All Forum Posts by: Jessie Dillon

if the deal still pencils with multiple strategies & you're planning to hold it long term, 20k over (in a higher cost market especially) will probably be chump change down the line. in general, it's good to not miss out on a deal just because you want a homerun deal. taking base hits get us further than waiting around for home runs. just keep in mind that if you have to come to the table with an extra 20k down (which you probably will bc the bank will only lend on the appraised value or PP whichever is lower), and you have to sell for some reason soon, you're probably losing that 20k. a risk you may be down to take if you really know your numbers, have multiple backup plans, and are in it for the long haul!

welcome, gordon! please keep us posted on anything in particular you're needing help with as you get going!

check out the ballpoint marketing website! i've used a few of their products, and also done similar mailers by hand.

if the home is listed for sale with an agent, and the AGENT is refusing to provide the rent roll, even after you've followed up a few times, that's a no. if you're using a buyer's agent, maybe they can do the leg work of trying to get that info out of them. BUT, if the property is listed FSBO, it's a regular ol' average joe trying to do the work of an agent to save a buck.. and doing it badly apparently. it's not unusual to say 'we don't want to disturb every tenant without a signed offer,' but they should have interior photos of at least most of the units. & it's normal to not get to see the actual leases before you're under agreement.

welcome, shawn! anything in particular we can help with as you get started?

has anyone else come to the comments yet to scream from the rooftops: BUY A 4-FAMILY WITH A VA LOAN! then do it again, and again, and again, and retire your family in your 20s.

came here to point out what others have: the regulations. i'd encourage you to look beyond a 45min flight, because there really should be no reason you'd ever have to go there if you're running it like a true business & have a great team in place! i had a STR that i self-managed for about a year 2h+ away and there was never a single need for me to drive there aside from when i planned to go for fun. i'm open to chatting JV opportunities! feel free to dm

one easy way would be to buy properties that already have all or mostly subsidy tenants in place! section 8, etc. or, buy an empty multi & place all subsidy tenants (must have good reserves as it'll be a few months before payday).

hi jerry! props to you for getting started at all; perhaps these two deals were not the best ones out there, but you got in the game & learned from them! the answer i'm giving is based on the assumption that you do not want to / can not float the negative cashflow any longer. and note: even if appreciation / debt paydown / tax benefits strongly outweighed the negative cashflow, most investors wouldn't want to / couldn't float that. so that said, i say SELL. you have just over a million dollars in equity (minus transactional costs when you sell), and you could do a 1031 exchange into a ~4 million dollar CASHFLOWING property. i invest long distance into value-add multifamily on the west side of chicago. gearing up for my next deal right now. in that price range you could easily get a value-add multifamily with potential to cashflow 15k/mo+++ (up to 40k/mo) once it reaches its full potential. it sounds like you're in markets that are probably strong for appreciation and weak for cashflow (with the long term rental strategy). if cashflow is your goal, 1031 into value-add multifamily in a higher-cashflow area. don't let having to pay commissions during the sale stop you. you're already losing so much annually; you have to stop the bleeding at some point. also note that right now, with the way these two properties are losing money, that might negatively affect your borrowing power when you go to buy the family home. feel free to dm me if i can help in any way!

@Jennifer Grbich yes i've heard lots of great things about WREIN! i think WIIRE attracts a different demographic / has a different vibe that i resonate with more, but there's so much value in being a part of *multiple* groups and getting insights from that many more industry leaders!