All Forum Posts by: Nicholas Crum

If you have a particular house or property you are looking at and you are in the area, go at night. I had a property that I look at during the day and it was fantastic. I went at night around 8PM and you could hear every conversation anyone was having, there were people constantly out in the street and cars parked in lots everywhere. I had to pass as there is no way I could get what I was asking for rent wise.

If you are up front with the bank and tell them you have, lets just say $30k on a credit card to use, they will be able to use that as a down payment. They look at all of your available credit to use. They may be able to just swipe the card there or you could do a convenience check to start the process. I would just be up front and ask the banker what they would want done.

Exactly. As long as you don't abuse this and don't use it for personal use you will be fine. As for the interest rate, it does help being 0% minimizing the cost but even if there was an interest rate, as long as you have enough room on the cards to float, it's not your money you are spending.

@Taylor West 

You are probably correct on the days.  I am just going off of what the instructor had said. The instructor had 18 open credit cards and over $100k open for any investments. He utilizes the floating payment method so he isn't using any of his own money. It is much easier to see if it is drawn out. I will try to explain better.

If you have $10k limits on each card and you use $5k for a down payment.

When payment comes due on the $5k on credit card 1, you use a convenience check from card 2 and write it to yourself and deposit in your bank account. Then write a check from your bank account to pay off card 1. The balance from card 1 is paid but now card 2 has $5k on it. When the next month roles around you do a convenience check from card 1 to your account, write a check paying off card 2. Keep repeating until the project is complete.

Does that make more sense? Like I said I have never done this myself.

I would personally pull the ad and put what your mortgage is. Explain in the ad WHY it is worth more than the comparable market rents in the area. If you get no response, slowly lower it. You never want to leave money on the table.

As for the pet, @Mindy Jensen , is absolutely correct. You can not charge rent for a service animal or companion animal.

The real estate guru's will tell you that you should call the credit card companies (3 separate companies) who offer the 0% APR and request to get the maximum amounts on all three. Then you can use one CC for anything you need and use the second CC to make the monthly payments along with the interest. The guru's also promote talking to the representative and having them remove all yearly fees. Once the rep helps you with this, then you ask for their supervisor (since they make more money on having calls transferred) and promote how well that rep helped you; then, you ask the supervisor for the same thing.

This was told to me in a seminar (a guru one at that); however, this is dependent on your personal ability to not spend the CC's. I might be the right thing, but I do not know. Also, I am not positive it is 'legal' to use one CC to pay off another. That is what the guru company said to do because the banks cannot tell you that you can use CC to pay off another.

**This is not legal advice, but is what was promoted to fund a guru company class**

This is true. It is called floating the credit card payments. It is legal as long as you use a convenience check from card #2 for the amount owed on card #1 into your bank account and then write the check from your bank account to pay off card#1. There is a small fee each time you do this. You keep "floating" the card payments back and forth not costing you any of your own money. Once you flip the house you pay everything off. You should have 3 cards. One card you should never use as it is only for emergencies that arise that were unexpected from the flip.

You have three days to open as many cards as you want and it will hit your credit score only once.

I also learned this from a real estate seminar I attended. I personally have not done this but it was a creative finance way to fund a down payment with none of your own money.

I would say do a bit of research of the demographics in the area. If it is an older age group I would definitely go with the walk-in shower. If it is pretty even across the age groups I would go with the tub. This is just my personal opinion.

Personally, I wouldn't sign anything with them. You never know what can go wrong with a divorce. Have you thought about just listing it to see what interest it creates from buyers? You may get more from listing it than dealing with the current tenants. I would tell them you are going to list it to see what happens until they can afford to actually purchase the home. Just because they are renters doesn't give them first right to purchase the home.

I hope this helps.

This happens quite a bit in the multi-family industry. I see you have a 2 week clause for guests. For those two weeks it's between the roommate's to figure it out. After those two weeks however if you want to take care of it you can have an attorney draft a 7 Day with Intent to Cure for an unauthorized occupant. They have 7 days to get the guy out or they all go and have to pay the lease termination penalties. If you choose you can just non-renew them at the end of the month.

Hope this helps.

Banks will not deal with you from a loan standpoint. Your best bet is to find a partner you can pitch a deal to. They can be the cash as long as you offer them a decent return. This happens quite often. Be sure you have all the figures and all the due diligence of the property completed before pitching it.

Hope this helps.