All Forum Posts by: Charles Carillo

In this episode, Rodney Miller talks about "Becoming More Strategic and Less Transactional"

Here is some of what you will learn:

- Niches between medical clinics and real estate investing.

- How to manage multifamily and single-family properties.

- How to handle COVID-19 situation 

Listen to
https://podcasts.apple.com/us/podcast/gi50-becoming-more-strategic-less-transactional-rodney/id1478632257?i=1000476772396

Youtube:

@Mike Jordan

Being a full-time real estate investor is a great goal but it is really broad. There are so many ways to invest or be involved in real estate investing. Flipping properties, wholesaling, long-term rentals, commercial, multifamily, single family, self-storage, commercial, retail etc. I would narrow down your 1, 5, 10 year goals and how you can achieve them by working backwards (i.e; $100k/year in 5 years - how can I reach that?). Develop a plan and follow it. In regards to mentors, there are thousands of "guru" mentors for real estate out there and here on this forum. Make sure you know your goals before hiring or spending any money. No guru can replace the learning you will receive from simply taking action.

@Brad Warshaw

It can or cannot be easily removed in court? I would speak to 2 more attorneys.

@Anthony Patton

I would focus on paying off your debt before you start investing.

@Sean Wilde

I have a few links and resources I can send over to assist you with this. Send me a DM.

@Jeramy Freeman

The best way to find lenders is to contact all of the small and regional banks and credit unions within an hour drive or so of the property. Many of them will have the same terms but some of them will have unique terms and different spreads. It will take sometime but you are going to save on the broker's fee. If you don't mind paying the broker's fee, you can contact local commercial mortgage brokers but that is not a guarantee that they will find the best option.

@Robert Campbell

The DTI is the percentage of your gross monthly income that goes towards paying your monthly debt payments. It is calculated by summing up your monthly debt payments and dividing by your total monthly income before taxes and deductions and then multiple by 100. It is not your total debt.

@Cameron Dirck

I don't think you should be putting offers in on properties unless you are certain you can obtain financing. Of course you are not going to be speaking to your lender on every offer but there should be a high probability of obtaining financing when putting in offers. The offer should also be dependent on the buyer receiving financing with certain terms which should be reasonable (not a 2% interest rate with 40 years of amortization etc.). It is important that you are well aware of the lending environment when putting out offers and your ability as a borrower to be qualified. In regards to multiple deals, you can put time limits on the offers to limit your exposure. So if you are putting out a letter of intent 3 times a week; possible put a 2-3 business days expiration or something similar.

@Brenner Murray

I would determine the branding on the area you want to target now and into the future; even if you are not actively marketing in those areas now. So if you are focusing on certain cities in a province but in the future you want to focus on the whole province, create a brand for the whole province so you do not need to rebrand in the future.

@David Shiling

Did your RE attorney create or review the lease? I would definitely do this before having it signed. You can keep using the same lease over and over for the small amount you invest.