All Forum Posts by: Kody Thompson

Great insights. I think so many of us fall into the save a few bucks to do it myself when that is just being penny smart and dollar dumb!

Great Job! Was this deal in Ohio?

Id just keep saving honestly and use a Heloc from your properties to put down on the next investment. 

Hard money lenders can work but you always have to be aware of not only the high interest rates but the points they charge as well.

Hope that helps!

Cap rate is cool and all but when evaluating an investment it comes second to 3-4 other points.

Yeah its really simple. Ive used Anderson Business Advisors to set up my Wyoming LLC which holds all of my other LLC's. They should be a great resource for you.

Cheers

Id go with LVP. If you put carpet in then you are going to have to replace it in 5 years anyway. Why not just go with LVP and never worry about it again.

Agree with you there. If you have 5 doors and you feel like you can manage them by all means go ahead! However I beleive the goal of Real Estate is to build Wealth. Wealth Equals time we can go without working so I think the real Questions is are you building wealth or working and missing out on time with your family/other investment opportunities.

I personally try to stay away from locations with public housing. Not to knock on those individuals but you dont usually get the best people in the neighborhoods 

I would make the lease out with the representatives name as he handles the missionaries living in the home directly. In addition this is a great plus as they will be some of the best tenets you will ever have. The rep also does clean checks I think every three months to ensure the property is being well maintained.

The only thing I would make sure you put in the contract is no bikes on the carpet as most missionaries ride bikes then store them inside so they do not get stolen and when they park them on carpet it can be a mess and a half. 

The Church of Jesus Christ of Latter-Day Saints will also be great tenets in terms of paying so I would lock that in as soon as you can. 

You can look at smaller community banks that may have other products to fit your needs. Another option would be to use a hard money loan to purchase the property and do renovations then get a loan through a smaller community bank again at a 90% ltv.