All Forum Posts by: Joseph Firmin

@Shafi Noss

The power of options and willingness to walk away, emotions aside is key. I deal with negotiation at work a lot in contracts and I asked my agent to ask a few questions to the seller's agent to understand a few key points that would help me know where their floor was... The answers, while not direct, helped me to get more information on the duplex, and more info is always helpful. In the end we understood that the seller just wanted out, didn't take care of the place and was not a sophisticated investor. The numbers worked well so I offered $1k more than asking, but asked for $10,000 I'm repairs and closing costs - treating it more like a SFH negotiation than an investment property negotiation. It worked out well and the seller agreed. Of course, even though a good deal, I keep wondering how much less I could have got it for!

I check in daily but I need a new goal for it. @Henri Meli shared with me that even though I've only done 1 deal, I have much to offer and to spend time building my brand of REI knowledge and share it more. I am most likely going to include a new goal that focuses on posts or starting to blog my REI journey on BP.

@Bryan Boulware

I used a Homestyle loan on my first BRRRR property and it was a huge learning process, very valuable. I will be writing a blog post about process but if you'd like to connect I can explain it over the phone. It is a lot to write out. Overall, went well, I did about $50k in renovations and it took about 5 months. My contractor was good but slow and there were bumps along the way, but now on the other side, I built a out $50k in equity into the property immediately.

An alternative to 203k loans is a Homestyle Renovation Loan, also via FHA. I did one of these for my primary residence back in 2015 but it can be used for any residential propyfrom 1-4 nuts and the limits are higher than 203K loans... which is why I used it instead of 203K. I did $50k in renovations. It worked out very well in the end, teaching me a lot in the process. I worked with a great contractor, SouthStar Construction, here in the Atlanta area.

If you'd like to connect about it, I'd be happy to share that process. I will write a blog post about this as well as I think it could add some value to some folks.

Hi @Bryan Vincent! Congrats on the new job and full on adult life plunge! I recently bought a duplex in GA and you're right, the ATL area is a little overpriced on the MLS for multifamily as a buy/hold which I assume is the REI strategy you're looking to hit based on the comments here. If you haven't read @David Greene's book Long Distance Real Estate Investing, it is crucial for investing out of your area, really breaks it down step by step. Maybe there is an area you are very familiar with that isn't overpriced or you have someone you trust that you can invest with there.

I agree with @Maria Fortner that the outlying areas of ATL are a better bet. I work downtown ATL and 95% of those I work with live outside the perimeter (OTP - local lingo). If you buy even further out you may qualify for a USDA loan which is 0% down. Happy to help more if you need anything. 

Hi everyone, at CES in Las Vegas this year, a cool photo taking service is available:

https://proxypics.com/ Self-describes as the “uber for pictures”. If I want a picture of something, pin it on a map with any instructions and submit, then a photographer will go to the site and send you the picture. Photog gets $3.25/picture; cost is $5/picture or less for enterprise. Currently exterior photos, interior coming soon. 15,000 photogs in the system in all major cities.

Pretty cool, haven't used it, but just wanted to share.

@Chris Virgil-Stone Yes! I recently had about 6 banks, from large to small local credit unions tell me they couldn't go below $50k. One told me they could do a 10year below $50K at 8%, but that was the best I got.

Thanks @Mindy Jensen and for the transcription tip! I'll look for those.

What was the book @David Greene mentioned on the show as his favorite real estate book? It was hard to catch... Something about a book that focuses on the three things that a mega agent does well and goes through leads, listings and leverage... Anyone know this title/author? Thanks! - Joseph

Thanks Jesse! Look forward to meeting you and others!