All Forum Posts by: CJ M.

@Cody Furman

Depends on what your CF and reserve numbers look like on the property. Carpet is usually pretty cheap, and you may get higher rent by replacing it.

@Samuel Chua

Depends on the type of rehab done and how well the owner markets the place. If it looks like the rental is still "dated" it probably won't rent for as much. Also, sometimes it's a matter of just asking a higher price and seeing what happens. "Sell" the place in your add, and during your showings! Heck, I have $50K rentals that rent for $895-$1,000/mo.

Welcome! For my first deal I purchased a $26K property in a decent area. Put another $30K into it in repairs, and it appraised for $100K. It now rents for $1,080/month.

That said, my cashflow is less than $1K because I immediately refi'd that badboy and now have a mortgage. But...not only did I recoup 100% of my expenses, I actually made an additional $8K!

My point being, don't be afraid of leverage. For me, I wanted to grow quickly and didn't want all my cash tied up in 1 property. That was a year ago and am now on pace to have 20 by summer!

I know it can be scary starting out, just network hard and build a great support system!!

@Ryan Ellis

Well, called the North Ridgeville branch and have good news and bad news. The good news is that First Federal is not the same bank I've used in the past. The bad news is, they said they do not do commercial loans anymore and I'd have to put the property in my name instead of my LLC (which I don't want to do).

@Ryan Ellis

No problem, I'll at least give them a call. I need to reach out to a couple others in Canton as well. Hopefully, I'll find one soon. Thank you for your help!

@Ryan Ellis

Funny, First Federal Community Bank out of Bucyrus is one that I use. Will other branches be worth reaching out to, or do they all look at you as the same person? I also use a good broker (which I generally avoid because of the higher rate and fees).

Bueller...

Hello,

Hoping this is the right place to ask this question, but I'm looking for another lender who can do cash-out refi's quickly with great terms. I have 2 good lenders already in place, but they are slowing down. Any recommendations as I have a couple deals ready to go? I'm not looking for anything with low LTV, a balloon, or 2 or 3 year arms. My financial history is solid so I'm going to be picky here. Also, my credit 780-800 and I have a goodpaying W2 job.

Thanks very much in advance for any insight!

Sherman Williams Spacial White... every property I own has it throughout the entire property, It's contemporary, tenants love it, and not a single tenant has repainted my walls since they love it!

Welcome! The books that really fueled my passion for RE were:

1.) Rich Dad Poor Dad by Robert Kiyosaki. It gave me a rude awakening about the "rat race," and taught the importance of passive income, and also general philosophies about money.

2.) The Millionaire Real Estate Investor by Gary Keller. This book is like a step-by-step guide to everything real estate!

Outside of those books, network, network, network! There's no substitute for learning from people who have already succeeded.