All Forum Posts by: Jeremy Paschedag

I never trust a seller's calculations.  Ask the broker for a breakdown of the expenses and rents.  Then you should be able to run your numbers to determine if the deal is good for you and at what price.  If you're looking at multifamily properties there may be expenses you don't typically see with single family properties, such as water, trash, sewer, electric, gas.

I agree, it sounds like a win-win.

Of anyone is in St. Louis, MO and interested let me know.  I love learning. 

If there's enough interest, maybe this can be its own forum topic.

Thank you @George Blower

I had the same questions about a year ago. I ended up doing checkbook control with SunWest Trust. My LLC and bank account are at a local bank.

The other decision you have to make is finding a lender that will do non-recourse loans. A Google search will help. There aren't that many. You'll want to get their guidelines for loans. For example, if the property is over 60 years old, you have to put 50% down. The property has to be rent ready. You can't buy a property that the current owner just rehabbed. It has to be a certain cost per unit. All this to say, BRRRR will be challenging, if at all possible.

Feel free to reach out for more info. 

I went with Cozy.  I love it.  Iget a message when my tenant has sent the rent so I don't have to keep checking the bank account.  And there's no cost to me, nor my tenant.

1. MLS, drive for dollars, wholesalers, etc.

2. I'm not familiar with your area,  however 20% down, plus rehab money (not sure how much you're looking to do) 

3. See # 1

The ROI looks really good. Around here you can pick up a duplex for double what you're paying for the same rents. I wouldn't risk losing that income.

Do not pay for more than materials up front.  Only pay for labor upon completion of job. 

Get everything for the bid in writing.  Hold them to that for both time and materials.   

Lee, don't bring your strong accusations here.  Everytime you respond you sound foolish.

I also think instead of borrowing $200k now, borrow enough for your down payment and repairs on your 1st.  Rehab and refi.  Pay back borrowed cash, and repeat as many times as possible.