All Forum Posts by: Ken Naim

@Sam Leon Living in South does pose it challenges for paint especially if your near the ocean. So far I've found that the quality of the paint is more important than the color. I usually go with the lighter colors as you mentioned but by the best Sherwin Williams paint within reason. Make sure your painter doesn't quote a higher one and buy the cheaper stuff or water it down. Use a painter that does enough volume to get the best rates, it can be as high as 60% off.

The have the painter use a sprayer, it gets better coverage and uses less paint. Finally make sure to prime and use 2 coats. It costs more but it'll last much longer and be more even all the way through.

@Evelina Khaimova you can look but only buy one that makes sense as a long term rental as the condo board can change the short term rental policy at anytime. You don't want to get stuck in a situation where you can't cashflow on it if the board causes issues.

@Jason J. Short answer is when you can afford it. If you can afford 5 of them, you can buy 1 9f them. I bought a Porsche Macan S, a few years back and love driving it every day. Stupid purchase financially but worth it. Paid cash for it with profits from real estate. My net worth was similar to yous at the time

Money is meant to be spent but only after it is earned.

@Frank A Castro Thank you for your service Frank. House hacking as you mentioned is an investment and most investors will tell you only a small percent of offers get accepted.

So first of all, don't get discouraged. Most of us have been there. The VA loan takes longer to close in addition to the stringent inspections and many multifamily owners being investors themselves are not keen on the timeline and many know if they'll pass the va inspection or not. It maybe a blessing that you didn't waste time or money on a property that wouldn't pass.

In a seller's market, seller's will take a slightly lower offer, rather than a VA loans which have a bad reputation. I recommend, making sure the offer mentions that your situation, that you are active duty being deployed, with a young child etc. There are many sympathetic people out there and it might make the difference. Also a $5k increase over asking will add $21 to your monthly payment and may be enough along with the note.

Remember even with a break even or slightly negative cash flow, you get the mortgage paydown, tax benefits and the rents will go up over time. Plus the money you save on rent and the piece of mind that a landlord can't increase your rent.

Along with the advice others gave you to look off market you'll find the right house.

Good luck with your search.

@Maria Taylor Hi Maria,

1. Yes it is doable

2. Real estate attorney will depend on the area your in. NY definitely, Florida not so much.

3. Yes they can be in the same LLC.

Good luck and let us know how it goes.

@Daimyan Hutchison Buy the big items, cabinets, flooring, appliances, paint, tub, toilet etc. Let yhe contractors buy the small items, lumber, caulk, tile adhesive, baseboards, plumbing materials, drywall etc. This allows you to pick the high ticket items you like without markup and let the contractor choose the materials they work best with which saves time/cost.

@Steven Sprague I've fluctuated between being aggressive and conservative over the years. When starting out I benefitted greatly from being agressive. Then being conservative helped to pay down debt and secure me through rougher times. Repeat a couple times and now I'm back to aggressive.

@Steven Sprague Hi Steven, don't wait keep looking and if you find another deal go for it. If this deal comes through it may takes or months or possibly never. Courts are backed up and slower thsn usual due to covid and probste court is slow to begin with. If you get into a situation where you have moe deals than time or money there are solutions, you could flip it as is, wholesale it, partner, finance the rehab, hard money etc. Don't waste time by waiting snd don't lose money by passing on a good deal

@Todd Llewellyn Welcome Todd. Thank you for the offer. No questions at the moment but will keep you in mind.

@Whitney Ortiz Inspection periods expire in florida unlike CA where they have to be waived by signing a form