All Forum Posts by: Joseph Firmin

Would love the input of fellow investors - what are the key pieces of advice ("facts") you have that debunk myths you've heard in the REI industry? Example: Listing says "It needs a little TLC..." - Code for "Total Gut Job." OR   "Real Estate Investing = Passive Investing"

@Tim Matthews - I think you meant to say you're the buyer based on the context in your question, not the seller. Most contractors will not (unless you pay them for their time) come to a potential job unless you have the property under contract. Lock the property up, under contract, then bring the contractor. If you still decide to go forward, get the inspection done (since it is actual $ outlaid). If you get the property under contract, walk it with a contractor, you'll have a good idea of big issues and can decide to move forward with an inspection and an estimate of work from the contractor (ideally >3 bids). Something we do is put the property under contract before we even see it live ourselves (just online pictures or a walkthrough with an agent on Facetime). Then if we decide to move forward, have the contractor walk it with us, then the inspector after we decide to keep moving forward. Until you pay for the inspection, you should not be any money out of pocket - even your earnest money will be refundable if you cancel the contract prior to due diligence ending (in most cases - for residential - if in the contract).

You said for "LTRs, appreciation is key" - why? If you are invested for cash flow and it is in the stable market and your goal is income, then why do you need appreciation? I'd focus on the goal you are trying to hit - then the strategy may reveal the best way to hit the goal. Maybe consider a STR in a market that doesn't work for LTR... If you can't find a property on the MLS where you are looking - try direct mail. There are deals, don't be discouraged.

No it’s not. You can create it after the fact.

Here are a few ideas: Have food drives at apartment complexes, volunteer opportunities for residents, beautify the area, sponsor kids at a local school and give them financial education resources...

In the BRRRR book, David Greene touches on this exactly. For example, if you're going to put tile in the bathroom, you might as well (dependent on the area) put in a nice tile instead of a cheap one because the labor is going to be the same if not worse if you use a cheap tile.

Call the city zoning/permiting office - ask them. Tell them what you'd like to do and... in my experience they are very friendly and forward with information. 

Very cool, well done @Kyle Kerekes! Keep it up and keep the cash flow coming.

Get clarity on your goals @Marven Cesar. Determine where it is you want to be and back into the action steps to get yourself there. Do it with purpose and not scattershot. Once you have the goals clear for yourself - you can ask more specific questions to get better answers more specific to what you need.

Not sure about the deed piece you've mentioned, talk to an attorney on that. If the bank will let you do a mortgage, why not a HELOC? I'd go the HELOC route if you could. A 1st Lien Position HELOC and use it as your checking account would be even better.