All Forum Posts by: Joseph Firmin

@Karen Williams - It is the first post on this thread. Let me know if you don't see it.

You should be able to get a HML for this, but if not, try hard to get it seller financed until it is stabilized then refinance commercial. If you can't find a HML for this, find a money partner (friend, rich uncle, colleague, acquaintance, etc.). You got this, Good luck!

Hi @Shalinder Latkha, it sounds like you are looking for a buy and hold deal. If so, Long Island may not work unless you are doing some sort of direct-to-seller marketing or calling. Think about your market and the competition there... TONS. It is difficult to find deals on the MLS in large markets due to the competition. If you are stuck on your immediate market then I'd suggest focusing on the old or expired listings and reaching out to those sellers to offer. Otherwise, I'd look outside of you market. I actually invest in upstate NY and my immediate market is tough to cashflow in - Atlanta, GA.

A patient one that is proactive in answering your questions and has flexible loan products to fit your needs.

It makes sense to diversify once you have some scale. In the beginning, keep your focus on a market and become intimately familiar with that market, and your team there. You will spread yourself thin in the beginning by going broad. Think of it this way, by having 3 markets, you'll have 3 PM's, 3 different tax authorities, water, trash, electric, gas companies with different accounts... it can be a bear if you don't already have systems in place. 

Congrats, nice deal! 203Ks can be a lucrative way to add equity, a bear of a process, but a great long-term investment!

Realistically - no unless you have a lot of skin in the game (money bringing to the table for the project). Would you loan money to someone you don't know who hasn't proven capable? If they do, they will want to cover their risk (high interest, points payable, lien on property, etc.). Savings, home equity, family and friends, 401K loan, line of credit from stocks in your trading account, Uber driver savings - lots of ways to get cash to start. Just have to start thinking of where and how. Bank loans are one way and perfectly fine.

You're starting in the right place. Ask for recommendations for STR's in your target market, FB groups, local reviews, Google reviews and local REIA groups. Interview at least 3, ask to see current rentals and reviews. You could also manage yourself with the right automated tools in place.

I'm not seeing a question, but here are my comments: You may be thinking nothing to buy in Vancouver because you are thinking of a long term rental. What about a different strategy - such as short term rental? Your cash flow may be greater and enable you to make it happen. If not an STR, then find a market that you are familiar with and that you can develop a team in, then start analyzing deals. If you just want passive income without the hassles of being a landlord - then invest in a syndication. If you're clear on your goals, you can define your path.