sdkone

I just took a 3 month course here in Atlanta. It was one of the longer and more expensive courses but you get what you pay for. Very in-depth class. I definitely learned a lot of new material. I would highly recommend the class even if you are only going to put your license on inactive status or simply not apply for a license at all. Honestly they should teach most of this material in High School. It would definitely give students coming out of high school a better grasp on why credit scores are important and the general knowledge that you should know when obtaining a property, IMO.

I think you are right and I’m going to give it a shot. Worst case scenario I can always put my license on inactive status. Wish me luck; my state exam is on the 2nd

Ok, so who here is a seasoned investor and holds an active or inactive real estate license? I originally wanted a license simply to take advantage of selling, buying and viewing my own properties but about half way through the course I realized that being a real estate agent and a landlord come with a lot of legalities. Any input would be great? Steve,

Hey Guys, Question. I have a section 8 tenant that has been renting with me for about 1.5 years. She is currently paying $1100.00 per month. I want to raise the rent on this client but her voucher is only for $1100.00 per month. What should I do? Will the Section 8 program reconsider her voucher amount or do I make the tenant pay the increase separately every month? What is the best way and what is the legal way? Thanks, Steve

Anything that is run through the LLC will help you establish credit (CC, gas card, checking, etc) and of course time. However, most lenders/sellers will not let you put a loan in the name of your LLC unless you have 2 plus years of established credit if not more. If I were you I would simply conduct your purchase through your personal SS# until such time as your LLC has sufficient credit established. In the mean time make sure you do a quick deed title transfer in order to take away the liability from your personal SS#. Good luck, Steve

So where can I get a CC with a 3% interest rate

You are right, stop shredding the credit card offers. It’s going to take time to build up your LLC credit but you can start by opening a checking account in your LLC name, opening two credit cards and even a gas card. Don’t be afraid to use these cards. Remember, you are starting fresh so you need to show the cards being actively used and paid off (always pay more than the minimum). Secondly, not only is opening a couple CC’s under your LLC good for the LLC credit, its also good for you personally because these CC’s do NOT appear on your personal credit. Which means you can transfer any debt on your personal side to your LLC which will in return make your personal credit report look better Good luck…

Maybe I am asking the wrong questions. Is combining three loans out of the question? Perhaps I just need to refinance all three 2nds? But who in their right mind is going to give me three separate loans between 6-8% and not to mention paying closing times 3. Hmmmm.....

Hey Michael, I haven’t had any luck. Most typical lenders have turned me down because they are only willing to loan 80% LTV. Most of my properties were original setup as 100% investor loans and I have very little equity in the three properties in question; which is another reason why I haven’t been able to make the loan. I'm always hearing about ALL the GREAT things a lender can do for you and then once they run your credit (after the damage has been done) they disappear. I just need someone to step up and take the job, lol I have a copy of my credit (about 5 weeks old) if there are any lenders in here that are up for a challenge. Steve,

Hey Michael, I understand your point. I think I will mention it to my accountant today. I wonder what the penalty is for early withdraw? Thanks,

Hey guys, Ok, so I’m thinking about cashing my IRA in and dumping it back into my investment properties. I can easily make more money on my return in real estate than the money sitting in an IRA earning minimal returns. What are everyone’s thoughts on this? Thanks, Steve

I'm always interested in properties in Atlanta. Add me to your mailing list and send info to: steve@sdkone.com

hey terry, What is the rate on your 100% investor loans? 80/20

To Concern: I need some advice. I own 7 rental properties. I have three loans in particular that are split 80/20 and the 2nd portion of the loans have a VERY high interest rate. I want to pay off all three of the 2nd loans and combine them into one loan. I only need to finance about 85k to successfully pay off all three. Can anyone recommend a finance company that will loan me this amount in order to pay off these high interest 2nds. At a reasonable interest rate, of course. Perhaps a very attractive home equity line or blanket mortgage? My credit score is 700+ Thanks in advance guys, Steve