All Forum Posts by: Joseph Firmin

Hi @Johnnie Bembry, The only one I'd check is the 1st - why use your own funds? There are lots of OPM lenders out there, maybe you could do 2 BRRRRs or use your own funds for the rehab? You could even use OPM for the rehab funds. If you have cash, hold on to it and use it as your "skin in the game."

@John Felix Perez - talk to a minimum of 5 lenders, including online lenders such as LimaOne. You can find a lender that meets what you need. If you are going to buy a condo/apartment/SFH - conventional with a conventional bank, you should be able to find 20% down and 30-yr fixed. A multifamily property going conventional will typically require a larger down payment. Definitely talk to local credit unions are part of your search. They are more flexible and keep the loans in house.

@Antonio Gipson - Turn this into a blog post. I don't see a question. I'm glad you said "professional" property management, because there are many bad property managers out there who do not fit your description. The second to last bullet is probably the best argument for usage of professional PM.

Hi @Andy Zirger! Good questions. First off, no need to wait 6 months to refi. Find a portfolio lender like LimaOne and as soon as you have renters - go for it. They will typically lend (at least before COVID) on the income of the property, and not require "seasoning." So to your questions:

1. You can do a cash out refi with your LLC, as a matter of fact, if you use a portfolio lender like I mentioned above, they will require you use your LLC.

2. With a portfolio lender it may be a little higher. Maybe, maybe not - shop it. Either way, rates are so low right now...

3. Personal call really. You can also insulate yourself with umbrella insurance. If you do have an LLC - ensure it is setup correctly (talk to Corporate Direct).

4. Not necessary, see #3. This is more about risk management. If you feel exposed, talk to a real estate attorney about how to legally move them to an LLC. You could always refinance the 6 using an LLC and a commercial loan into 1 loan.

I hope this is helpful!

Hi @Delila Torres! Welcome and if you have any investing questions - don't be shy! ;) 

Hi @Aaron Kaplan, It's not necessary to have separate accounts by property unless they are separate LLCs. It is helpful though to be able to tag the rents and expenses by property for accouunting purposes and separate accounts help with that, but not necessary. State laws require different things for deposits, so I can't speak to CA's specifics but would wager they require a separate interest bearing account for deposits. Our property managers have their one account for rent receipts and another for deposits. They then forward the monthly balance to us (our respective accounts). I hope this helps.

We sign the contract and ensure that the clauses we want are included. We also insist to be listed as an insured party on their insurance and get a copy of that. 

Criteria are usually formed around a person's goals. They should be flexible as the market changes and economic conditions evolve, what works one year in one market may not in the next. That said, the investor can thrive and be very successful, consistently, for the long-term by staying in their lane and doing a specific type of investing very well. Niching down to what the investor is good at, helps focus and drive clarity for their team and their money partners.

Call the police, ask them to speak with your neighbor. File a complaint for disturbance. If the neighbor is renting, find out the owner and call the owner.

Do a Zillow search for top agents, reach out, that should do the trick.