All Forum Posts by: Joseph Firmin

During the Refinance phase of the process. The "formula" is understood at the outset, you buy the property right (max. 70% LTV - loan to value) then add in rehab costs, that number should be now no more than 70-75% of the ARV (after repair value) of the property. That way, you refinance, pay off the original loan and the balance is cash to you (your original capital invested). This is the ideal scenario. Read the book though - a more in depth explanation is in there.

Hi @Shane Priest, run the numbers, if the owner financing works with the rental strategy you've laid out (by the room) then go for it. If the numbers don't work conservatively, then don't get caught in the emotion of a family purchase and the desire to get started and jump into a bad deal that you'll regret. You want to also have multiple exit strategies, so if the rent by the room doesn't work, what could you do? Sell it? Long term rental? Make sure your downside is protected.

First of all, congrats @Lynnette E.! That's awesome. Check out what Tony Robbins speaks about on this subject. In the end it comes down to your fulfillment and we're most ourselves and human when we are in community and are giving back. Find a tribe (even BP) and give back.

Hi @Glen Rosen, you could open an LLC and then invest through the LLC, that should work when working with a portfolio lender or local credit union. You could also be the money partner with someone on the ground in Phoenix.

Agree @April L., multi-generational housing is in short supply. There are agents out there that understand what a "house hack" is and can look for what you need specifically: basements that are unfinished, house with a carriage house, unfinished extra large shed on the property that can be renovated, etc. Can get creative...

I like the idea @Shane Brooks! We have found deals through PM's before. Why an email? Why not call them? Don't overthink it, but craft your pitch... start with credibility & value - What properties you own that you could look to transition to them managing, then how you are looking to acquire more and if they have owners looking to dispose. A follow-up email to that call will be a reminder for them, shoot you can even use direct mail to them. Keep the message simple and value-adding for the PM. What do they get out of it?

Hi @Orlando Ortiz, it works. The power is in being targeted though. If you shotgun your marketing expecting a big return, you won't get it. Identify exactly the type of property and owner you are looking for and then create a marketing piece that speaks directly to that type of customer. Example: we target 50 multifamily property owners in 1 zip code, heard back from 20 of them.

Hi @Darshan Patel! Please read... Spell it all out in an operating agreement for your partnership. Do not leave it up to a handshake if you have capital in the deal, that would not be prudent. Save yourself some headache down the road and go speak with an business attorney.

Not a wholesaler, but using ActiveCampaign, it works well.

Hi @Wyatt Michaud, I'm not using currently but may in the future. Thank you for the offer, way to lead with value! Let me know if you have any questions or need some assistance, happy to help. Will connect.