All Forum Posts by: Joseph Firmin

Hi Ibraheem! I live in Smyrna as well (King Springs area). While I don't have a property here (my portfolio is all out of state), it is an excellent area, just not cheap. Not a cash-flow market unless you find a steal of a deal. Might have to go further outside ATL to find a good deal.

State is pretty general, we invest out of state in upstate NY because we found a niche town where the cash flow is excellent. The southeast US though is pretty great, but I'd focus on tertiary markets now.

Make it as easy as possible. As a landlord, you could use Cozy.co... great platform. Venmo isn't bad, as long as you get paid. Make it easy and impossible for them to say they couldn't pay or it was late because of xyz... There are tools from ACH, Venmo, PayPal, PayNearMe, etc..

Stessa. Do it and don't look back. It's awesome and free.

Absolutely @Julio Gonzalez, what have you seen? What are the numbers?

Always stress test the numbers and check them on a worst case scenario to make sure they still cash flow. We use sensitivity tables in our analysis as well to ensure the property can support the debt service at different levels of occupancy.

Get it under contract. Then get a contractor to walk it with you and give you an estimate on the work. Ideally you'll want a minimum of 3 bids, but 1 will give you an idea of what you'd like to do. You don't want to over-rehab it for the area, so just what's really needed. Add an additional 10% to the number and then see if your numbers still work.

Yes, it would be an all cash offer. I don't see an issue with getting the HELOC now, even though you're going to list your house in 2023. When you sell your house, you'll pay off the mortgage and the HELOC and move on. Go for it!

Check out LeadSherpa

Mike, it sounds like you need a co-signer on the loan. Get a cosigner on the refinance and pull the cash out.