All Forum Posts by: Tim Bee

Detroit has high crime.  Hopefully you won't be managing it.

Personally I have two credit cards that both have 99K limits. I do zero interest direct deposits all the time for situations like this. Usually you get 16 months or so to pay off the debt with zero interest. Basically free money. You get the deposit in like 2 days. It's nice to keep things simple

It's all about cash flow.  Building equity is a gamble.  If you are a wealthy high end buyer that's a different game.  If you are buying homes under a Mil then stick to cash flow.  Just follow the 1% rule

Definitely buy as many as you can as fast as you can.  BUT the property has to meet the 1% rule.  If it doesn't meet it don't buy it.  It's really that simple.  

Use no interest credit card debt to buy homes.  Its the cheapest hard money you will find.

I have the ultimate creative financing idea.  ZERO interest on hard money loans with only a one time 3% fee.  Using high credit limit credit cards.  Its the cheapest hard money loan you will ever use.

Even if your HOA approves it cities are always changing their rules and they could end up banning all STRs in a certain area at any time. Be careful. Look what happened to Palm Springs. People bought tons of STRs for years and BOOM a few years ago it became so highly restricted owners were forced to quit renting out for short term and forced to do long term. Many lost it all because STR math isn't profitable in a LTR property.

Here's a simple way to not be paralyzed.  1) Does the deal at least meet the minimum 1% rule.  If it doesn't, don't buy it.  Boom done.  2) Now once you have found one that does meet the 1% rule you have to look at all the other factors.  3) There are a lot of factors.  But these days finding a deal meeting the 1% rule isn't as easy as it used to be so you will have plenty of time to analyze all the other factors.  If you don't know all the other factors you can ask that question as well. 

Any cities in CA, AZ or NV that you are still consistently seeing deals that are in the 1% rule?

Eliminate bills you don't need. ie netflix, Prime etc.  Cut down on bills you have to pay like lowering your phone plan to no more than $40/mo.  Raise your credit card limits as high as you can incase you have to tap them for a no interest hard money loan.  Delete all but two major credit cards.  Work overtime as much as you can.  Find out if any friends and family will give or loan you money.  Look at homes for sale and rents in the area every day so you know what an average deal looks like.   Find a realtor who already does what you want to do and have them shoot you deals.   Once you've done all that then, and ONLY then are you ready to buy.  When you do buy don't settle for anything less than the 1% rule.  Your first deal could bankrupt you if you don't follow that rule.  Your first deal could also make you independently wealthy if you can swing it.  You really have to want it.  But trust me I have 16 single family houses now, all paid off and the money is sweet.