All Forum Posts by: Justin Elliott

I just want to say good for you for thinking like this at 18 years old.  Where did you get the motivation from to think about financial freedom at such a young age?  Go get it!

So just so I understand...you need help coming up with half of the down payment on the deal, right?  Are you thinking private money loan or partnering up with someone?

Try setting Cozy rent payment system. As long as they have a bank account they can use that software and I've always had success with it.  

I wouldn't do it.  Either way you've got a VERY LOW rate.  Invest the money that you would have bought down the rate with.  Even a marginal return will be better.  

Apartments.com is good but remember that's just what they are asking for not what they are getting necessarily.  My best advice is to consult a trusted property manager on comps.  They typically don't want to tell you a number that they can't.  A good property manager will give you a conservative number that they really believe they can achieve.  Get tight with your PM!  Good Luck!

I recently withdrew all of my eligible 401k money through the CARES act.  You have to have been negatively effected by COVID to do it.  Talk to your CPA or an attorney (or both).  Then put that money to work!!  You will be taxed over three years times.  You can't invest SDIRA money into your own deal. 

Hi Javier,

I think it's a question of how much capital you have and how active you'd like to be. Turnkeys will be less work but how do you get into your 2nd deal in order to start building wealth? So If you have a lot of capital and just want to park it somewhere consider turnkey. If you are trying to make something out of nothing consider BRRRR. Partner up with someone if you don't want to do the work but still want the benefits of the BRRR strategy. Good Luck! - Justin

@David White

All LLCs to answer your first question.

On the second one. I'm not sure if this answers your question but we formed 4 LLCs on our latest syndication. This was just for one property. So there are a lot of layers just on this one deal not to mention other deals with separate LLC structures.

@Jordan Burnett

Hi Jordan

We are under contract on a Fannie deal and they are requiring 1year of debt service in reserves. We are also at 65%LTV so the banks think a combination between high reserves and low leverage is a safe play right now.

@Carliss Robinson

Check our Solo401k.com talk to Rachel. I point my investors to them because they do both solo 401ks and SDIRA so they can truly point you towards what’s best for you. I personally did an eQRP but it’s expensive and I’m not sire it’s worth the extra cost.