All Forum Posts by: Tucker Cummings

Hi @Tyson Sicat start networking to build your team. Tell everyone what you're doing and start networking with people to get your team in place. If you have a good property manager, they would probably be able to connect you with a good agent. Also, don't overcomplicate it. Real estate investing is easier than what a lot of people make it out to be. Find a decent house in a decent neighborhood, run numbers and make sure it cash flows, then buy it and rent it out. Get paid while you wait for it to appreciate, then sell it or refinance it later to get a bigger and better investment. Rinse & repeat. 

This might be the unpopular opinion for this thread, but I definitely think a property manager is the way to go. Not just from a filling the unit perspective, but also they can make recommendations, deal with any legal issues, get maintenance requests filled, etc. It's definitely transformed RE investing into a true passive investment for me. 

I'm new to this, very much in @Patrick M. growth/tough years. I got my first rental in Dec. 2019, I'm at 2 right now, with 3 under contract. Even though I'm new, whenever my friends ask me how its going, I always say this is easily the best financial decision I've ever made. 

Hi @Devon Mason, are you saying that the refinance isn't going to pay out the amount of your hard money loan? For example, you borrowed 75k on the hard money loan, but you only received 65k from the bank refinance and now need to come up with 10k.

If that's the case, you'll have to find a way to come up with gap. Do you have cash reserves? Do you have stocks you can sell? Can you take a 401k loan? Can you borrow 10k from a family member or friend and create a longer term note with them? Can you restructure your loan with the hard money lender to stretch out the gap? Probably not what you want to do, could you sell the property as a flip for a profit (probably last resort)?

You might have to get creative, but these are some of the things you can think about to make up that gap.

Hi @Elijah Householder, I'd encourage you to definitely buy right now. Per a few previous comments, yes the market is absolutely hot right now, but consider a few things: 1) If you can make it work in a tough market, you'll soar and be a beast in a down/easy market. Use this time to develop criteria and make very smart, conservative investments. 2) Do you only buy stocks when the market is down? I hope not, you probably do some form of dollar cost averaging and then invest more heavily or take advantage of market dips. Why would RE be any different? The amazing deals will just be harder to come by, but that doesn't mean you just don't do anything. You just have to smarter than the next guy. 

I asked a very similar question a few months ago on here. The overwhelming consensus was to keep the money in the market, mostly because it would have the tax deferred growth and I would avoid the prepayment penalty.

Could you put your money back into the 401k and then just take a loan against it? You’ll have the access to capital but won’t have to pay the prepayment penalty. Plus you’ll be paying yourself interest on it.

@Tri Le congratulations on your success so far! Looking forward to seeing an update when you actually hit your milestone!

As far as the plan goes, anytime I have a big project or goal to take down, I write down every step that needs to happen between now and the end. I’ll also fill in who I need in order to help me get there. Once the plan is down, I start executing.

@Andrew Carlson Propstream has a tab that does the skiptracing for you. As far as skiptracing LLC's, I know it can be done I'm just not sure how to do it. I'm sure there are people in the forums that could get that answer for you though!

Easiest in my experience is to pull the list from PropStream and skip trace it. Then use the contacts to create a multi channel marketing plan consisting of cold calling, direct mail, email, etc.

It’s work up front, but you only need one.

As of last Saturday I’m 28 now and My biggest regret was that I didn’t house hack my first house. Didn’t even know that was a thing people did.

Whether you get a SFH or a small 2-4 unit, having your mortgage subsidized by other people paying rent is an amazing way to produce more wealth earlier in your life. You can then use the money you would have put towards mortgage towards saving, investing in the stock market, other rentals, etc.