling to other other properties. Besides the cost of doing it this way and the leverage point/interest rate being higher - what are the other pro/cons to doing this strategies?

He does more than lawn care for sure; but just give him a call. I am an out of town investor and he does an excellent job for me; and more importantly he does it at a fair price!

Hi @Holly Baldwin I have a great guy; I will PM you with his information.  I am not 100% sure he works in your area, but you can try.  

I found this guy while working in the neighborhood after purchasing my property.  I asked him for a quote and thought it was very reasonable for weekly lawn service and the other things were also very reasonable as well.  Ensure who every you get, they understand what you want, as several times I wasn't very clear what I wanted and was surprised with results - such as trimming a tree.

Hope you have an excellent future!

- Dave

@Andrea Kugelman the umbrella policy is good to protect against damages to the property, however for your property management company, you should consider Errors and Omissions Insurance policy to cover any issues that result from doing business and acting as "Manager" with other tenants.

I had tenants pay the months rent; however the landscaper noticed the property was empty and I let the management company know the place was empty.  They posted all the correct signs and notices, and according to the management company they didn't respond and they took back possession of the property by changing the locks. Low and behold the tenants moved stuff back in and the management company disposed of everything.  After clean-up and getting the place ready to rent; I received a summons to pay for all of the stuff that was removed from the property including the deposit.  

After several months of paying a lawyer over $5K and a ruling from a Justice of the Peace I was to pay for their stuff including their legal fees of another $5K.  Our lawyers are now perusing the management company for our cost, however the only people that are truly winning are the lawyers.

Good luck, and please remember to VOTE on reply's you think have helped. This validates respondents posting and lets readers know that this information was valued.

Hope you have an excellent future!

- Dave

@Joshua Marriott gives great advice!  @Brandon Crumpton you should try and do the line increase on all your credit cards anyway; this will help and if you do all within 14 days the credit inquires will only count 1 on your credit report; and if multiple show, you can dispute this with the Agencies.  I would also suggest that you make a little more than the minimum payment on your cards too; this will decrease your balance and improve your score. 

For a general credit score, go to CreditKarma.com and sign-up for a free account. Here you can track your score each month; best to have excellent score prior to buying because money will be cheaper as well.  Additionally, I would suggest doing any clean-up prior, so pull your reports at annualcreditreport.com

Good luck, and please remember to VOTE on reply's you think have helped. This validates respondents posting and lets readers know that this information was valued.

Hope you have an excellent future!

- Dave

@Andre Johnson how did your deal go?  We like to hear how your deal went - good or bad so we can all learn from your experience.

Thanks for taking time to share!

- Dave

@Deadrick Colbert and @Ramon Jenkins I'm still in line too, but we get what we pay for eh?  I even offered to help facilitate the process, however not even a reply.  I'm disappointed and not waiting around; worth the money to just buy the list.  Besides, I bet the leads will be stale once you do get the list and could proved more of a disappointment and hopefully not a waste of money by doing mailings from that list.  

I'm not making any strong argument either way...  

- Dave

Good morning @John Frezza What banks are you talking to?  If they are the large banks, then try talking with smaller regional or local banks.  They type of loan you apply for makes all the difference - so put together a personal financial statement (free "New" excel download) and make a few appointments with these type of banks and hand them PFS and explain what you are trying to accomplish.  They may still not include much of the income from the property but they maybe more forgiving than other banks as it will be owner occupied.  

So some alternative is doing owner financing; lease option or even use hard (Private) money.  Normally these paths will cost a bit more in financing cost, however you can get the deal done.  I live in the Denver metro area, and I have found that the small private banks are the ones who will usually do deals the big banks will not touch.  If you PM me, I can provide a few leads that may work out - worth a phone call.

Good luck, and please remember to VOTE on reply's you think have helped. This validates respondents posting and lets readers know that this information was valued.

Hope you have an excellent future!

- Dave

Welcome @Frank Artusa to BP.  I am sure you have read some of the posting forums and explore the Marketplace.  This is a great site for networking and finding new opportunities and the podcast are great too!

I often work out side my area as well and a lot of the bigger markets are becoming increasingly more competitive, but that should not prevent you from looking at these markets; and working with local teams to help discover these opportunities.  I am starting to look into less populated areas as well, but profits are still available if you are willing to venture out into other areas!

Good luck, and please remember to VOTE on reply's you think have helped. This validates respondents posting and lets readers know that this information was valued.

Hope you have an excellent future!

- Dave

Congrats @Tom Scott sounds as if you are gaining momentum, now you need to make them count and make the deals happen!

- Dave