All Forum Posts by: Jennifer McPherson

@Cameron Lam Love your story and this post! You seem to covered all the angles instead of highlighting just one or two areas which leaves many questions for those trying to get into the market! My husband and I have two STR investments we purchased in August 2021, one in AZ and one in TX. Currently getting qualified for another one in TX. Prior to these investments we owned and rented out two single family long-term in CO.

We are a lot slower with investing - right now more like a hobby because I run an agency company and that takes literally all my time. But I will say my passion is the STR market!

Question for you - You mentioned most of your investments are conventional loans and investment loans through local credit unions. Do you ever refinance and pull cash out for reinvestment?  Do you get down payments for the next unit from an investor (sounds like you do some of that) and if so what is the payback structure typically to the investor?  

I would like to ramp up and my goal in 2022 is to get at least 4 new properties.  In order to do this I will definitely need to go the investor route. Trying to get a more clear understanding of what that looks like. 

Thank you!!  

Jennifer

@Bud Gaffney our goal is to sell one of our rentals and take the equity and but two 4-plex multi family! Taking the cash flow from $500 a month to $3500-4000k a month.

Oh this is awesome information!   Thank you so much. Someone just came to look to rent it for 8 months while they have a house built.  If everything checks out ok I think we will rent it and spend 8 months figuring out the plan.  Thank you!! 

We just househacked our third house. I have someone who wants to BUY the house we just left. We were contemplating selling it next year and using the $200k we have in equity in it to purchase a could of rentals instead of just one then we have 2 more. Or possibly a multi family. I do not know or understand much how the 1031 exchange works and am wondering if I can use it to purchase multiple rentals? Also how quickly do I have to do it? Is it in conjunction with selling the house? But since we just moved out of the house can’t we use the capital gains clause where we don’t pay capital gains taxes on our primary residence? Appreciate any advice I can get!

Super excited... in 11 days we close on our 3rd property in CO using house hacking! This one will be the last for house hacking as I see this being a very long term house for us but will be renting now the second house we’ve house hacked in addition to the first one still being rented! With nearly $600 cashflow on this one alone! Not to mention the market were in currently has been crazy here. Probably will slow a bit for a while but the equity returns on the first property is insane! Yes... I am slow going but I am going!!

I have a friend with a sandstone mine in Lyons CO who is looking to sell. It’s 30 acres total with the mine being 10. This is a pretty specialized industry. I am curious if there is a specific type of realtor for this? The mine is not currently operational.

I have not really thought about that. Is there a big difference in securing a loan on commercial?  I only have experience on the residential end. Not that I am afraid to go outside of residential. I guess it would just depend on the funding, what the opportunity is etc. 

Super excited to announce we will be closing in September on our 3rd property! We will be moving out of our current house into the new house and renting the house we are in now.  Both our current houses (in the Northern Colorado directly in the middle between Denver and Fort Collins right off I-25) have a ridiculous amount of equity now.  We are considering ( May 2021) selling (possibly both) and taking our equity and purchasing a multi-family. Probably have around $300K to put down if we sell both properties. 

Why go to multi-family?  We want to invest in something that has more cash flow.  Issues?  I tend to be the person who has high level vision with extreme ADD, so sometimes drilling down into the details can be a challenge, but, not something I cannot overcome as I have my own company and am crushing that for the first two years in business - so I can focus.

I guess I have about 8 or 9 months to drill down and figure out location of where to invest (either CO or AZ is where I am thinking, possibly TX), what size multi-family and trying to educate myself on what that will look like for us....  

I do have a question - How long has it taken any of you who have purchased a multi-family - from identifying through closing, and fixing any repairs etc, to 80-90% rented?

Thank you!

Jennifer
  

Question.... my daughter has a N/A credit score because she has literally paid cash for everything! Including her college, rent, car etc... does anyone have a preferred lender who deals in un-scoreable credit?

WOW!  Beautiful rehab!!  That looks fantastic!  I loved reading all the details of how you made the deal etc.. Very useful and encouraging.