All Forum Posts by: Nikki Grizzle

@Joel Odegaard Welcome neighbor to BP!

One option, if you have decent credit, is a personal loan. We have used it for properties under 30k. The interest rate was on par with what private investors were asking anyway. Plus we had the funds in less than a week.

@Eric DeVito The worst thing you can do is let negativity get in the way of your success. One thing I kept hearing over and over is Do Not listen to anyone who can't even tell you all the different types of real estate investors or explain cash flow. Negativity always comes from those who don't have a clue about REI. The best thing is to sit down a year or two from now and show your parents your portfolio. Sometimes people only believe what they can see. I went through the same issue with my Mom. My dad was, and still is, supportive. My Mom was convinced we were going to be bankrupt the end of this year. REI is exciting and there is nothing like being able to share your experiences with your family. But sometimes family is the worst to share those experiences with. I made that mistake of telling my mom everytime an offer was accepted on a house, to when we closed, to when we put in new flooring, fixed a roof, painted, had an issue with a tenant etc. All that got me was more negativity and more stressed out.

Welcome to BP!

We are looking for a certified gas technician who can remove an old gas stove for heating and install a brand new one in our rental. So far it seems like finding a technician to install a gas stove is impossible. The property is located in Henderson, NC. The tenant is giving us a headache however, he is only home on Saturday and Sunday so that is when the work will have to be done unless he finds someone who can be home for him. We have not yet ordered a new gas stove so any recommendations would be great. Central heating and cooling is not an option at all. We would like to get this done ASAP. 

As a millenial myself I still believe anyone regardless of age or where you were born can achieve. It depends on how bad you want it and if you are willing to put in work to get there.

We are looking for a heating contractor for our rental in Henderson, NC. It is tenant occupied so we woulf like to have this done as soon as possible as winter is approaching. Heating is gas and the unit is very old.

We have a 5/25 for 3 homes. 2 of the homes the bank let us put into 1 loan. We are at 5% right now which is not bad. From what we have heard from every investor who has used them is that they always lower your interest rate after the 5 year, so long as you always paid on time, unless you just do not keep up your property. I really think it may depend on the bank when it comes to Balloons. 

An LLC is important in my opinion. Many have indicated that it is a waste of time if you barely have any assets but at the end of the day you still want to protect the little assets you do have. We set up our LLC when we got our first home and in the process of setting up a second. I would also get a team in place as Jim Wilcox said. Having a team that you can trust and always be readily available is crucial. We learned that very quick. As far as financing, definitely find a bank that is investor friendly. There are many that do not pick at everything and DTI is not as important.

We are looking for a Property Management Company in the Craven County area. Not looking to hire until sometime next year but wanting to have one in place.