All Forum Posts by: Aaron Curley

@Steve DellaPelle it is dependent on your plan.  Do you plan on rehabing some of the of the units?  is it conventional financing?  Do you have option to show units before settlement? If Rehabs are necessary, contacting and lining up contractors after securing your financing and making sure you are ready to close is next step.

@John G.   I could not have said it better than @Steve K.. don't get distracted by the interest rate. Cash is King if your IRR is less than 5% then you should look at the buy down. If your IRR is greater than 5% keep the cash and plow it into a second property, or improve the property and increase rent. Better uses out there then the buy down.

Congrats and good luck on the next one.

@Kade McCammon Take this time and learn as much as you can and network as much as you can.  Listen to the BP podcasts, read and start going to a Reia meeting near you.  Focus on a strategy until you master it then branch out from there.  

@Ricardo Cristobal  I could not have said it better than @Bram Spiero.  Don't work other peoples plans or lives.  Work your plan.  If you want to speed up your plan then you will probably need to open up to other strategies to purchase property faster.  check out the BP podcasts and the new book by @Anson Young.  It might give you some new ideas to find and fund deals faster.

@Skip Gilliam if you maintain a healthy contingency for each property,  work off of your contractors bid and avoid long drawn out rehabs, you should be fine.  Your profit should be determined after all costs of the project, including carrying costs.  Also if the market moves away from you, you do not have much room and could take a large loss.  

Good Luck! 

@LaDerrick Langham If you want to be able to get a loan to refinance and renovate, the after renovation value needs to be above the amount invested. your scenario that you have described is 55k for refi and reno and ARV is 45k. Talk to a realtor in the area and ask what some comps are based on the proposed renovations? Possibly an addition would give you the value you need to get financing.

Hope this helps. 

Hi Scott,

Welcome and good luck with your future ventures.  BP community is here to help if needed.

@Tarcizio Goncalves,  Talk to the bank,  they should be able to set up an account for each rental that sweeps into your account.  That way the tenant does not see your balance and your have record when they paid the rent for each door.  Cozy also works fine.  

I like the tenant to deposit into my account.  Creates the feeling of urgency to make it to the bank to pay rent, reduces lost in mail and other excuses from tenants.