All Forum Posts by: Joseph Firmin

Listsource and Reonomy

Here are some options, some obvious others maybe not... Savings, Private lender/friend/family, HELOC, 401K loan, credit line on stocks & personal line of credit.

Sure, hopefully you get this answer in time... 1st - Take pictures. 2nd - Check your policy for deductible amounts before calling the insurance. Understand your coverage and if they cover this sort of thing. BEFORE CALLING. If you call and say you want to make a claim but it turns out you decide not to because the deductible is too high, they will most likely put it down on your record that you wanted to make a claim. 

They will send someone out to assess the damage for a claim once the tree has been removed (in my experience). This enables them to accurately see the damage done (in addition to the cost for the tree removal). Afterwards, sometimes in the same day - from their car, they may issue you a check for the damage. Other times, they'll have to go back and then get back in touch with you / issue you a mailed check.

I'll give it a shot... :) A Hard Money lender is typically an actual company set up specifically to lend and has systems/processes, its own attorneys and form documents used for transacting. A Private Lender is not set up that way but is someone with the capital to lend and is OK with a promissory note, amortization schedule and business plan for what you are trying to do. A private lender is typically someone you know that has capital and wants a specific return on it, willing to lend it to those who are good stewards of it.

Hi Jennifer, this is really market dependent. Typically, yes, you can get more rent for a 1 BR over a studio, but if that 1BR - unless if it renovated well - needs to be spacious and upgraded enough for a prospective resident to deem it worth the incremental rent.

For commercial real estate, you need a strong balance sheet. They always want to see your personal financial statement. Do you have enough capital for the down payment? You can always start smaller and build up to the $1MM+ properties. The credibility and business plan you show the lender is also important. You have to show that you are capitalized and are credible.

Start with your goals Daniel. Then work on a plan from there. Example: if your goal is to improve the property and increase the rents (and thus the equity) - then go buy more and keep rolling, then your action plan will grow out of that. If you just want to sell and get out of retail, well, that will lead you in a different direction. In terms of books, etc. What types of resources are you looking for? Resources to help you be a landlord? To Renovate Commercial properties? How to buy more? If landlord - check out Brandon Turner's book on Managing Rental Properties as well as Mike Butler's Landlording on Autopilot. Read everything on the BP bookstore and listen to the podcast - especially choosing those episodes most aligned to what you're trying to accomplish. Good luck!

Definitely Daniel. You're doing all this work to meet your goals. If one of those goals is to help fund your lifestyle and personal expenses/life - then go for it. If your goals are to live off the cash flow and you need more properties until you're able to do that - then your decision on whether to use the equity for personal desires should reflect that goal...

Super cool @Ana Lang! Congrats! Are you using property management for the AirBnB?

Hi @Alex Folchi, Ask the seller - doesn't hurt to ask and update the purchase and sale agreement. We typically make 2-3 offers for each deal, always trying to get seller financing if possible - less money out of our pocket. Just ensure that your lender allows for 2nd lien positions - the seller should ask for this as part of agreeing to do the seller financing.