All Forum Posts by: Joseph Firmin

A few sources: 1) Go talk to your local housing authority, they will know. 2) I'd also talk to social workers for the local Veterans Administration - those guys know every source of rental assistance. 3) Property managers. These 3 will definitely be able to help you.

@Kyzer Bair Very easy to work on analysis - just start analyzing properties in your market, use the free BP calculator... Go and analyze 100 properties. You've taken action on the learning side - consuming content, now take the action and DO. 

Hi @Michael Cox, yep, go local, you’ll be glad you did.

Hi @Rob Lee, I'd focus on local lenders and build that relationship - so to answer your question, you local credit union or small community bank. My reasons for this are that their risk-tolerance and focus on building the community is at the heart of their mission. They'll be more willing to work with you, help you and scale with you over time. The bigger the bank, the less risk they're willing to take.  I know it seems counter-intuitive, but smaller lenders are more willing to take the risk. Start by calling up to 10 local banks whether or not you have a current banking relationship with them and tell them what you're trying to do. You'll be surprised at their willingness to help - they need loans and you need financing - match made in heaven... well almost, banks are still the worst (unless you are one).

Cozy is a good option and use Stessa for the accounting/tax tracking.

No need to do that @Steve Mitrano, go get a commercial loan to include both and put them in 1 LLC or 2 separate. Even if you do decide to go the residential loan route, you could still use the current LLCs to get the refinance, just find the lender willing to do it. Shouldn't be an issue.

Your best bet are friends and family. I know that's obvious, but to get a co-signer you need to provide them a return for the risk. For instance, if you'd ask me to co-sign, I'd have to get to know you, the property, understand the numbers, etc. to make sure I'd be whole and the property would cash flow to protect my credit.

I'd go for it, but shop for the best loan package available. Maybe roll both duplexes into 1 loan with a commercial loan, you could come out better. 

Is it going to add value to the property if you finish it? You want to ensure you'll see a return. Is the resident willing to pay more for the extra usable space? Could you make it an additional unit entirely or rent it out as storage? May want to network with other investors in your area to see what they've done.

Hi @Christopher Pray, I do not have experience with this, but you could start with your congressman/woman. We also own property in upstate NY and we've been fortunate to have been affected very little by the moratorium and COVID. Either way - I would support the petition for landlord relief on principle alone.