All Forum Posts by: Harry Arnold

I found there was no short cuts to finding deals in the beginning. Look at every site online you can get a hold of - every day until your eyes hurt. Then, call on every possible deal until your ears hurt. Then, look at the ones that have a chance of being a good deal until your feet hurt. Then, put in an offer immediately and hope you get it. In the beginning I spent time doing things that made me feel like I was doing “something.” However, deep down I knew it was a waste of time. The real work hurts sometimes, but it pays off when you get your first, second and tenth deal. 

Somethings not right - those numbers indicate $1k per unit. I think a tent in a back alley gets more than that in Jersey. Haha. I know that doesn’t help with an appraisal though. Maybe an appraiser can look at comps with higher rents to justify a higher price. 

Hi Chris. What part of NJ are you in?

Hi. Sounds like you're in great shape! Here's my 2 cents. Set up a heloc on your current property - go as high as you can with LTV. Set up your next purchase as owner occupied. You'll have the heloc for cash later if needed, get a higher LTV on your new deal, with better rate too. Hope that helps. Harry

So happy for you! I have stuck with SFR's, and it almost feels like I'm high at certain points of the transaction! 44 units must be even a greater rush! Maybe we'll see each other at a 12 step meeting - "hi, I'm Harry and I'm a RE addict!" Reading your story made me smile - thanks.

Thank you Bill. Is this what you do?

Thanks Michael 

Hi. I’m looking for a CPA/tax pro referral, or someone in the BP community, that’s familiar with RE rentals/flips. I’m in NJ. 1 sale, 5 rental units, 2 purchases, spouse W2 income. Looking to balance; tax relief and income to start using Fannie products. Any help is appreciated. Thanks

Hi.

I like to update my balance sheet each month, and wanted to get some feedback regarding appreciation calculation. It's not an exact science, but it's fun to keep track of appreciation on the properties (SFR's) I have. I use 3% annual, or .25% monthly, to keep track of growth. This is based off of the last appraisals I have from the properties. Does anyone do it differently, or have a suggestion? The balance sheet is great to see things in black and white, and keeps me motivated.

Thanks for any feedback.

Harry

Hi. Most conventional lenders require a year seasoning, so you're good there. Depending on your equity now, you can probably go to 75-80% LTV with cash out. I don't know how much you need. Going conventional would give you great rates, but if you need more than 80% - you'll have to look to niche lenders or get creative. Hope this helps.