All Forum Posts by: Jeffrey Holst

Quick Update for you all on my 4 goals

1) crushing it posting way more than 10/month for January

2) also doing well.  Up to podcast 26.

Real estate goals are still in formation but I have moved a little closer to identifying a property for my Roth.  My cryptocurrency holdings dumped today so I am a little further from having the cash to buy the individual property.  

The plan right now is to finish off the couple deals we are working on inside of our existing partnership and then start working on syndicating the next deal or the deal after.  We have a group of investors that we have partnered with on and off that we are fairly sure would jump in on a deal with us if the right one came along so we aren't pushing the syndication too hard just yet.  So guess like you we are doing a little of each except that I have a single partner on almost all my deals and own nothing currently with out at least one partner.  Which is why I made my goal to buy something on my own.  

@Dean Fryer  Great welcome,  Please keep us updated as you move through the podcasts.  And congrats on the first of hopefully many posts.  

@Diane G. I think @Russell Brazil makes a great point waiting is often an excuse.  I 100% agree that you should not chase deals that arent there but there are deals in every market.  My strategy is to only buy cash flow positive properties that if/when the market moves they still pay for themselves.  I also try really hard to make sure that I have a safety margin in the cash flow.  By way of example.  I recently bought a duplex fixed it up pull back the equity and have a payment of about 500 bucks on it. rents are around 700 a side, taxes and insurance hit me for 2K a year with all expenses and management costs it cash flows about 400-500 bucks a month.  I dont see rents going down 30% in the next ever so I fell like this deal will always be ok if equity drops and I am upside down Ill keep it rented and pay the payment and wait it out. eventually it will be paid for and still rented out. On the other hand if it goes up in value I might sell and roll the money to a new deal either way I win. Cash on cash return is around 30% in the meantime.  

Not saying dont wait just saying be careful not to wait just to wait. 

@Ola Dantis for sure we need to circle back and see but maybe we should update monthly just to be safe

@Brian Levredge does property management in Chattanooga so he might be able to help you with that.  

@Nicholas Richard Ray  I am so happy to have you on board.  Its been really great seeing all the people taking my goals seriously and setting and sharing their own.  I just finished show 24 and I really do plan to finish them all.  Better take care or Ill be passing you,  2 months and you are up to 61 thats actually exactly the pace I need to set to hit my goal.  Paying credit cards off and increasing savings are huge.  You can do it.  Welcome aboard!

@Larry O'Connor  100% agreed "This is the place where millionaires will be made..."  I'm going to tweet something along those lines in about 10 seconds FYI if anyone wants to follow me its @jeffreyholst  (I am not good at hiding myself)

@Larry O'Connor Thank you so much for the encouragement.  please hold me accountable as well.  I see you joined the 10 post a month challenge and set a pace on pod casts to finish them up this year I like it!  Your real estate goals are well thought out and should work.  I do caution though not to get discouraged,  the first time I heard the 100-10-3-1 rule was a couple decades ago when I was in high school watching a no money down guy on a late night infomercial and I like the concept but keep in mind that it doesnt have to play our exactly like that.  My rule is look at bunch of stuff online get out a drive some of those that look promising, call agent on a couple of the ones you drive and offer on whatever makes sense then only buy the ones that you get for your price.  Sometimes I look at 1 online drive 1 offer on 1 and buy 1, other times I look at hundreds and drive 0.  The main thing is no what you are looking for, keep looking and be ready when you find it.  

@Aaron Hall Thank your great goal, I think its helpful if you define it as close as you can even if its not on BP,  You should know what "solid positive cash flow" means to you.  For me it might $300 for you it might be $1000 the point is great goal but make sure you know what you are aiming at with as much detail as possible.

@Omar Khan Thanks,  So we are moving from single families to multis but we are 100% focused on a specific class.  My plan is to buy return so if I see a duplex in a market where I have 3 or 4 already and I know the rents and work involved then if the return is good I jump at it but if I am buying something in an area outside of very small limited neighborhoods I am looking to get some larger deals, which for us means 20+ units our largest now is 19 we have a 32 under contract and I certainly hope that we can close that one so that moving forward we have a new measuring stick for large deals.  What i like about the 32 is that its 3 miles from my 19 which starts to get us some economies of scale.  

The big building dream is just that at the moment its not something I plan to do in 2018... @Brian Levredge probably will be me to it since he doesn't have a goal holding him back like I do.  

@Benjamin Kelly  Thanks,  your multifamily goal is great,  2 month seems doable to me as long as you focus, and the 250 post goal makes me look lazy which is awesome I love it.  Hopefully I am inspired by that to do more.  I am also thinking about writing an article on my blog I have a few ideas floating around I want to share.  Engagement is great I try to meet new real estate people as often as I can locally you just never know when something will lead to something else.