All Forum Posts by: Joseph Firmin

Hey @John Geer, congrats on being in a great spot to make some moves. Without knowing your goals it is tough to provide an opinion. Do you want to grow passive income or want to be an active investor? SFH or multifamily (or another RE asset class)? If you bump your question up against your goals - where do you land? That should give you some clarity.

Weird, what value are they bringing for the 15% fee? Just finding financing? Is it 15% of what? The purchase price? This seems very odd. 

If this is your first property, then yes, I'd recommend using the bank's money, if possible, to accelerate your investing journey. If you use cash, you are essentially locking up that capital and you can't deploy it to purchase additional properties. The way you use your capital should be reflected in your goals. If your goals are to buy proeprties and pay them off ASAP - then yes, use cash. If you want to build a portfolio quickly and live off the cash flow, then that will lead you down a different path.

Keep looking for a lender, talk to 10. Whatever you need to do the deal. Putting the debt in one name and the title in both is tricky, unless you have an LLC operating agreement which specifies the co-ownership, but then the bank will want to see that. I'd stress finding a lender willing to work with you.

Why are you stuck? Not sure who to go to for drafting of the Operating Agmt? Talk to Corporate Direct - they can help you set up an LLC the right way. You can buy with the LLC, just need to find the lender. Many will let you buy with the LLC - just ask. Go and talk to 10 lenders and tell them what you are trying to do. If you're buying in different states, then you have to register your LLC in those states (the lender will make you do it anyway). Good luck!

Congrats! Nice deal and profit! Keep it up!

@Oguzhan Besiktepe - Go read David Greene's book on Long Distance Real Estate Investing. Following his blueprint will set you up for success. Your comment about buying something and just renting it out tells me that you need to reframe what you're getting into. You are buying a business and if you treat it like one (getting the right foundation in place, the right team, doing due diligence, research, etc), you can ensure your business investment will succeed. There are many markets in the SE US that will be good for a SFH investment. Run your numbers and practice using the BP calculator to ensure you'll understand a deal when you see one.

Not sure about Richmond, but check out the NARPM website... National Association of Residential Property Managers.

700+ is a very high minimum credit score for a rental. Credit score is helpful in understanding the prospective resident's ability to pay bills. If the the main income earners have solid income, I'd be less worried about their parents unless their parents are also contributing to the income requirements. There are other factors to consider. Check the car too, if the car is well-kept, it is a good sign the resident will keep your property up as well.

Welcome @Wesley Mullen! You have the right idea - get your goals set and clear and be consistent with taking action everyday. Stay patient but opportunistic! All the best!