All Forum Posts by: JM Payne

OMG I don't know if you clicked on that link I posted but that's the local events page for Phoenix and I'm so jelly right now.  I wish I had that much going on to learn from.  Go learn, then go hustle!  You got this.

- JM

Diversify!  Check out the great BP library of books as well as the wealth of information out there from other authors as well, and don't just focus on RE! Look into business planning, management development, coaching basics, finance, etc etc...it takes more than just podcasts to run a successful business. 

Also, forget wholesaling for now! Stick that $10k in your back pocket and start analyzing every deal you can in order to learn how the numbers work, and use the Events page on here, your local REIA, meetup, and facebook groups to find other local investors to network with and learn from.

https://www.biggerpockets.com/...

I hope that helps!  Good luck, go kill it!  You're going to do great things.

- JM

<----  I find that the vote metric is a good one.  I generally consult the posts/votes ratio when deciding whether to trust someone's advice, but I also too always remember that I am consulting random strangers on the internet, no offense meant.

- JM

What @Christopher Giannino said is on point...close first!  That being said, I did my last rehab on a 0% intro Discover card AND racked up a few hundred in cashback.  The alternative was to draw on my 5% heloc or pay it out of my cash account.  I simply paid it off when we closed the flip, and now I'm shopping again.  Regarding limits, business cards are often higher than personal cards, but you generally need to have been in business for at least a year in order to apply. Good luck and have fun!

- JM

Greetings from across the ferry!  Generally, you reach out to your network...friends/family/co-workers/etc.  Lightstream is another online lender that may be of use to you...there are a ton in that space now. 

You can also feel free to reach out to me, perhaps we can partner. 

Finally, there is a woman running a class on finding money for deals in Richmond in early Oct...it is listed in the events section here.  I hope that helps.  Good luck!

- JM

Of course you should!  Take the guy to lunch and see what comes of it.  Good luck!

- JM

YMMV and your state laws may be different, so consult an attorney, but if you privately took the heloc out on your residence, then you, Chuck Dangar the person, are a private lender and should draft the proper paperwork, complete with repayment terms and interest, and then lend the money to Chuck Dangar's LLC, assuming the LLC is buying the property. I hope that helps and, again, consult a professional. Good luck!

- JM

CapEx and Vacancy aren't important at all until a hurricane takes your roof off and your tenant moves out.

I'm not familiar with VA loans...you had literally no money out of pocket at closing?

Also, go ahead and provide the full numbers as far as expenses go, it'll help us help you.  If I'm reading what you wrote correctly, you're saying that there is zero cash flow on $1850 gross under your current loan terms?

Also I hear you about military presence and am familiar with Hampton Roads, but there is for sure vacancy. Whether or not your property will sit vacant depends on a lot of things, but even a tenant changing duty stations will often result in a month of vacancy/turnover. What you said about VA tenant law is true...most is written/designed to protect the tenant, but it's ALSO written to protect the landlord.  I hope that helps.

- JM

www.mysmartmove.com gives you legal/credit/etc.  I have not personally used it, but it was what the panel of real estate investors at FinCon recommended.  I hope that helps.

- JM