All Forum Posts by: Frank Geiger

I believe in two modes: growth and cruise control.

The more rentals I have that cash flow the quicker it can pay off loans. While interest rates are low, I will continue to grow. Debt is a friend to growth. Eventually, the cash flow from enough properties will pay down a loan for a property at a time. Cruise Control is when you don't want to stress about the mortgages anymore and have paid off properties with steady income. 

Refer them to the paragraph in the lease that states what happens if a tenant decides to break early. 

The tenant should be responsible for the rent until you can find another qualified tenant to rent the property. That months rent should be prorated by both parties. This should not be something you have to negotiate. It either states it in writing or doesn't.

You can sell/REFI the home, pay off the debt, breath easy and sleep at night.

Vehicle (usually around 2-4%) and IRS debt (around 6%) are typically low interest debt. Regardless of what you choose to do, get a HELOC/PLOC for the CC debt. You do not want to keep letting this pile up on you.

Congrats on having a successful business at 19!

I know you don't want SFH or maybe even small MFH. But many investors overlook small details during their first few deals that can be costly mistakes. Better to start small then buy a big apartment building and lose it all.

Unless you can partner with someone who has experience with commercial properties on a bigger deal. 

Finding an agent that shares the same vision as you and understands how to think like an investor. Frustration settles in when you have gone through so many and are tired of them wasting your time with "deals". Not all agents are cut out to represent investors. But if the agent is amazing, they will receive never ending business. 

Do a BRRRR. Cash is king. If your like most of us, it will take a few years to save 180k again. Start with one, find a mentor (give them a share of the deal), then learn how to properly implement a BRRRR. Recycle that cash then when you feel comfortable you can do multiple at once.

I bought my first house conventional and it took me forever to get that cash back. Would not do it again.

Wow I miss Hawaii! Great job on finding value! I know first hand how hard it is to compete for deals on Oahu. 

Is the property in pretty bad shape? You can find a million ways to finance it but I think what your realtor is hinting at is the FHA 203 (b) or 203 (k) loan. Do your research on these loans. It is a lengthy process.

Sorry but this is a big depends. Call the Structural Engineer. Tell him to grab his friend the Civil Engineer. 

What kind of soil is it? 2007 is new construction and the ground should have not shifted  much during that time. Hard to guess but the soil could not have a good Plasticity Index (PI)/ Soil Classification for building. Did they use a base material before pouring the pad? Was it compacted?

People tend to run away from these types of properties. The problem will only get worse if you do not fix it. I was quoted 10k for one of my houses and I believe that was on the cheaper side.

Hope this helps!

Unfortunately, it was probably disclosed in one of those 30 documents you signed with the company. It is common though.