All Forum Posts by: Joseph Firmin

Sounds like you need a business line of credit with your equity as collateral. If you could get a 1st lien position HELOC on some of these properties, that would unlock all of your equity on each one, but you'd have different HELOCs.

That would be a BRRRR sir. So yes, you could do it! Another option to consider is getting a 1st lien position HELOC with someone like PenFed and having access to the capital all the time without the higher mortgage payment.

Here are a couple options: partner with someone who does or purchase through an LLC. If purchasing through an LLC, consult a CPA on setting it up correctly to ensure compliance.

For flips - here are some criteria borrowed from the dummies book for flipping: Steady or rising real estate values, Multiple offers on recently sold homes and homes currently for sale, An influx of homeowners moving in from other areas, A decrease in the number of homes for rent, An increase in the number of homeowners in the neighborhood moving into bigger homes rather than moving out, Older homes — homes built at least 20 years ago — and homes that generally require more rehab, Areas with aging homeowners — homeowners who may be downsizing or retiring, Visible updating in older neighborhoods — new roofs, aluminum replaced with vinyl siding, replacement windows, modern earth tone trim paint, City improvements including street repaving, new street lights and street signs, and repaved sidewalks.

Not worried. They may like it so much they stay for awhile. You may have to find a new resident to fill the unit after the year, but with good credit and income and everything else checks out - go for it. 

They are available. Usually 75-80% LTV. Check out PenFed.

@Hannah Omosebi - as the article mentions, please involve a CPA to ensure it is done correctly. I'm not a CPA and knowledgeable CPAs will ask the right questions, as @Basit Siddiqi has, to help you steer clear of potential pitfalls.

I'd recommend lots of reading... Both of David Greene's books: BRRRR and Long Distance Real Estate Investing. Gary Keller's Millionaire Real Estate Investor is another great primer. There are so many niches and ways to go from there. Listen to a bunch of podcasts, if one niche really stands out to you and you think you'd enjoy it more, go that route, give it a try. For me, I wanted to scale faster so I started with a duplex, then another duplex then a 12 unit, but it was all using the BRRRR strategy - recycling the same cash. Move as fast as you can, but as slow as you want to.

Hi @Dharmesh B., I'd encourage you to search Google for "free multifamily deal analyzer" - there are many options. Use one and learn it well prior to purchasing your property.

@George Riad - done. It is specific to syndication, but the principles remain the same.