All Forum Posts by: Joseph Firmin

I love this and can't wait to do something similar once I'm able! You could even set up a volunteer piece with your current clients and ask them if they want to volunteer at the food bank and that a portion of your commission benefits the charity. I really like it - you could go many directions with this and is another example of business being good!

Hi @Liam OKeefe, Skip Tracing via a service like LeadSherpa or hiring someone on Fiverr/Upwork can get you that info pretty quickly and cheaply.

I would say either one. With the HELOC, you can pay it down quickly or slowly, the rate isn't that bad and the Fed isn't raising them any time soon, despite them being variable usually. With a HELOC you can also go for one that is interest-only, which would lower your payment and increase your overall cash-on-cash return.

Is this just the property or an actual business you're looking to buy? If a business, then you'll need to understand why they're selling, what the competitive advantage of the terminal is in its market, is it tied to one contract or is the risk across many, is it tied to one industry (i.e., you don't want it tied to just airline cargo). If this is a property purchase I'd make sure to double check the environmental piece in case there are underground fuel tanks that need to be remediated.

I would ask for his renter's insurance EOI annually. I would not provide our EOI to the resident unless they were requested by an organization or attorney to whom I would send it directly if it was warranted. This could be a professional tenant who is looking to see what your limits are for a potential claim.

Hi @Cade Olof, we've utilized direct mail, cold calling and via current property managers to find off-market deals. There are deals on the MLS, but you need to make the offer and think creatively - for example: If you can change a 2BR to a 3BR or finish out a basement to make it a duplex. You could also keep track of expired listings and making offers on those via the MLS. The "system" we use in one market is to quarterly mail every multifamily owner in town - that has resulted in over a 25% response rate. This was with a very targeted list.

I like your attitude! You've learned a lot and you'll take that with you to your next investment. Keep trucking! 

Here are 3 that have worked for us: Direct Mail, cold calling and via property managers. 

Hi @Janelle K., not sure what kind of deal this is, but you want to make sure you have your financing in order to be able to close on the deal. If you haven't offered on the deal yet - get it locked down. Once you have a deal under contract, you control it, then you can wholesale it or buy it yourself. If you have it under contract, I would ensure financing first. Then go vet contractors (assuming this is a BRRRR or a flip deal). Make sure you do your homework - don't skip or skimp on this part. Read David Greene's book on BRRRR and follow his steps to a "T" on hiring contractors - VERY IMPORTANT. If the numbers on your deal still work after walking it with a contractor and obtaining at least 3 quotes - proceed to closing.

Hi @Bhavin Doshi, with your stated goal of passive income I'd recommend investing in a real estate syndication. If you want to stick with the residential side of property investing, then investing in a multifamily syndication would be a great way to see passive cash flow and realize the full benefits of investing, while diversifying your geographic reach. If you decide to move forward with passive vs. active investing be sure to do your research and understand the deal itself, the sponsor and the location. While a syndication is passive in terms of your ongoing work, you do need to make an effort on the front end to make sure you are investing intelligently.