All Forum Posts by: Tony Lee

@Greg Dickerson Makes sense. I put some numbers together and present them later tonight when I get back to my laptop thank you

@Shadonna N. I brought my deal showing the numbers (my top purchase price that I wouldn't go above, taxes, rent income, cash flow, etc) to a guy I know that has cash on hand. I knew he was looking to get more return on his cash than whatever it was getting at that point in time. So when I showed him I knew what I was doing (by showing him the numbers), he was happy to work with me. Sometimes you just gotta look for someone you know that has some cash on hand.

@Tony Lee

You definitely increase your debt to income but you would grow your card debt as your business grows. This way it all balances out, if the cards approve you correctly they will also only allow you to have what you can handle. Since they are a line of credit though it is only a debt when you use it, if they are untouched, which you mostly do after the time frame they have interest free, this can really help you be approved for loans and more cards because you have so much capital “available” to you. The higher the balance available the better and the strategy is to pay it off as fast as possible do it doesn’t stay on long.

Let me know if this makes sense,

Hello, I also live in CO and I'm looking to turn my current property into a rental. Do you have any advise for me as a new investor? This would be my first rental. Thanks! 

I have a few ?s regarding business entities and purchasing properties in the business name.

1. What type of business entity should I start for rentals ? Im guessing llc ? and why? 

2. How do I get a conventional 30 year loan or something similar from bank into business name to protect personal assets? 

3. I have 75k in personal savings account that I want to use to invest with, what is the best way to give that to new company without many headaches or what are some concerns when transferring the money ?

Don't forget personal loans like SoFi and Lending Club. I know someone who got a personal loan from SoFi and used it to help with a cash purchase. No points and 11% interest for 5 years. You can also do delayed financing with this which you can not do with a HML.

@Steve M. It's a numbers game. Say it's Jan. 1, and you have a $100k CC limit that's 0 interest for 18 months. You find a $20k house that needs $15k in repairs. You pull cash from the card for those transactions and have the repairs done by June 30th. You get a tenant in there and refinance it on December 31st, and it's appraised at $60k. The bank is willing to loan you 70% of the appraised value, so they give you $45k. You pay off the cards, get $10k in gold coins, and dive through them like Scrooge McDuck. 

@Steve Mahnke

There’s a couple different things you can do with credit cards, you can use them for closing costs and down payment’s, You could also use them for fees. And if you have enough You could potentially even buy the house itself. The key component is knowing how to get the cash off the credit card. Sometimes they give you checks that you can use, you could also do other payment ideas to get access to the cash, like cash advance and even using pay pal.

There are a few different services out there that will help you get the credit cards and tell you how to use them. You can find the companies online or even through networking events and other investors.

Hi @Tony Lee I am in the Lehigh Valley and do hard money lending in the area. Although since you have a heloc, you should definitely use that as the interest rates will be less. Once it is renovated it you can do the "R" of the BRRR or flip it. @Ralph Trinidad is a mortgage broker in the area. You can give him a buzz too. 

Slightly different take here, I actually think it's immoral to take a foreclosure. It's just not right. You're profiting off of someone else's misfortune. It's almost as bad as selling drugs. I'd recommend not going through with it. Keep your soul clean