All Forum Posts by: Jon Kelly

@Victor Andrade This is a good question and I'm curious what others have to say. 

I still use a big bank for my "operating account." All income and expenses flow through this. I own 23 properties (57 units + 13 storage units). I just categorize them accordingly when I do my monthly accounting. I still use Excel, but there is better software out there to help you. 

@Jake Handler You're correct. Typically when you buy multiple properties with financing you close with one portfolio loan. 

You are asking for at least 2 loan products - owner-occupied and other (conventional, private money, whatever). With 2 products you'd want to have two different closings. 

You should speak with your lender or mortgage broker to confirm. 

@Brian Ashby I completely agree with @Evan Polaski. My best appraisals after rehabbing occurs when I submit as much information to the appraiser as possible. Give the appraiser a clean / easy to follow package of purchase price + rehab cost by category + 4-5 market comps. 

It's still not perfect, but this will give you your best chance. 

@Alex Bekeza would love to connect. I'll send you a dm 

@Antonio Bodley the BRRRR method isn't a secret. People have been buying properties, fixing them up and renting for hundreds of years. Your agent will know what you're talking about.

Just have a normal conversation. Try to learn from the agent(s) 

@Antonio Bodley there are so many ways to respond to this post... 

Forget the BRRRR method for now. You need to understand the basics of real estate investing. I'd suggest reading: "The Ultimate Beginner's Guide to Real Estate Investing" from BiggerPockets.

Real estate costs $$$. Doesn't need to be your money, but it needs to come from somewhere. Look into various ways to fund deals (e.g. your own money, traditional financing, hard money, private money, partnering, seller financing, etc.). 

Network with investors or agents in your area and learn from them. 

@Mordy Chaimovitz you should be doing both. You should build a network/pipeline of potential investors while you are seeking a deal. 

You don't need anything in writing from investors before finding a deal. Tell your potential investors the type, size and location of deals you are targeting. You'd want them to provide a ballpark of funds they'd be willing to invest with you. 

@Maithy Tran cash out refinance or a HELOC would be a great option

What option do you have? Sit on the sidelines and wait for the right time (who knows when that will be) or do a little more legwork and try to finds deals? 

@Kristen Descant I don't think this has anything to do with morals. Your reputation will take a slight hit but it should recover assuming you don't make a habit out of backing out :) 

It's completely up to you if you want to back out. Just realize STR can be fantastic but also have their challenges.

Your current property has a 20% COC return. 1. Where is the electric company going to move to? 2. Are you sure you can't find a replacement tenant?