All Forum Posts by: Tom Smith

The website would have to already have this functionality in place. 

Hi neighbor!  Welcome to BP. 

@Dan Espino Hi neighbor.  I'm from Wilmington and currently live in Bradford.  

Welcome to BP.

Green Button! The $1M plus REI = Financial Freedom

Awesome!  I see the alert number drops when you include an "extra keyword" as well. Huge help!

I had a tenant just like this.  Sometimes they just want to know they are being heard.

I also got complaints like "Water pressure is low", "pressure wash the property", and "Grass is too tall".  I would talk with him about my plans with the property so he felt like he was in the loop.  I would always thank him for bringing something to my attention (even if was a silly non issue).  Or sometimes I would just give a professional answer. 

"arguing" entails two people.  It should never get to this point!

This is just basic customer services skills.  You are in the people business and people are creatures of emotion.

Hi @Will Brown

You do not need the LLC to pull your equity out of your condo. You just have to cash-out refinance. You would still leave 20% equity in the condo because the banks want 80% LTV.

Example: 

Condo Market Price = $100,000
LTV of 80% = $80,000 (Market Price * 80%)

You can take out $80,000 minus what you still owe.  So if your mortgage is at $30,000 then you can take $50,000 cash.

LTV: $80,000
Debt: $30,000

LTV - Debt = $50,000.

Hope this gives you the idea. 

I bought my first home (duplex) almost 2 years ago with a state program "Mass Housing" that allowed only 5% down (3.5% for SFR). It had no PMI but had a high rate of 5.125%. I just closed this past Monday into a new loan without a problem.

My home appraised just above 80% LTV. I have been lucky with good appreciation!

With Real Estate Investing you get:

1) cash-on-cash return

2) leverage:  You put down 25% + tenants pay down note = 300% return.

3) appreciation

Most people struggle financially because they do not know the difference between an asset and a liability.

This book was a game changer!  It was the subtitle that made me pick this book up: "What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!".