fastlaneisamust
New Contributor
Hello Fastlaners,
Trust you're doing well. Just joined the group and would like to say hello.
I am from Maryland.
I am real estate investor in Maryland. And a Real Estate Broker In Maryland and DC.
I am grateful for where I am now, but unfortunately with C0VlD-19 holding the world at a stand still I feel strongly I will be better off in the long run.
I set a lofty goal last year to acquire 10 rentals my goals was to have these properties cash flow so a I can have passive income.
Looking back this was an impossible mission considering that I had no money to do this. And no strategy, "they say you never know your limit until you try to go past them".
All I had was a goal,lol. No systems, none. I had an advantage because I could write my own offers and analyze deals.
At the end I purchased 6 with a Hard Money with the plan of refinancing to low interest financing after 6 months. I already have an equivalent number that I own before that.
I did a great job purchasing below market but in the process I used up my credit lines which increased my utilization and resulted in a lower score.
I just started paying the cards down but I have a long way to go. This month I paid 10k out of 65. I also used a few au's but still not enough to reduce the utilization.
It did not occur to me that I needed to consider other factors such as leverage, the need for cash reserves and impact of using credit cards as a funding source (especially now that all evictions have been called off) and I have to cough out the money for mortgages. I have requested forbearance from my lender on 2 mortgages and my other 4 hard money loans I still have to pay. While some tenants are now living free due to the moratorium on Evictions.
However, the good thing is that I learnt a great deal in the process once I get my refinances done I should be fine. Just need to get my utilization down.It such so much equity but can't do a refinance. If you're reading make sure that you keep your credit score high at all times. At the same time if you have high credit scores and you are not using it for investing but bragging rights, then you may be worse off than I am. Don't be that guy or gal!
I share all this because some one out there might benefit from this information. Learn from my mistakes and don't repeat them.
I am also looking to establish another business as I often help my real clients to fix their credit when I represent them as a their realtor. So I am thinking of helping people and as MJ stated in Millionaire FastLane there has to be a need before you establish a business.
The thought did cross to my mind to go back to the corporate world to go and kiss butt, just to survive but I know it will only steal my momentum and distract me from achieving my goal of financial freedom. Tick tock, tick tok....
My long term plan is to own over 150 units in the next 2 years to get a million in revenue and continue to grow and employ manager(s) to manage them.
But right now am in survival mode trying to put out fires. As the sayings go, "This too shall pass"and Tough times don't last, tough people do"
So there you have it. A little expose into the life of a new FastLaner. I must get on the Millionaire fast lane. Please feel free to live a comment.
Trust you're doing well. Just joined the group and would like to say hello.
I am from Maryland.
I am real estate investor in Maryland. And a Real Estate Broker In Maryland and DC.
I am grateful for where I am now, but unfortunately with C0VlD-19 holding the world at a stand still I feel strongly I will be better off in the long run.
I set a lofty goal last year to acquire 10 rentals my goals was to have these properties cash flow so a I can have passive income.
Looking back this was an impossible mission considering that I had no money to do this. And no strategy, "they say you never know your limit until you try to go past them".
All I had was a goal,lol. No systems, none. I had an advantage because I could write my own offers and analyze deals.
At the end I purchased 6 with a Hard Money with the plan of refinancing to low interest financing after 6 months. I already have an equivalent number that I own before that.
I did a great job purchasing below market but in the process I used up my credit lines which increased my utilization and resulted in a lower score.
I just started paying the cards down but I have a long way to go. This month I paid 10k out of 65. I also used a few au's but still not enough to reduce the utilization.
It did not occur to me that I needed to consider other factors such as leverage, the need for cash reserves and impact of using credit cards as a funding source (especially now that all evictions have been called off) and I have to cough out the money for mortgages. I have requested forbearance from my lender on 2 mortgages and my other 4 hard money loans I still have to pay. While some tenants are now living free due to the moratorium on Evictions.
However, the good thing is that I learnt a great deal in the process once I get my refinances done I should be fine. Just need to get my utilization down.It such so much equity but can't do a refinance. If you're reading make sure that you keep your credit score high at all times. At the same time if you have high credit scores and you are not using it for investing but bragging rights, then you may be worse off than I am. Don't be that guy or gal!
I share all this because some one out there might benefit from this information. Learn from my mistakes and don't repeat them.
I am also looking to establish another business as I often help my real clients to fix their credit when I represent them as a their realtor. So I am thinking of helping people and as MJ stated in Millionaire FastLane there has to be a need before you establish a business.
The thought did cross to my mind to go back to the corporate world to go and kiss butt, just to survive but I know it will only steal my momentum and distract me from achieving my goal of financial freedom. Tick tock, tick tok....
My long term plan is to own over 150 units in the next 2 years to get a million in revenue and continue to grow and employ manager(s) to manage them.
But right now am in survival mode trying to put out fires. As the sayings go, "This too shall pass"and Tough times don't last, tough people do"
So there you have it. A little expose into the life of a new FastLaner. I must get on the Millionaire fast lane. Please feel free to live a comment.
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