All Forum Posts by: Joseph Firmin

Hi @Shane Priest, as @Alex M. mentioned, run the numbers as a house hack and as if you're not living there. Investing is investing, not speculation. Make sure the #'s work. Over the long-term the appreciation will most likely be there in the Tampa area (very general statement I know), but a hard rule for me is to first invest for cash flow.

Hi @Hannah Omosebi, I actually wrote a blog article about this recently, but can't post the link in the forums. I can send in a message. In short - establish a U.S. LLC and bank account and invest through that LLC.

@Andrew R. - Check out Stessa. It is fantastic and has worked well for us to date. We do not self-manage our properties, it is strictly a accounting/tax platform made for real estate investors. Enjoy!

Following, interesting question. One way is to give the GAP investors a straight interest % on their money. That way for them it is a debt investment, not equity investment and you retain the ability to hold long term.

Good questions @Danielle Dickens! If you don't already have a specific target submarket, start there. Really get specific about the type of property you want to BRRRR. In the meantime, you can vet different contractors, re-read the BRRRR book, get pre-qualified for a loan, scout out the neighborhoods in your target submarket, network with realtors, etc. Don't get impatient, but also don't overanalyze - fine line. Make sure your numbers work and don't be afraid to submit offers even if you haven't seen the property in person. Locking up a property under contract is important and risk-free.

Nice work @Raj! I hope it continues to be a solid stream of income for you!

Just find a different lender. There are many credit unions or even online lenders you can find on this platform or Google that keep their loans on their own books. Your interest rate may be higher, but you can use your LLC to obtain the financing. Your personal financial statement must be in order and the property producing income for most to consider it.

Actively - BRRRR investing. Passively - syndication in multifamily.

Hi @Jordan Richartz, happy to have you here! Get started by being crystal clear on your goals. Where do you want to get to by when? What does life look like? Then back into a REI strategy that supports the speed and scale you want. There are a number of things you could do as you mentioned, so get clear on goals first. If you want to be an active or a passive investor then each will lead you down a different strategy. With your goals in hand, I'd be happy to help with any questions about strategy and execution, tough to make a suggestion without more info - wouldn't want to steer you in the wrong direction.

Yes, just be sure to check your loan terms for a pre-payment penalty. If the numbers still work with the penalty considered then you should be good.