All Forum Posts by: Travis Elliott

I was wondering what the tax difference is between selling a home before owning it for one year or after owning it for a year.. Is there a set tax percentage rate for both?

I didnt have any balances on these cards and the three that I got rid of only had a total credit line of $3500.00. So now I am down to one card with a credit line of 1050.00 and and a zero balance..

Thanks guys

I was on the phone with the fourth CC company when I started reading Joel's post so i didn't cancel that one.. My credit score is 805 so i don't think it will hurt me when i go to buy a new house but you never know..

I have had three Capital One cards for about seven years. They all three charge a yearly fee in addition to any credit charges so I opted to close them.. Do you think that this will hurt my credit?

Hi Brian

I only have a little time so I will make it short

The house has a second bathroom on the upper level... It needs to be completely redone including running new water lines. I may rent it as a 3/1 instead of a 3/2. I am not a plumber or a flooring guy and I dont want to pay a ton to have it redone. At any rate it will rent for $600.00 and my PITI payment is only $215.00. As far as a sales price I am sure it would sell dor fifty to fifty five.

It is nice to see another Montana boy as well.

Travis

I just got my final figures and my total closing costs are 2660.00

That seams very high to me.

Ha anyone had any trouble opening this proforma down load... I can get the zip file to download to my desktop but I cant find the file once it opens?

""Check out Prosper.com and LendingClub.com, they are probably cheaper solutions if you have decent credit. I got a loan from Prosper about 4 years ago. ""

My top score as of last week was 805 and my DTI only has my truck payment as a debt. So I am sitting pretty good. I am closing on the second house this Thursday but like I said I want to plan for house number three four and so forth... I could pay the house off that I am buying Thursday in four years and then use that to buy others but it would put me on hold for that amount of time..

Thanks for all of the reply's.. The reason that I brought this up is because a friend of mine did this very thing... He held the house on cards for six months and then got a HEL... Now this all took place about four years ago so things may be different now.. I havent looked into this at all. I wanted to post it here first before I started running it by my bank and before I called any CC company's.

I am thinking about getting enough credit cards to buy a home with them instead of using the bank..

Here is why.. I bought two homes this year and I am almost out of money.. My thought is this. If I can buy a third house using only credit cards I could then get a home equity loan later on down the road and pay the cards off. Next I would use the paid off cards to buy another home... Rinse and repeat.
Does this sound like a doable idea?

Any suggestions?