All Forum Posts by: Joseph M'Mwirichia

@Andy Nathan walked a fix and flip opportunity that I am generally very excited about. Now underwriting it.

So many ways to go about this. Is this still an opportunity you are pursuing? If in the past, what did you end up doing? #keepSMASHING 

 It's a crazy time indeed. You could get creative with selling options and move the property with seller financing/lease option deal with a decent  non-refundable down payment. Properties are sitting partly because bank financing is paused, this could work to get around that. As for the capital gains, a 1031 play would mitigate that...but then put you on a clock.

@Teresa Matias so much great advice already, but I am yet to see someone suggest a left side approach. With that high of a valuation, would you consider selling it, locking in the profits and using that 💰 to pick one or two projects from a stronger cash position?

Great question and value...will also start these refi conversations/relationships now.

@Joe Cassandra true dat, some idea is better than relying purely on historical projections. This also raises the importance of having multiple exit strategies going in. #keepSMASHING

Ahhhh...I am suggesting that you consider getting a commitment from whomever you are going to refinance the rehab with, for what % of new appraised value they'll give you and other requirements like stabilization period, etc. You will then be able to better determine your spread, what carrying costs you can handle, and back into the HML specifics.

That's a very sober approach my man! Even as I get going, I am super conservative on growth and will factor no more than 2%. I will take the plus on that all day though!

@Michael Wayne You had me at Detroit! Massive congrats to you and your team. Auburn Hills is a still a great place, even after the Pistons left town. I'll be back up there in November, a meet up and visiting the site would be epic.

Super inspired by this. My goal is to first cut my teeth in value add multifamily and the graduate to ground up projects. Kudos again Michael!

@Amanuel Yohannes nope