All Forum Posts by: Jim Kittridge

Welcome to BP Gerard. You'll have a nice advantage with your finance experience. Get involved in the local community (Metrolina REIA is a great start) and continue learning from BP, books, and podcasts.

Give me a shout if I can be helpful.

I don't see any issues based on that map.

Two miles is pretty far, but I would look at the flood zone map layer on Meck's GIS.

From my experience, most banks want an experienced operator to have at least 25% in the LLC. They also want you to have the balance sheet and income to support the purchase if it went to 0% occupancy.

If you don't have these things, bring in a partner or two. 

I like to keep it around 50% across my portfolio. Low debt-load means the break-even occupancy is lower ie, less risk for me.

Most investors would like the property to have existing leases at market rates as they're buying an income producing property. 
The only pitfall that they might have is if the tenants weren't screened well or if they wanted to use it for other purposes like STR.

Congrats. That is a fantastic first deal @Lana Sheta.

Hey @Bill Engel, my wife is an agent that only works with investors in the area. She has a house with a detached apartment going live on Friday and already has 3 buyers walking it beforehand wanting to put in offers. 

Happy to connect you guys if you'd like.

Welcome to BP. It depends on what you're looking to do in RE. I would try to find someone actively doing what you want to do and provide as much value as possible to their operations while learning at the same time.

@Nicky Reader

I understand why they implemented the halt, but this seems half-baked. If there isn’t coverage for landlords, there will be a influx of foreclosures because ultimately they are the ones left holding the bag.