All Forum Posts by: Jon Kelly

@Britnie Batish you should've stopped answering after the first phone call. Your reputation is important. However, going back to fix things like paint, design, etc. is not your job. Next time they call you should give them a quote for your time and materials. 

Buyer had a due diligence period before purchasing.

@Julie Marquez congratulations on your success thus far! I'm in a very similar position. 

Reach out to @Simon W.. He has tons of experience and can be your outsourced CFO to help you organize and save TONS of time and likely money for your tax prep

@Chris Jenkins 1. Seems like you're in a hot market! You should increase the price and see if they keep calling. 

2. Lots of people trying to hustle and get into the game, especially if you list for sale by owner. 

Don't be afraid to pay an extra 3-6% for an agent! Your time is valuable. 

@Justin Wilkey change is always hard, especially when it comes at 8-10% of monthly rent :) 

Trust your gut. You made the decision to reach out and interview property managers, so it sounds like it's time to make the switch. 

If you do it right this will free you up to purchase more units

@Brian Cerezo you can't go wrong either way, assuming the numbers work. In my opinion I'd go with option #1. Close in a HELOC and then refi afterwards. It will make your offer more attractive. You may be able to get a better price and close quicker.

Option #2 is more expensive, but it's little to no money out of pocket for you. Your cashflow will suffer but your ROI will be strong.

@Scott Anderson keep it simple. Start with a SFR. Target properties with a "value add" component to them. Don't go for a full gut rehab. Start with a property needing cosmetic repairs (paint, floor, replace appliances, etc.) You'll create instant sweat equity

LTV usually up to 75% for cashout refi and rates in the high 7's

Appreciation is tough to come by in a declining market

@John Carbone I understand where you're coming from. I don't see how equity is a "myth." It's real based on a basic math equation. 

A better question is what to do with the equity when you have it. If you sit and do nothing you will be subject to market swings like you're describing. If you capitalize on the equity through selling or refinancing to scale up you'll be in a much better situation

@James Robert go buy a place and rent out bedrooms to 3-4 of your friends