All Forum Posts by: Rod F.

I have been the buy and hold investing for a few years, Do most of our own rehabbing ourselves. Interested in getting to know other investors in the area. More about wholesaling.  recommended contractor leads. I have a full time job and invest part time after hours and weekends.

internet searches find property's. you might have to team up with someone who drives for inspections and checking on properties.  your limited by travel restrictions. but there are creative ways of doing anything.

I finally went back and did a cash out refinance of the first house. 20 yr mortgate  fixed interest 3.99 . Paid off Heloc,  House is rented for positive cash flow.  Don't get me wrong I still use the credit cards I just pay them off monthly. Actually have about 100 dollar prepaid balance on them. There not prepaid cards. but it's nice not paying interest on the cards . Back to what i have always said Paid of early always looks good on a credit report.

cars paid off early. credit cards Paid off early. Heloc paid off early. new mortgage on first house,(rental now). Large payment and refinance on personal home. dropped payment by 500 a month there. just bought another house in my IRA llc. The LLC's investments don't show on my personal credit Reports. Or on my personal Debt to income ratio. By the way LLC;s are getting there own credit cards now, I am building a credit report for each of them. Started with Lowe's , and Home Depot last year. Each has bank cards this year.

do it under an LLC. dosn't effect your debt to income ratio. you will still have to sigh personal guarantees.

I like Dave Ramsey's approach to paying off debt too. One thing to check out is the interest paid on heloc? is it deductible on your taxes. the cars and credit cards are not.

Due to a litigation, I did a refi on a house I had paid off.

Paid of the cars, credit cards, and paid a large portion of my home mortgage. The Attorney directed me in that direction.    

My credit card balance is zero now after 3 years. I did have to replace a car after a major motor fail.  Estimate to fix was more than value of car. 

I have been buying homes "no money down" for a while now.

I have had a few.

The Good!  Rent is guaranteed, Here it is on the 7th. The property does have to meet certain criteria. one here has been two separate forms of heat.  Fairly easy to comply.

The Bad: The tenant usually leaves me with a rehab uncleaned mess after 1 year and moves to a new clean property.  

I would look at all options before I rent a property.

Mine are in a two hundred mile spread. I'm in the middle they go 100 miles each way.  I Take weekend rides on my motorcycle for inspections. Needed maintenance is scheduled on a return trip. Gives me a chance to clear my mind.   And of course listen to Bigger Pockets blogs.

Neal, 

An educated professional does not have all the answers. he know how or where to get them. One of my College professors told me one time you have earned the right to say "hmmm that's very interesting I'll have to get back to you on that "

I have been in sales for over 30 years.  I did a lot of cold calling for my company. I just always figured heck "I have been thrown out of better places than this one." lol  If I didn't know the answer to a question. I always get back with them.

My son is now in sales.  My Big advise to him is your selling yourself. Be genuine, and the worst thing they can do is say No.  He does very well in sales.

I have been turned down by banks, met their limit. Oh well there are 5 more in the area. We have done over 45 deals now. have 40 buy and hold. 3 in rehab mode. making offers on another two.

I tell everyone "me and the other village Idiot. don't know any better than to keep on going. lol ." 

Son has been dealing with our banker. He has 8 or 9 homes now.  He teaches me stuff everyday on dealing with the banks and tenants. we have adopted his leases.

 I have bought programs, went to every seminar I can find. I still think I'm a novice.

Welcome to being a "Real Estate Investor" Your a Professional. worst thing they can say is NO!  But you might have planted a seed for the future.

I have been using kwickset smart locks. can be rekeyed in a flash.  when tenant move out. I rekey to my "work key and put a lock box on it" then before I rent it after contractors are done.  I rekey to a new set. I have a couple dozen sets. No house is ever the same that way.  I keep a copy in their file in my office.  should I need to get in.  I plan on going to a master key  in the future.

The llc doesn't show in your debt to income ratio, Great move. I just got our of a litigation. LLC protected the assets. I now am starting another to do the leasing. I haven't changed one over though. I just started buying under LLC after the first mistake.