All Forum Posts by: Jim Rivell

Also using Stessa and yes it is free for now. There are some specific reports that are behind a paywall and I believe the plan is $16/month. We only have 2 properties so this gets the job done. The platform is always evolving and has already changed once since we started using it 8 months ago, just FYI. 

@Wesley Pittman,

How was the process to challenge the appraisal? We just had an appraisal come back slightly lower than expected, but not enough to go thru challenges of trying to get it re-apprasied. I'm curious if these "challenges" I mentioned are even challenging at all. How was your experience?

Great up and coming area of PHL. Crazy what happened to I-95 right in that area! I'd also be curious to see a response to @Eric Greenberg's question and dig deeper into your Cash flow/ROIC numbers 

Great deal @Wesley Pittman! I own 2 student rentals myself and they are cash-flowing machines. Have you begun the refinance process?

I think there's 2 parts to your question. In theory, would you be able to do a refinance as you described? Possibly. I think you'll run into trouble with banks not wanting to refinance a balance so low, but you might be able to find someone interested if you have good relations and if you look hard enough.

The other part is is this worth it for you. As mentioned above, closing costs are not free and if this is only to increase your cash flow don't forget rents will also appreciate between now and 15 years from now so the cash flow would be naturally improving. When the time comes you'd have to weight the options of is the increased cashflow worth the struggle to find a lender and pay closing costs. 

 Agreed with Bryce here. Starting where you have a slight advantage is good for your confidence analyzing deals. But, to be devils advocate, don't wait so long you get analysis paralysis. Jump in!

I believe the BRRRR strategy is alive and well, but it definitely does not grow on trees like it might be made out to seem from some social media influencers. Investors have to get more creative and go deeper to find better BRRRR opportunities. I've seen Jamil preaching this at BP for a while now.

I have 2 properties i'm using RentRedi for. So far so good. The only friction pain point is having the tenants download the app and set-up an account, otherwise it's an awesome platform worth exploring for rent collection among many other features.

PS: I think there's a sign-up code with BP that might be able to net you some added benefits.

I'd also add to try different things when starting out and see which avenue really suits you and your partners' learning style the best. Listen to some podcasts, read some recommended books, attend local meetups and if after a few months you realize that while listening to podcasts you're sometimes left wondering what you just listened to then re-allocate that time into another avenue. Just because others recommend books/podcasts/YouTube channels doesn't mean that's the way you have to learn.

As for recommendations, BP is a great starting point. Check out the shows that were recommended above and scroll through their library and bookmark episodes that are appealing to you. Attending REIA meetups will give you the best insight and teachings into your local market.

I’d echo the sentiment above. I bought a bunch of business cards first starting out assuming I would be dishing them out like Candy at meetups etc, but reality is when you make a good connection the contact gets saved directly into your phone bypassing the need for a biz card. I have a handful of cards I’ve gotten from others at meetups and they’re collecting dust on my desk.