All Forum Posts by: Salvatore Lentini

@Jaron Walling - I recently sold some single families and refinanced a bunch of other properties.  Take advantage of the high prices right now through a sale or refi.  Then you can use that money for better investments.  Not only are prices high now but many sales are as is, cash, quick closing.  That's just as important as getting top dollar!

@Joanna Dake - if you have a specific question I can answer.  Asking for suggestions is too broad as well.  I could write for hours on suggestions.  That's why I developed my online course for aspiring investors.  There are so many helpful tips, hints, strategies but they are not applicable to everyone.  Everyone's situation is unique.  Financing, available time, skill, knowledge, goals.... these vary from person to person.

@Tajah GQ - I can help but need a specific question.  Feel free to message me.

@Account Closed - you need to figure out the financing end.  With bigger properties comes bigger down payments.  You need more liquidity and higher net worth.  If you don't have that you need a partner that does.  You also need a way to find the deals.  There are a multitude of ways I go over in my online course (Brokers, Marketing, Networking, Local Real Estate Groups).  Making the leap from single family to multi family is easier than making the leap from zero rentals to your 1st rental!

@Colleen Goldstein - When I was buying single families I would use private lender money and buy the properties cash.  I would rehab them with cash as well.  Then I would refinance with a bank, pay back the private lenders and own 100% of the property.  I tried that at first when I started buying multi family but as the deals got bigger it became harder and harder.  The carrying costs were too high and it felt like I was walking a tight rope with fire underneath.  So I switched to partnering with private lenders.  Instead of monthly payments I give them equity in the deals.  This way it doesn't cost me money per month at first.  Then when we start cash flowing they get their share and I get mine.  Yes, I get less but I've been able to scale very quickly to multi million dollar deals using this method and ironically with less risk.

@Franklin Barnes - you definitely don't want your numbers to be too tight.  If they are, the slightest hiccup (like say a global pandemic) can ruin your finances.  Maybe you can find a money partner?  Someone that invests and gets equity in the deal instead of monthly interest payments.  When the property starts cashflowing or when you flip it, they get their percentage of cash flow or profit.  Yes, you make less money but you also don't put yourself in a bad position.  And it greatly accelerates your ability to grow.

@Jeremy Woody - as I just responded to someone else, house hacking is a great way to start.  Make sure though if you are buying a duplex that the numbers work without you living in one side.  Too many people view it as a way to live at a discounted rent/mortgage.  Then they move out and the property doesn't cash flow.  So now they are paying rent or a mortgage somewhere else and their "investment" property is bleeding money each month.  Do the math as if both sides were rented.  Would it cash flow?  If yes, then it's a good deal.

@Nicholas Liebig - house hacking is a great way to get started.  As far as finding a place to buy as an investment, do you live in that area?

@Joel Betances - you can message me your specific question regarding hard money.  Happy to answer and put you in touch with lenders I've used.

@Patrick Flanagan - congrats on your baby girl and congrats on getting started investing!  If you end up buying an investment property that you don't plan on living in, reach out and I can put you in touch with lenders I've used to grow my portfolio.  They only do non-owner occupied loans though.