All Forum Posts by: Joseph Firmin

What type of commercial property investing? There are many different asset classes. Office, Industrial, Self-Storage, Multifamily, etc. I haven't listened to the podcast yet, but there are many people on here (me included) that invest in commercial property (multifamily for me). Keep researching and looking for the niche in real estate where you'd like to focus and why. It is very easy to chase the shiny object (especially with all the cool strategies you hear about on the BP podcast). Stay focused and keep asking questions!

Home related? Hmm... I've used Mvelopes for years, but the app isn't great honestly. Friends have used Mint, but I've heard there are many now. For business I use Stessa... you could probably use that for your personal home though, don't see why not.

Hi @Sal Zafar, I've used Corporate Direct - Garrett Sutton's company and have been pleased with the service provided.

Hi @Terrell D., the way you're adding value to a PM is your new rental. They receive compensation, so they'll look forward to working with you. In regards to finding a PM, get referrals for your area, recommendations, interview at least 5, make sure they are a PM first company, read books like Brandon Turner's managing rental properties for tips on questions to ask and due diligence on PM's.

Investor, seller finance, bridge loan. Any of those would work, especially if you can demonstrate that the value of the duplex is at least $48K (~70% LTV) then you could immediately get a mortgage on it assuming it is in livable condition, if not, then get a bridge loan from a non-conventional bank. Talk to at least 10 local banks before you think it's impossible.

Like this idea! Might have to borrow it in Smyrna, GA (Atlanta)! Thanks and hope y'all have fun!

Hi @Varouj Asdourian, different lenders will have different offerings as HELOCs aren't regulated by Fannie/Freddie like traditional mortgages. You'll need to call around. PenFed has HELOCs on investment properties, check them out.

Once you have your list to skip trace, check out LeadSherpa's service.

@Jason Pride Similar to what others here have said, between getting an investor, partner, seller financing (although hard across different properties/sellers), lease back, or 0% down loan those are most of your options. I'd try to go with an investor/bridge loan mix, pay out the investor a % for the time it takes to acquire the properties and then get a loan on them. Offer the investor a straight return.

@Tyler Robinson I wouldn't worry much about the variable rate especially given what rates have done over the past 15 years and where the Fed has stated they'll go for the next 3. Worst case scenario, you refinance out of it. The beauty of the first lien position HELOC with interest only payments is you use it as a checking account, that way, month after month (assuming positive cash flow), the balance drops faster because your payment will be less than a mortgage and the interest amount drops off. This is more a personal finance strategy than a product though.

I'd continue to ask around banks and lenders if they have the product you need, local banks (and don't just stop with the first person) will be more willing to either create a product like what you need vs national ones who are extremely risk averse.