All Forum Posts by: Joshua Feit

Hi! Please send me the list of ATL properties, and thanks!

@Mindy Jensen Coolness -- thanks so much for the response, the fix, and for not taking that great feature away! Cheers, Josh

I went to look at my past reports (a feature that has been available for as long as I can remember), and suddenly this says it is a pro-only feature. (?)

Did you change what's included -- and, pretty please, can you change it back?

Hi BP,

I have been investing for three years -- I have 11 doors across 7 properties in Atlanta, and the portfolio produces a good bit of cash after all expenses and debts are paid.

More exciting is that a few of the assets have appreciated significantly, and depending on which ones I sell/refinance, I could come up with anywhere from $250,000 - $400,000 in cash.

Assuming a 25% down payment (?), it seems like I could potentially be in the market for  a commercial asset (probably small multifamily?) with a sales price of around $1M - $1.6M.

Here's my question:

I could quit my job and support my current budget (family of five with a modest, comfortable lifestyle)  if I could make monthly cash flow (after all expenses / debt service) of $7,000.

-Is this remotely possible with an acquisition at my price point?
-If so, any ideas about an asset type and/or market that I should be exploring?
-If not, any thoughts about a realistic investment purchase price that would yield this sort of monthly cash?

Thank you for your insights!

What's up BP!

I am a newer investor (holding 9 doors across 6 properties, and 1 active flip). I decided to get my real estate license so I can:

-Show myself listed properties
-Make my own offers
-Sell my own properties on the MLS
-Occasionally list/sell property for family / friends

I have completed the coursework, and have been studying like crazy for my state exam (which is tomorrow).

I am looking for a brokerage in Georgia that would be a good fit for me. Obviously, and especially considering my goals, I would like to find a brokerage without desk fees and other monthly costs. And I would also like to keep as much transaction money as possible.

My question:

Does anyone have any recommendations? Are there some brokerages that are better suited to the types of RE activities in which I would like to participate? Better to go with a larger firm? Or a smaller office? Any specific recommendations?

BP!

I am working on streamlining ordering items for house flips, like light fixtures, cabinet pulls, etc. Ideally, I would like to find a way (on Amazon / Home Depot / ... ) to create custom 'carts' that would work like templates. For example, I just open up the 'craftsman house lighting' cart, adjust the quantities of the items that are saved in there, and click order.

Is there a way to do that? And if not, what methods do you use to make it easy to order the same products over and over for different flips?

@James Wise You're right, and I'm right too. Just because you have an LLC doesn't mean you finance properties through it.

I finance in my own name, and when the dust settles, I quit-claim over to the LLC. Sure, there is an acceleration clause to think about, but I have never run into any problems, and I don't know any investors who have ever run into trouble with the bank calling the loan due.

LLCs are easy to set up, and I think it is good form to have one.

Cheers, Josh

Congratulations on your first deal!

I have two properties that are owner financed. The best trick to get owner financing is to ask! Many will say no, some will say yes. Ask enough, and you'll find the yes!

Benefits of owner financing include monthly income, making more money than the contract price over the life of the loan, and the tax benefits (as opposed to capital gains).

Good luck!

Hi! 

Friendly disagreement: I think you should have an LLC when you start out.

LLCs are very easy and inexpensive to file. With that in mind, why not just establish your LLC today? Go online, get it done in 20 minutes, you'll hear back in a week. Then, you're all set.

Go for it!

Hello BP!

I am currently working on the requirements to become a licensed real estate agent. I have no interest in becoming a professional salesperson; I am seeking the credentials to help me with my buy/hold investing.

TASKS I WANT TO ACCOMPLISH:

-I want a license so that I can let myself into listed properties

-I want to make my own offers

-Occasionally, I want to sell my own properties on the MLS / FMLS. (The titles to these properties would either be in my name or in the name of an LLC in which I am an owner / partner.)

MY QUESTION:

Once licensed, can I accomplish these items with an inactive license, or do I have to sign on with a brokerage in order to perform these tasks?