All Forum Posts by: Sean Carroll

@William Camacho - good for you! This thread hasn't been too active but I'm looking for a manager as well. Curious with your single fam - what's been your findings/experience regarding the recent ban on short term rentals that the county says they are enforcing in Volusia County? Did you get the license from the city? Or are you in an area that's zoned for STR?

@William Camacho - congrats on the purchase! Did you buy a condo or a single fam? 

Hi @Krista Goodrich - I am a little late to the party here but came across your post. Do you still have that STR group you mentioned? I have been actively looking in the Daytona area but have been limited to the few condo buildings that actually allow weeklies, and I'd be curious about the other opportunities you mentioned. Thanks!

I've done both. I started big and got crushed. Then I reset and started small again. Mr. Cardone's content is wonderful and I love his philosophies, but the bigger you go, I highly recommend having a larger cash reserve fund.

Also, I would NOT invest the entire 85k if I were in your shoes. If I were buying a $150k house, I'd keep at least 5-6k in cash on the side for example. If it were $300k asset, I'd keep at least $12,000 in a reserve fund. That's just me.

I'm extra conservative like that because I learned the hard way that on my first deal or two or three, I didn't even know what I didn't know. My philosophy is I'll gladly give up some "upside" in the beginning, to preserve more capital and learn.

Going big once you know what you're doing is smart. Going big too soon can pay off big, or crush you in a hurry.

It's a risk tolerance thing really and the ability to withstand unforseen financial setbacks that will keep you in the game.

Lastly, single family vs multi family is another discussion. I think you can still start small(ER) with a duplex, and reap the benefits of having 2 tenants under one asset roof, but also not get in over your head. 

Good luck and happy investing!

Congratulations! Best wishes and keep us posted on how it goes!!

What do you know now that you wish you knew when you first started?

Do you have a team? If so, how did you find awesome team members and how do you keep them?

How do you handle those "gut check" moments when something happens with a property?

My questions are more leadership/mindset related, because I think as a new investor, these are the things that can really accelerate or sidetrack folks. Of course numbers, analysis are very important too, but these types of questions also I think will attract conversations that can really help you grow as an investor. 

Welcome to Bigger Pockets!

Welcome to BP! I say everything I own is for sale...if the price and terms are right.. lol. 

In all seriousness though, I have changed my mindset on that. I used to never want to sell anything, and now I try to run everything through the filter of:

 What are my specific goals? 

 What are the opportunity costs of selling vs. not selling, and how does that impact my goals

I think holding and controlling great assets is key, but selling is sometimes the best play, or even 1031 exchange, because refinance isn't possible or some other factor.

Great question!

Once you've rented it out, it is no longer a primary residence by definition. However if it's paid off, and you have the income to qualify for a home equity loan or line of credit, you can absolutely use that equity for a down payment or to pay cash for an investment property. The interest rate may be higher on it than it would be if it were a "primary residence" is all, and you will likely only be able to get up to 75% of the appraised value as cash, vs much more if it were a primary.

Of course this is all subject to your credit score, debt to income ratio, etc. 

Hope this helps and welcome to Bigger Pockets!

Neil - you and I are in the same boat. Did we meet at an event? I feel like we did.

I am with RW now as well and have a call with their customer service manager to deal with some communication issues. 

My mom has properties with Alabama Rental Managers (Chad is the contact) - she has had a good experience with them so far. My rentals are section 8, so I am hesitant to move managers again until their leases are up.

Keep in touch with me on this. 

Congratulations Jorge! I commend you for hanging in there. Sounds like it was worth the wait!