All Forum Posts by: Joseph Firmin

Thank you, logged these away for a future rainy day! No pun intended. :)

@Eric Johnson It sounds like you know what you're talking about. Maybe reach out directly to BP and offer it up.

Hi @Craig Stahl, I'd be interested in being accountable with you. My last mastermind fell apart as well. Let's connect.

Nice work Shawn! Best of luck with the project and I hope it's an encouragement to you to continue and an affirming place to live for your residents!

Since you mentioned agent, I assume you are looking at small multifamily (2-4 units) correct? If so, the agent and seller won't have this information, you just need to estimate it and do your due diligence on what the costs for these items will be (e.g., research taxes, call garbage company in the area, etc.) For a commercial multifamily property, the seller should provide the P&L for the property (also known as the T12 - Trailing 12 months P&L) and the rent roll. The lender on a commercial property will want to see these items. A key expense you're missing above is Property management, don't analyze without it, just in case you decide later to move it to them. Marketing, General, Admin, Legal, closing costs, and loan fees are some others.

If you are looking to reuse your cash out from the refinance to purchase more property, then that would be the path I'd choose, higher returns. Just make sure you have the right amount saved or access to credit to cover any capex issues that could pop up.

Could you partner with someone to be the loan guarantor and give them equity in exchange?

@Courtney Buck I just checked the date, I'll be in Florida the week of the Meetup. Are you planning one for March?

Hi @Stratton Turner! Welcome and congrats on taking the leap. It's a great journey. Get your goals straight and then educate yourself. There are so many awesome resources on house hacking here on BP, the book that they published last year on house hacking, passive investing through real estate syndications, etc. Choose the path with your capital that aligns to your long term goals and back into your next step. Knowledge + Action = Results.  If you're looking for a small multifamily (<5 units), then this will be a residential loan, >5, it will be a commercial loan and a different process, but still doable. Go as slow as you need to but as fast as you can to keep moving forward. Good luck man! 

There are many ways! You can transfer it into a Self-Directed IRA (SDIRA) and then use those funds to invest passively in syndication deals, your own active investments and other real estate deals. You can also get a loan from your 401K and buy a property with the cash and repay yourself the interest and principal back into your 401K each month. Check out many of the SDIRA firms out there and have a chat with them to see how they can assist. Advanta IRA, IRA Services, Equity Trust, etc. Let me know if you have any other questions! Best of luck @Tim Lovell!