All Forum Posts by: Chris Davidson

@Sarah West to add to what @Tim Lounibos said about rehab and pulling money out. Some times it is just easier if you have access to cash to buy a property outright. Once you get it going the way you want then pull money out by refinancing it to move those funds on to the next project. Essentially it can be much easier to buy with cash then finance when not as time constrained.

Hope that helps

@Michael Hill what @Bruce Lynn said is spot on. You will learn more than you will make.

Real estate is about delayed gratification.

You starting now will mean you will see rewards sooner.

Keep it up and read listen and ask questions. The more value you provide to people the more they will help you out, and you will learn along the way.

Hope that helps!

@Tim Lounibos A lot of it for me depends on the deal. I perfer the all cash method, then refinance. However depending on your market a financed option my be just as competitive and allow you a slightly lower rate and avoid the unknown. Id talk to a realtor in the area and see what kind of offers are working for the type property you are looking at.

Hope that helps.

@Triumf Ian I am not positive about Canada, but if you own the whole building you should be able to manage yourself but would have to see what contracts are in place. 

As far as lending, I would go with whatever is the best option. Like you said 8 residential at the same time might be hard to do. So I would just try and find a few lenders in your area willing to work with you and get it done and pick the best.

@Tim Lounibos how long are you planning on holding? If you are holding long-term and it cashflows you might not be able to pull as much as you planned on out during the refi, but if it is a good investment it is a good investment. I personally don't see a drop coming like what happened during the 08 mess. With the rate the government is printing money, it has to go somewhere and the FED has pretty much said they will keep rates low until the economy is back on its feet. Also once they do start raising them it won't be overnight it will be bumped up slowly each quarter. I would just focus on getting into what fits your plan and just work it. 

@Colby GeDeros I'm an agent here in Boise and our team Boise Turnkey works with a lot of OOS investors, and I love the house hacking strategy would love to chat shooting you a PM.

@Jim Halpert then I think you answered it, sell it and roll that to the next investment.

@Harvey Holt another thing check out their YouTube videos. Most of the management ones like cozy, teantcloud, and Rent Redi have videos. That will give you a good feel of how they operate and work.

@Jim Halpert

What was your long term goal going in? If it was to flip I would sell it, if you were looking at building cashflow, then might be worth holding on. Each person has a different position in life and investing. Some need money yesterday, and some are willing to wait a decade. 

In my opinion if you cant find something to bring in 2k with the gains from that property with equal work it wouldn't be worth selling. 

Hope that helps

I currently use tenant cloud. The accounting for some may be useful, but just like anything else it all depends on how well you maintain inputting your expense records. However they have some great features for tracking warranties, appliances, and other items needed to track. Also tenants can do maintenance request through the app. Easiest way to find out for your self use some spam emails and set up test accounts most of the different software have free versions.

Hope that helps!