All Forum Posts by: Jay Grabbe

Michael Wentzel Working towards my goal now. Closing on 2 more properties this month to make 4 this year. Like anything after you actually do it, then it becomes easier. My conservative goal should be easily attainable. So I may look at it again and bump it up. As for audacious goals. I don't throw wild numbers out there, I thought $10,000 a month was a good stepping stone. Once I reach that I'll reach further. Once I reach 6 and 10 I will be interested on how the financing changes.

i know my Realestate agent around here would look into it for me and ask people at the courthouse.

Originally posted by @Jill H.:

Originally posted by @Jay Grabbe:

As a new investor I would never buy for more than it's worth, that would be speculation and eliminate an exit strategy for me.

 Jay, I don't understand if its turn-key. Am I missing something??  Property is ready to go with tenants and the investor don't have to do anything but collect rent. That has no value??  

That's my strategy, Im buying turkeys at 10% or greater under market value, with 20% down I have 30% equity walking out the door. I'm sure it will change later or if those deals dry up.

Every other book you read tells you to get 20% under to make your profits going into the deal. You make your profit on the buy, I understand it's cash flowing but if I had two side by side deals I'll take the cheaper property with the same cash flow or a little higher since I'm financing less.

As a new investor I would never buy for more than it's worth, that would be speculation and eliminate an exit strategy for me.

Awesome job! Love the security detail. I've always wanted to help improve neighborhoods and revitalize a community. Sounds like you are on a good path and will make some money at it too. Another side benefit is the stories u will be able to tell. Haha.

to answer your question, I don't think so, u have a lot on the table but I'm new at the game. I read and try to learn everything I can before I start something

Why wouldn't you mortgage condo 1 and use that 70% or $91,000 to buy three more properties to get a 15-20% return on your money.

I'd keep the wife happen and just keep paying on the house. That's a nice interest rate, I thought Helocs are at much higher interest rates, I think u have other options before doing that.

No one likes condos but my first property was a condo and I'm a getting a 19% return for my downpayment. 😊 

I was looking into them too, so happy to hear any experiences people have had.

Hey Mike,

I also threw together a rough 20 year plan in ten minutes (not accounting for variables such as inflation or appreciation, pulling capital back out etc...) id like to reduce to ten, I went to 30 properties but 40 would be a better conservative estimate of replacing my job.

I think i can do 4 this year versus the planned 2 so that's a good start. 12 is impressive to me MIke, I hope as I learn more of the techniques and get a better grasp of the industry that will look easy to me.

Thanks for the warm welcome everyone.

Larry, My first one was just off the MLS and is working out perfect but was expensive. Now I'm working with a turnkey company. Norada for a property in Memphis and was researching CashFlowSavvy/Epic Realestate.