Category: Uncategorized
-
Monday, August 22, 2022
I’ve been slacking on doing much of anything. The motivation decreases while I wait for things to happen with the loan process. Today I answered some questions for Jim such as my wife’s title and work start date, date we moved to our current residence, how much credit would we like (as much as we…
-
Wednesday, August 17
I started reading “Confessions of a Real Estate Entrepreneur: What It Takes To Win In High-Stakes Commercial Real Estate” by James A. Randel. I’m pretty sure our end-goal is to buy large commercial real estate. Thus far the book is going over basics such as financing, deeds, contracts, etc.
-
Tuesday, August 16
I finished BRRRR and it was a great listen. I think it’s a doable strategy once we get financing in order. All the paperwork has been submitted to the loan officer. Our credit scores dipped a bit due to inquiries. He was worried about that because it will affect the interest rate on the loan.…
-
Monday, August 15, 2022
A little backstory…I bought a nice box of Liga Privada No. 9 and inadvertently sent them to the guinea pigs tenant’s address. We used to live there which is why that address was a choice on the website. I was going to serve the notice-to-vacate yesterday but then thought better of it. I didn’t want…
-
Sunday, August 14, 2022
I finished gathering all the documents, statements, etc requested by Jim and added them to the Dropbox. My wife is going to submit her documents either tomorrow or Tuesday depending on when she goes to the office. My wife and I decided that we are going to serve our guinea pig tenants with a 60-day…
-
August 13, 2022
I didn’t do much today other than start gathering documents for Jim, my main loan officer.
-
August 12, 2022
Today we had the “asbuilt” done on our duplex. There aren’t any original building plans for the property because it was built in 1952 which is two years before there were any plans recorded with the city. The fee for the plans and everything that comes with it is $6,000. We’re still waiting on the…
-
August 11, 2022
I didn’t do much of anything in terms of real estate investing today. I contacted Jim talk about HELOC options. We are starting to gather documents for the application. We are going to apply with my wife on the loan this time. Her income will help out our DTI ratio. We have an appointment at…
-
August 10, 2022
I need to breathe. I think I’m rushing and my mind is going in a million different directions. I spoke with my friend, Ryan the attorney, again on his thoughts on using a construction loan versus a HELOC. I did not quite grasp everything he was saying when he first spoke of it because I…
-
August 8, 2022
Anton the loan officer called me today. He said it was a good thing I informed him of my plans to add units to our existing properties. It would be tough to get a construction loan with a HELOC on title. He mentioned that lenders finance based on loan-to-cost with a max of 70%. That…
Winning the Rat Race 