All Forum Posts by: Jeremie Torres

@Ozzy Sirimsi @Sam Lewis I'm sure they'll see this post soon. Good luck, Gage!

@Carmel Duffy at this point it doesn’t even matter who is responsible for which.

It would not make me sleep well at night if my tenant won’t respect that I’m running a business. We didn’t get to this point only to be taken as a joke.

Who knows what other infraction he’ll do or try to attempt. Sell the fridge and tell you he misplaced it? Late rent or not paying at all? Months of missed income while going through eviction process? Oh man let’s hope not.

I’m not trying to plant seeds for ideas but this gots to be addressed immediately before it gets outta hand. He needs to respect the businesswoman that you are.

@Nina Granberry If you don’t have at least 8 hours per day to dedicate working/learning the stock market, avoid picking stocks and timing the market. Research an ETF called VOO and see how you like it. Low expenses, very diverse. Setup a weekly recurring buy. Set it and forget it kinda thing. Keep that weekly buy on cruise control whether the market is up or down. Avoid at all cost to pay attention to the noise and the news about stocks.

This is all the principle I’m following from that good ol’ fella, Mr. Warren Buffet.

Though I’m not expert, I’m more susceptible listening and learning from those who are successful.

@Tim Jacob Going the BRRRR route on the next house, wouldn't @Eric Daniels have to go through the same issue he's having now down the road on the Refinancing part of the BRRRR? Cos if he is going through issues financing the next property now how does BRRRR helps on a refinancing part later on? Care to shed some light on that a little bit cos eventually BRRRRing sounds really promising. TIA!

@Devin Monroe let me go on another angle on this since most have dipped into your analysis with the numbers.

Here’s what I’m thinking, to turn over 1 or few doors to a PM, it would be really hard to get a rate lower than 10% to pay them. Could be even higher and yes they may/do take the first month pay if/when a turnover is to occur.

Now, 10 doors and up, might have a better chance to get a rate lower than 10% to give up to a PM. You’ll have a better leverage negotiating. No surprise to me if PMs are favoring an investor with more doors than a single or a few doors investors.

I’m set in stone to manage my first few doors myself. Got this mindset already to roll my sleeves up and manage my tenants. Im starting to build up a list of handymen and other essential players for maintaining properties.

All the best, good luck!

@Dan Wilson congrats! That’s awesome! Inspiring! Hoping to follow suit soon.

@Chris Mcdonald Congrats, my man! Sounds like an exciting chapter for you. 

I wanted to ask though cos I'm curious and trying to prepare myself on how I may want to tackle a BRRRR myself. I was thinking maybe I should pay a visit to conventional banks first to see if I'm bankable in 6-8 months if I were about to purchase a BRRRR project? Did you do something like that as well? I'm curious about your thought process about the refinancing part down the road.

Thanks in advance. 

Even weirder in the Philippines. I'm in contact with a high school friend, let's call her J, who is now working for one of the biggest developers there: Ayala Land.

Foreigners cannot buy land + houses unless you're a Filipino citizen or your spouse is a Filipino citizen. So for most foreigners, they can only buy a condo. J has been sending me listings of condos offered by her company and have it rented out or AirBnB. A property manager definitely has to come into the picture as you can imagine Manila is literally is on the other side of the world. 

Just as long as you're making US currency, you're a king/queen in the Philippines lol. You can buy a condo very easy. The newest high-scaled ones go for about the same you would pay here in the US but last I checked, the majority of investors don't target high-scaled properties. The popular spot is of course by the US Embassy in Manila. High rises condos are sold for an amount that would clock in about $400-500 monthly payment. 

No capital for downpayment? No problem, you can amortize it believe it or not and own the unit outright and get it rented/AirBnB right away. Direct message me if you'd like to talk/chat with J just to kinda see the ropes. You certainly won't have to buy, you'll just get to have some insights at least. 

Have you seen the youtube video from Alux of the best overseas country to invest in? Highly recommended. You never know when you venture into Asia. Great spot for vacations too if you're into that kinda thing. 

@RodgerCurbelo

It’s been a good year to learn. One of the lesson I learned is from the one I look up the most, Warren Buffet: you should never invest until you wipe off all of your bad credit/loans.

I used all of my savings to wipe off all my nearly 10k credit card debts by consolidating all of them then pay it all off with “gazelle intensity” like Dave Ramsey would say. In a couple of months, my credit debts are wiped out, I’m saving with even more “gazelle intensity” once again and seems like I’m saving double the speed that I recouped and nearly tripling my savings that I had to use to wipe out my debts.

My score went from low 600 to now almost at 800.

That’s just this year when all of this lockdown started.

Be very smart with that capital you have right now. When you profit from your investment while owing banks/lenders/ collectors, you’ll just lose your profit at the back end paying your bad debts.

Talk to a financial advisor. Most of the time, if you give them a rundown of your financial problems they usually guide you in what to do.

Bottom line: make yourself bankable.

I can tell you that this neighborhood is one of the best out there. Historic and all. George Peabody Library (Google this) is literally just some cobblestone steps away. The monument, you can go up there for $6/person. It's a tourist spot, though it doesn't get crowded given the city's rep. Diverse - lots of foreign students cos of Johns Hopkins music school. Also, lots of young professionals. Restaurants are just around the corners at every which way you go. I go past this property every morning I do my run/walk. I live right here and in my 2 years, yes there will be police activities but where is there not? For me, Mt. Vernon IS downtown. Mercy hospital is a couple of blocks away. 

I hope that helps as far as covering the neighborhood. My apologies for not covering the property as it is out of my criteria.