All Forum Posts by: Joshua Ryan Meador

@Chris Galindo

Any luck my friend, did you come across something that you found to work best? 

I would love to hear how the last four years have been.

Thanks!

   We have a great market in Cleveland for cash flow. I would take that and buy a few properties cash, fix them up a little, stabilize them and pull your money back out in 7-8 months or so. That's just me.. I have a lender In mind that could potentially help as well

Let me know if you'd like to see what we got in inventory!  

Either way, good luck my friend!

@Kiontray Davis

You know i would probably advise going on a team. I did it solo and luckily i had a manager that was there for me at the drop of a dime. The team will show you how to act and talk and get appointments and do contracts and make you ready. choose a team thats killing and doing what you want to do. I am confident in my skills but i feel they would be sharper if i would have taken the position on that team. 

Either way,   

I had goals to work the RE like i did my other job 10-12 hrs a day! On the phone, learning the basics, making my contact base, social media to the core! I did not set an amount as not to get to discouraged at the end of the year. took me 4 months at 6 open houses a month to get my first client.

with a team team they will give you leads, use that to gain confidence and knowledge and then spread your wings when your ready!! 

Good luck reach out with any more questons!

@Account Closed Yeah absolutely!! what side of town do you usually do business on? 

@Robert Matelski Cant stop now!! thanks for your support!!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $110,000
Cash invested: $2,300

*Got a triplex in cudell area with tenants already in who have been here for quite some time now. Real good tenants who brought their own washer dryer(they should stay for a while!) couldn't ask for better tenants on my first rental.......Smooth transition!!!
*Seller paid all closing costs on the fha loan
*Anyway i give a 75 $ credit for payment before the first(in order to make sure debts are paid--------WIN WIN for everyone

What made you interested in investing in this type of deal?

Well I knew multi would give me a better return.
I was only looking for a FHA fanciable property with 3 or 4 units only
It was the best i seen (condition wise) in months

How did you find this deal and how did you negotiate it?

I Met seller ( who was selling a 53 unit package and decided to let me cherry pick one of his before he sold it!
Seriously couldn't been any better

I did my own inspection and brought a coupe things up to him and i got him down 9 grand minus closing cost

How did you finance this deal?

FHA bank financed at 3.5 percent down....closed with like 2300$
Then when title transferred I got that money back from the first of the month and security deposits!

How did you add value to the deal?

Still working on it , going to finish out basement and refi some cash out.
Appraised 9 k higher anyway

What was the outcome?

Got my keys and moved in and started collecting rent!!

Lessons learned? Challenges?

Challenges --- trying to find something that fit my needs while having some sweat equity play but not enough to hold my loan up.
West side of Cleveland is a little older so the basements in some were pretty beat up
That was my main concern ....
lesson learned----SHOULD OF DONE IT SOONER!!!!!!!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

ME -- licensed realtor
Liberty home mortgage closed my loan ---Jake Donnelly

WOOOOWWWW ill tell you what! What a time it has been...

just wanted to let everyone know im good ( for the ppl that care) lol

So in my last 12 months ive done almost 2 mil already and pipeline is steady flowing.

I am happy to say I have now accepted a position as a closing agent at a NE Cleveland investment firm.

Did it all as a solo agent and i just wanted to say first to everyone here thanks for your words of encouragement and advice....This real estate has changed my life in so many ways...

I got my first rental and currently house hacking, my mindset is so unbelievably unmatched compared to fellow agents.

Things are finally turning around ( prayer hand emoji)

@Scott Smith

Just read your article. I do appreciate it.

I will read more into and find a lawyer to chat with soon.

Thanks again for responding

@Brandon Sturgill

Yeah it's definitely not an equity play. I was looking at it from more of a cash flow standpoint.

It was going to get me back to my real estate full time while I cut living expenses.

Unfortunately the deal fell through based on the basement inspection.

On to the next!

Hello all!

So I am in the process of buying a multi family.

This is my first one and I'm excited to pull the trigger finally.

The question I have and I have gotten a couple different answers, is when you finance a property based off a W-2 job they are loaning me the money. Not my llc. Correct?

So initially I can not close the deal with the llc securing the loan.

What kind of steps would you take to transfer the property to an LLC?

Also about how long Is the timeline for this?

If there are already tenants in there does that leave me exposed to litigation?

What would be the way you would approach this?

Are the laws different on this aspect in different states?

If so I am in Cleveland Ohio.

Thanks for your time my friends 🥂