All Forum Posts by: Timothy Riley

I have a merchant account with Square. It cost a little but I swipe my card - its financed as a purchase not a cash withdrawal with the card company and the cash hit my bank account for me to spend.

I'm no where near the $150k range and only use this method for emergencies so take this as just a suggestion for you to ponder. Do your math.

Good Luck...

I started from scratch - I had to stop spending scratch up some extra cash on top of what I was making and purchase outright (no loan - no debt).

That passive income was divvied between next purchase and current credit rebuild.

Next purchase (outright no loan - no debt)

That passive income was divvied between taxes, current credit rebuild, additional funds towards next purchase, and so on, and so on... 

My goal is a multi unit purchased through a loan that will pay for itself and leave me with a nice monthly income.

Wait what was the question? LOL  :-)

Feel free to contact me - I lived on Coles in that zip, I own in that area and I live two neighborhoods over. I think the present and long term are good, your main concern is your first question - Eliteinvest and how they do business whomever will act as the property management company is the main concern if you're an out of state investor. 

Welcome to Bigger Pockets.

@Deb Allis

Not sure if this helps, but I invest in lower income neighborhoods which tend to have more problematic tenants. I meet with them a few times before renting to them waiting on any warning sign to show.

My first lease is always a 6Mos. lease. I let them know exactly why: "I might not like you, you might not like me..."

I only had to get rid of one tenant since I started that and the others are perfect (actually better than I ever expected).

Tim

@Raman Bindlish

I live and invest in that area. PM me if you have any questions.

Welcome to BP...

@Brie Schmidt@Greg H.@Wendell De Guzman

Thanks everyone, the story was spread across a few states for that entire weekend.

http://abc7chicago.com/news/3-killed-in-crash-on-borman-expressway-in-gary/509070/

@Brie Schmidt HI!!!!!

Jan 06 my goals were:

Dedicating a combined 8 hour day a week to the business of real-estate:

An hour a week praying

An hour a week reading

An hour a week listening

An hour a week communicating with either (attorney, banker, tax pro)

An hour a week communicating with my rehab crew or potential workers

An hour a week looking for deals

An hour a week planning and plugging offers

An hour a week working on being a philanthropist or just speaking to people in general

As you may know I lost my 20 year old son in a car crash Feb 8 which pulled me away from any goal I planned this year.

I didn't stop building though. I recently moved into a new home (paid for). Although it's not my dream home it's totally completed.

I'm updating the house I was living in, and I do have renters set to move in this Nov.

I'm working on a rehab that I purchased on a contract for deed of which my goal now is to have it paid off before 2016.

I'm on the fence of whether I should purchase another rehab and use my income to rehab both or to use the money I have to complete the one I'm working on, and resave for another purchase.

@Pearline Hardy

 You have received a lot of good advice on this thread. As for @JD Martin JD Martin's take on account numbers being overrated is a personal choice on how you feel. The fact that he transfers the money right out would make me more comfortable but I don't wright checks to just anyone either. Before the days of online transactions it might have been ok with me. Now a check having your routing and account number should be handled with a little more caution. Everyone is focusing on people trying to withdraw money from your account but not the possibility of someone paying their or someone else's bill in your name online. I understand that things are traceable and you can catch any fraud action but at what cost and how much time to correct? Why go through it?

If you do decide to take that route please transfer all funds added into another account immediately.

Good luck on your decision.

Tim