All Forum Posts by: Joseph Firmin

Not enough information to answer. Pivot to what? From SFH to Commercial? What type of commercial asset class? What are you doing now? What are your goals?

Hi @Phil Fry, question for you... what are your goals? To best asnwer your question, need to understand whether you need security now or are you in expansion mode? If the latter, then yes, use leverage and get multiple rentals. If you want to own properties free and clear and don't care that your return is lower than if you were using other people's money (OPM - i.e., the bank's) - then do that. Just go back to your WHY and your goals - then the decision should align with that.

Read David Greene's books BRRRR and Long Distance Real Estate Investing. Both give all the necessary steps. Follow them and you won't go wrong.

Congrats @Sable Stevens on the sale! I'd start by going back to your goals and then working down the path to what is most vision-aligned for your family.  If an 8-plex will get you closer and faster while still keeping your life in balance - go for it. If otherwise, then do that. Just start with the vision and you'll make the right call. This is general advice I know, but necessary considering the fork in the road you're at.

Hello @Ian Cartwright, I do not have a PLOC from PNC, but from other banks. Some banks will approve a higher limit, others are stingy. 2 years ago I went to 5 different banks on the same day and walked out with 4 PLOCs for $15K, $15K, $20K and 25K. It is doable, three of those banks were large national banks. Make it happen!

Not sure we're in disagreement @Arlen Chou. Don't make an offer on something you don't intend on closing. The tip is more to take action and to not be afraid of putting in an offer that you are comfortable with. Make an offer that you think the seller will take; making offers without wanting to close wouldn't make sense. I agree would get you 0% mindshare with an agent. The concept remains though - if FEAR is keeping you from making offers, don't let it. If your numbers work and the offer is solid, make it. At the end of the day, the offer is free and risk is minimal.

In LA, not really. Some in the Bay Area though.

Good to hear, happy to help! All the best!

Awesome! Keep it up! What's your next investment?

Hi @Jose Gallegos, I'd run the numbers on it as if I wasn't living there. If you need to move or buy a new property after a year of living there, then you want to make sure the investment still makes sense. If you plan to live there a long time and you are satisfied with any appreciation gains (speculative), and want to view the decrease in rent payments as cash flow, then it is hard to argue with that when coupled with the tax benefits.