All Forum Posts by: Steve Kontos

@Suzanne Player

I am currently in the midst of shopping around to refinance my apartment complex in NC and even that's challenging.  Due to the current pandemic, many banks are being very selective of who they lend to.  The fact that you are also looking to finance something on the smaller side (5 units or less) won't help either.  Truliant Credit Union was very approachable you could try them.  Also google local banks that are within a 10 mile radius of whatever area your looking to invest into.  Hope this helps.

@Jeff Lundeen

As a born and raised NYer I can tell you that things are not the same here anymore.  The ridiculous real estate laws mixed with infrastructure that can't support the overwhelming amount of people is just a recipe for disaster.  Personally, I am extremely happy I decided to invest out of state many years ago versus dealing with the enormous amounts of headaches you get owning properties here (I am generalizing as I'm sure this doesn't apply for everyone).  In my opinion it makes a huge difference when laws favor owners.

It will be very interesting to see where things go from here considering the storm of events that have impacted us (pandemic and looting).  

@Paul Wolfson

In my experience the best access to deals has always been through those that have real estate experience within the area.  This is exactly why establishing a team on the grounds is crucial.  I believe with a good team and system in place, you can invest out of state successfully.

@Aviv Harkov

Your questions really depend on what your long term goals are. There are some really great opportunities out there but if you lack experience, I highly recommend partnering on your initial deal.  You'll avoid certain mistakes and learn more without taking on the whole liability by yourself.

@Alex Yang

Under normal circumstances, I would say go to networking events and talk to real estate professionals who have successfully invested in BRRRR and flipping. Now with the pandemic, I would say keep reading and educating yourself. Try to find those type of people online and consider seeing if you could partner up with someone initially. You're still very new so I don't think going on your own is your best route.

@Arta Montero

That really depends on your real estate experience and what your goals are.  If you want to really scale up (especially because you and your husband still work), it might be best to take just some of what you have and partner up with someone. Learn the ropes and then repeat with another deal.  

@Brandon Coleman

While I do not know your full financial situation, I would find various ways to leverage.  Don't burn through your cash because cash will always be king as they say.  When I started out, I leveraged my credit to purchase properties.  It takes discipline and time but if done correctly, it's worth it.

@Albert Gutierrez

My current opinion is that we will get some real estate owners who will need to liquidate their portfolios. This will create some good buying opportunities for others.  I do not believe real estate prices will tank but we probably will feel the effects of it in some capacity.

@Malik Sesay

You can also borrow against it if you wanted to.  Just my two cents but if your just starting out I would not resort to liquidating your 401k.  There are various other ways to leverage without getting hit with fees.  Regardless best of luck!

@Leonardo Hernandez

Throughout this site you can listen to podcasts or read other threads in the forums that further discuss many different types.  Just make sure you choose one that makes the most sense to you and your financial situation. Let me know if you need any specific help with anything.