All Forum Posts by: Greg Kasmer

@Robert McGuire - Do you have any available cash for the down payment? I would think about how you can get 20-25% for the down payment.... If you can drive up the rents and increase the overall NOI in a year, you can then refinance with a new loan and pull out your cash. Sounds like using existing cash coupled with pulling out some equity from your existing properties would do the trick. Could you get a HELOC on your existing (paid off) properties and utilize those funds?

Kabene - If your HELOC rate is 3.99% for only one year, not sure it makes sense to pay off your principle on the loan. Once the year is done, what would be your plan to pay off the HELOC? Personally, I would take the promotional rate on the HELOC and use it to find another property that you could BRRRR and then eventually pay off the HELOC with the refinance from the BRRR. Good Luck!

 Thanks for providing additional details! Looks like a great deal! Pulling out $400k on  refinance is excellent. Great job!

@Matthew Shea- What are the post renovation numbers on this deal? Curious to see what the new value, how it's cash flowing, etc...? Did you refinance already? How did that process go?

@Jason Braddock - There are many several directed companies that you can utilize for investment purposes including Equity Trust, Alto, Cama Plan, etc... When I first did the process there were a few steps that were unknown to me, so I put together a quick one pager. Send me a message and I will send to you directly! Please know that were you put these funds is important. Unfortunately you can not fund your own deals, but you can invest in other people's deals. Good Luck!

@Nana Sefa - I'm sure you'll get a variety of answers, but I clean once every 3 years... Of course, you'll have to adjust a bit for those that use/abuse it more than others, but I aim for every three years. 

@Isaac Isaia - How is the letter campaign going? Just curious to see if you have any impact from your efforts. Good Luck!

@Nicholas Minich - Sounds like you have a solid idea of how you want to get started. Congrats! I invest outside of Philadelphia and have done some residential and small multifamily. Let me know if you want to connect!

@Daniel Alvino - From my experience it's very difficult to start a lease December, January, and February, so you really have October and November to start a lease with reasonable demand. However, I'd really target October instead of November if I were you.... I've found that "better tenants" look/plan ahead better than tenants that look last minute. Ideally, to start a lease 10/1, I'd look to start showing the house in early/mid August. I've been vacationing in Ocean City, NJ for years so know it fairly well. Is their a Saturday in August in which the vacation tenants are "turning over"? If their is any longer term tenant interested at that time perhaps you can show them the house while it's being cleaned on a Saturday? If I were you I'd start marketing the long term lease in late July time period and try to get any potential tenants in there in early August to take a look. Alternatively you can also do a video tour and have great pictures taken. Some tenants may be interested enough based on that information to apply and if they meet your criteria they could do just a quick "walk through" in early September. Lately, I've also been a big fan of virtually staging photos to show the house/apartment with furniture just in case there is not furniture currently in the house/apartment.  Hopefully this gives you some ideas to consider! Good Luck!

@Corey Mika - Sounds like you may have a big project on your hands! Not sure of your exact answer, but what I would do is run a few scenarios and conduct some heavy due diligence on rental comps in the area. For example, what rents are 1 bedrooms in the areas getting in rent compared to 2 bedrooms? If you keep as all 1 bedrooms will they be similar size as other 1 bedrooms? How about the size of your 2 bedrooms compared to others? 200k seems a bit light to conduct full renovations on 20 units, but MAYBE closer to a full renovation with 10 units. Honestly, I would probably anticipate/budget $25k reno on each unit plus any infrastructure costs (moving/tearing down walls, etc..) that might be needed to combine units. I would also run a scenario on the assisted living/rehab idea that Bill mentioned. The other person that might be able to help make a decision is a architect - maybe they could help provide an order of magnitude estimate for each of your options. Good Luck!