All Forum Posts by: Trevor Scheiderer

Hey Sean! Happy to see you are interested in building your credit. I am not sure why Discover would have declined the approval, but I know that many smaller banks also offer great student cards that have very low credit limits ($2,000 or less). If you want to tack onto parent or guardians cards, they can add you as an authorized user and you can also start building credit that way. As far as checking and savings account amounts are concerned, your credit score does not usually factor these into it. It factors in credit lines amounts, number of credit lines, repayment history, default/collection efforts, etc. You can read more about the weighting here. I would suggest holding off on applying for the exact same card for a while, and maybe try a different card. Good luck and happy investing!

@David Goldstein @Jacob Cytrynbaum @Anthony Thompson Thank you all very much for meeting up last week. I really enjoyed listening to the different stages of investing, and learning more about the Providence area. I am hoping to put in an offer on a 4-unit this week, so I will keep you all in the loop. Have a great week!

Hey Jonathan! This deal looks pretty interesting. My two recommendations would be:

(1) Increase your CapEx budget from 5% to either 8 or 10%. This might seem like a large jump, but if you calculate the cost of a new roof over the course of a 20 year lifetime (figure $15,000/20/12 as an example) that comes to almost $70 per month. Add on water boilers, siding, installing a furnace, painting the entire exterior, etc this expense can add up over time, so increasing it can't hurt.

(2) I am a big fan of having a misc budget of $50/unit/month. This is more of a preference of risk, but it can also be helpful if you notice one of your other budget categories beginning to get low, or if you have something come up (ex. bank charges, BP Pro subscription renewal, etc). In short, bumping this up may be helpful to cover all bases.

Overall, it looks fairly solid. I would recommend running the numbers a few more times with more optimistic and pessimistic predictions to give yourself an idea of what would happen if...something goes south and you have to settle with smaller returns. Happy investing!

@Susan Clark Be very careful about evicting based on having a dog. Go through your lease with a fine tooth comb and if they are late on payments, make sure to stick to that eviction process. It is easier to pass to a judge if you need to. Good luck!

Hey @Brian Olencki @David Goldstein and @Jacob Cytrynbaum. @Anthony Thompson and I will be at Small Point Cafe on Westminster St at 3pm today. Feel free to tag along. We can make it a group conversation.If that time doesn't work for you, let me know and we can try to make time for a 1-1. Looking forward to seeing you all!

Good luck and if you haven't committed to the annual yet, I would recommend it. I have only had it for about 2 months, but the value I am receiving is incredible.

Hey @Anthony Thompson! I have a meeting with my agent at noon but will be at the Small Point Cafe for most of the day. If you are open around 3pm or after, we could do that. I will message you my contact info. Thanks!

I am traveling from NYC to Providence, Rhode Island to look into some potential multifamily units as a first deal. Anyone want to meet up for coffee to share ideas?

Hey Anthony! What are your metrics for success that you are aiming for? Where are you looking for these deals?

Hey John! Sounds like an interesting deal. My advice would be to offer whatever your "best price" would be, regardless if there are other offers or not. If they don't accept your highest offer, walk away. It sounds like there could be some emotion from both sides, but don't increase your offer if you are starting to have a fear of missing out. Good luck and happy investing!