All Forum Posts by: Joseph Firmin

Nice work! With your goal being to live rent free - I'd say you've accomplished that. If it is financial freedom (although it sounds more like independence), I wouldn't focus on the unit count as much as on the cash flow. If you want to be free to pursue sales, then cover your expense with rental (which it sounds like you have) then make the jump. Focus on properties with a specific cash flow you need to hit your goal, whether that's a SFH using Airbnb or a quad with 4 long-term tenants.

Get a few quotes @Kellie Boyce-Sadiq... not sure about your area or if it is in a floodplain or what... Just get a few and you'll know and get a sense of a $/unit.

Check out Listsource or Reonomy. You can put in your criteria and get a list of properties that fit it. Then you can skip trace the properties to get the call info.

So you have found a great deal, you're asking what the next step is right? Get your team together (realtor, property manager, contractor, etc). Once you have a realtor (if this is under 5 units), get it under contract and get financing lined up. Check out the property. Re-adjust numbers if necessary... Take action. 

Welcome @Shane Bladel! I invest in upstate NY and $200,000 can be leveraged to great cash on cash returns up in some of the smaller towns in upstate NY.  We're investing in the Watertown/Carthage area for cash flow - not appreciation. While NY is not a landlord-friendly state, the cash flow can be enticing in the right market without a ton of competition.

FHA is required to be owner-occupied for a minimum of >1 year I believe. Out of state, you'll probably need to come up with the 20-25% down payment dependent on the size of the property if you are not occupying it. This would be for a traditional/conventional financed property. If you can find a seller willing to finance a portion of the funds needed to close, then you can come to the table with less out of pocket.

Welcome @Giulia Vazzolla! You'll find tons of folks trying to do the same here on BP, it is a great community and place to connect. Feel free to reach out with any questions, more than happy to help.

Hi @Blaine Atkinson, check out Listsource and Reonomy, both can provide lists of properties once you specify your criteria.

Hi Desmond, Nice post. I've been in your shoes. It is great to have a sibling on board and you both can be learning together. The responsibilities should be clearly outlined about who will be doing what regarding the investment. It will be good for him and you if he is ready and willing. Does he share your concern about his credit and DTI? Does he know what DTI is? Is your concern more rooted in his lack of knowledge? If it is, challenge him to understand more the risks and increase his knowledge to get more involved before buying a property. There needs to be accountability and understanding.

Come prepared to the appraisal, do your own analysis, run your comps, have a list of all improvements and the costs associated. Provide these to the appraiser. Make sure they know you're in a position to dispute (without saying it of course) a low appraisal that isn't substantiated.