All Forum Posts by: Jon Kelly

@Account Closed bring a lot of cash! 

But seriously, I would do as much homework before you go as possible. You should identify a market and have 3-5 real life example deals you could buy. Then your trip becomes more about honing in on the details to consider right before you buy a property. 

Use your trip to Phoenix as the very last piece of your puzzle to closing a deal, as opposed to it being an "eye opener" for you. You want to come back home and have the ability to close a deal. You don't want to come back and think you're starting from square one. 

@Pranav Dhingra $200k is enough to buy a $800k property. 

Of course it's enough to dive into the multi-family space. You likely won't be able to find a 30+ unit, but you can start with 6-12 units. 

@Brian Sweeney you have a reason to be frustrated with the execution. I would express your concerns and ask they communicate more frequently. 

I would also be interviewing other PMs in the area and understanding their responsibilities and what they charge. Not all PMs are alike. Don't be afraid to go with an expensive option. A good PM can make all the difference. 

Sadly, you may be put towards the bottom of their totem pole. I would expect they take care of their investors they've been working with for years and have 10+, 100+ units. It doesn't make it right but that's how it works if resources are stretched thin. 

@Tim Sipowicz It doesn't matter if it's before or after you're under contract. if you have a good deal you will be able to find interested investors. 

If you're under contract and you're unable to close then your reputation as an investor will take a hit. The agent/broker you're working with will be reluctant to work with you in the future. 

The whole point of the quote is encouraging people to take action. It's one less excuse you should have before going to find deals. 

@Shelby LeBlanc if it's almost finished can you just hold for a few more months until you accumulate more funds to finish it?

Speak to local lenders and see if they're willing to lender based on the current condition. 

You should be able to find someone (friends, family, hard money investors, etc.) that will provide short term financing. You can give them the property as collateral to show you are serious. 

@Paul Serrato your property appreciated but other properties did also. If you sell then where will you put the money? 

Analyze the return of your property currently and compare that to other investment properties you would buy. 

Refinancing can be a great option. You can borrow more money at a low interest rate, keep your current investment property and have capital to buy your next. 

@Brendan M Brown best thing you can do is buy one property. Don't worry about 5, 10, 20 etc. Just buy one and get started. 

Focus on one market and analyze 3-5 properties per day. Find an agent and go see your top 5 properties. Make offers on the best ones. Repeat this process until you buy one.

@Abe Macias of course you can do it. You will just need to pay closing costs. Are added closing costs worth it? 

If your property appreciated since the last time you refinanced then you may be able to pull out cash from the added equity. 

@Eric Justice 3-6 months is a long time. Comb the MLS for properties. Speak to an agent about what you're interested in and to try to narrow your focus.

Why does it seem difficult to find a property that cash flows? Where have you looked? For how long? 

@zach @Zach Carner Did you run the numbers on the rental? If you sell the property what will you do with the proceeds? 

Compare the ROI on a future investment property vs. the current one.