All Forum Posts by: Joseph Firmin

You refinanced and now have a line of credit? Is this a first lien position HELOC? If so - sweet and congrats on the great move. To answer specifically, yes, you can definitely use it for a down payment. Your terms will depend on the return you want to make. Not enough info here to provide a POV on that. If the seller is stuck at their price, what terms can you offer that make the price work for your desired returns, then offer that.

Hi @Madelin Mendoza! There are lots of great investors here in the Atlanta area. I'd familiarize myself with the market and all the submarkets and pockets around the city - there are lots. Invest for cash flow first, so investigate what rents are going for for the type of asset you're interested in for the particular submarket. Once you understand the rents for an area, you can run your numbers on a specific property to determine the profitability of it. Competition is high in ATL so get a good agent who can find the type of asset you're looking for specifically.

Hi @Alyxandria Welch, good question. We use Stessa to organize our records and tax/accounting information. For business/LLC docs, property information, shared documents, inspection reports, leases, etc. we use GSuite, Drive, Docs, Sheets - all that good stuff. Once you get the hang of it, it is second nature to share docs, grant access, import, move etc.

This is great @Derick DeCesare! What were your MLS search parameters to find the right rent/room in your market?

@John Walter - this is fantastic dude. Nice work! Keep it rolling and investing, you've positioned yourself very well for the future!

Speaking for myself, we target very specific property types, details, etc. so our response rate on direct mail letters can get up to 25%, but I've heard others say anything over 5% is good... this really depends on how good your data is and the properties you're specifically looking for and whether they fit your buy box.

Hi @Trey Rittenhouse, they'll most likely look at your DTI (debt to income) ratio in determining the loan on a residential SFH property. If you're purchasing this through an LLC and/or it is a multifamily, they'll look more to the income the property is producing along with your personal financial statement to determine the loan approval. At the end of the day, apply and see what happens. Don't take 1 bank's word for it either, get 10 opinions. You never know which one will say yes.

Most contractors will not walk a property with you unless you have it under contract or you pay them for their time. I'd run my numbers prior to touring in person. You can typically see pictures and get a general idea of what needs to be done to a property that way. Overestimate and be conservative in your numbers. You can also make an offer on the property without touring. I know that may seem crazy, but it is a great way to have the property under contract - controlled. You know the numbers work based off the pictures or financials provided by the seller, so be confident in making the offer - then go see it with a contractor or get it inspected. It costs you nothing to put a property under contract.

Hi @Chris Blair, sounds like it could be a great opportunity if you buy them right. Whether you buy 1, none or all 60, make sure the numbers are good. 30% down is too much. You can get better financing than that unless it is seller financing interest only payments for a time before you refinance and pay off the acquaintance. Be sure the numbers are right and don't just buy them because someone is looking to retire. They have the experience here and you may want to even partner with someone to ensure you do this right.

Hi @Xavier Garcia, I'm not familiar with either area, but you could use BP Insights to check out both. There are lots of other factors besides cash flow that should be taken into consideration when choosing a market so think about landlord/tenant laws, growth (jobs and population), etc.