All Forum Posts by: Reece O.

Hey Bryan, So they are both portfolio lenders? This is probably an obvious answer, but wouldn't they loan on any property in Kentucky regardless of branch locations? I'd also appreciate any information on obtaining a HELOC from them if you have done so. Thanks!

Hello, Does anyone have any recommendations on portfolio lenders in Kentucky? Thanks!

Hi, I started with Bigger Pockets! I listened to every podcast. Also, at the end when people give their favorite real estate books I would suggest you write them down to read later. A couple I really like are: -The Richest Man in Babylon -Retire Young, Retire Rich -The Real Book of Real Estate -Don't Sweat the Small Stuff, and it's All Small Stuff I've already suggested you the flipping book, but check out Brandon's books as well. It's good you have some credit started! However, unless you have a 750+ then I would keep working on it. You have an installment loan with your car. This is when you have a set amount due every month. But to build a strong credit profile you'll need rotational as well as installment loans. Rotational just means there's no set installment payment and can change; basically credit cards! Since you have some credit already you probably won't need to get a secured card. Here's what to do: 1. Find a couple cards with low introductory APR/rewards (my favorite is Discover) 2. If you get a $500 card do not put over $150 on it - $50 is optimal 3 set up automatic payments for the full balance or very close 4. Request a limit increase every 3-6 months The reason to keep the balances low and request limit increases is for the same purpose. A portion of your credit score is your utilization of your credit: basically how much credit you have used up compared to how much you have available. Ten percent is optimal, don't exceed thirty. That's $100 per $1,000 of credit. Requesting a limit increase will also lower your utilization! But don't feel obligated to spend more money with an increase: you don't want to increase your bad debt. As long as you just keep a few dollars on a card you'll keep it open! Hope this was useful!

Hi, You definitely should get into REI! But don't be afraid to work on absorbing any information you can to avoid mistakes that could have been mitigated first! Another tip I have for you because of your age is to start building credit. I'm 21 and I wouldn't have been able to purchase my SFH with conventional financing this year if I didn't start building throughout 2015. Look into secured credit cards and shared loans (Fort Knox FCU offer these). I'm not a flipper like you are aspiring to be, but you might benefit from Jay Scotts flipping book as well.

Hi Susan, I am also an investor in North KY. Feel free to reach out to me and welcome to BP!

Hey James, Welcome to BP! It's nice to see another young real estate investor in Bardstown. Just a couple tips: Don't take advice from real estate agents unless they are involved in REI. Check out the BP podcast if you haven't already. If you are looking to buy and hold in Bardstown: be conservative with your numbers and cautious with the location. Feel free to reach out to me if you have any questions or would just like to discuss REI, Good luck!

Hello, More information is needed to help you. How much is the interest? Will you be making interest only payments? What is the length of the loan?

Hello, You may want to look at a HELOC to pull out equity without closing costs.

Hello again, Just wanted to give you my favorite secured cards - 1. Discover 2. Citi 3. Capital One Each of these have their advantages. Discover offers rewards, Citi has a flexible auto pay and has a very accessible phone app while Capital One allow payments on your deposit. These banks also have very good unsecured cards so you can use these as a stepping stone to a good card. Discover automatically check each month after one year to see if you qualify for their unsecured card. Beware of small banks such as Open Sky and their secured cards. They gave me nonexistent charges/fees and did not report to all three credit agencies.

Hello, Would you mind sharing the bank you are using?