All Forum Posts by: Tim Kelly

Hey Austin! Glad you’ll be dropping by! About one year ago, I was in your shoes, and took very similar action... reaching out to people before I made the military move to Pensaocla. You’re doing the right thing!

Awesome goals! Stay on track!

Highly recommend joining out REIA, "PIG."

We have a strong military presence here and there is nothing but opportunity! 

Let me know if and when you get to town to link up!

Douglas, there is a certain lender here in Pensacola that has been known to dominate the VA Loan and rehab loan niche.

University Lending 

Deborah Joslyn 

(Can’t post contact info...)

Google her and give her a ring if you have questions. She has TONS of experience. 

Let me know if you want to chat or link up to discuss. Good luck!

Austin, what golf course? Do you plan to do owner occupied financing (203k loan)? If so, I recently went through the process and can recommend a few rehab-loan friendly contractors. 

If not, there are quite a few reliable contractors around here to choose from. I’d love to assist. 

Jay that’s amazing! Huge congrats! What are you thinking about transferring that into!

Some great questions Matt. Most people don’t see the risk in leaving all the equity in your properties vs. leveraging one of the best wealth building tools around: the mortgage. 

Imagine how many seeds you can plant if you put a 30 year mortgage on those properties, leaving 30% equity in each, taking that cash, and putting down 20-25% on a handful of other properties (or small multi-families) and what those “seeds” would grow to be in a few short years...

Leaving homes paid off, in my opinion, are for those who don’t have much life left to live... (age 70-80)

All that equity in your home keeps the majority of the risk on you, money is illiquid, don’t get the same tax benefits, etc. 

Just another thought before you make your decision...

Thank you all for the quality feedback!

@Michael Le - Our potential guarantor's fee is 2% annum with a $25,000 minimum. Thoughts on that?

 Also, I think Jay vividly illustrated a worst-case-scenario situation as he described what would happen if the loan defaulted but you are exactly right.  IF you were guaranteeing a loan like this one, I believe that is part of the risk, as he won't have a dime in the deal (as of now) and is collecting his $25,000 annually just for showing his balance sheet. 

Do you happen to know anyone who would be able to speak from experience as a personal guarantor?

@Jay Helms Some pretty great answers.  We will have to talk it out because there was solid reasoning coming from both sides of the coin.  

If we decide to wait it out, it's a risk the upgraded tenant-base we are seeking may not particularly enjoy the original windows.

If we pull the trigger, its very difficult to determine what the ROI would be or how long it would take to regain.

I am leaning towards the "staggering" strategy and install new in the vacant units and plan to install them in the remainder as the units turn over.  

Tough one... we will have a much better idea next week once we have the bids!

Greetings BP!

We currently have an outstanding opportunity nearly under contract in the highly sought-after downtown Pensacola area. 

 *** Seeking JVs or equity partners (active or passive) ***

- 90 Apartment Units spread across three complexes 

- Occupancy has been hovering between 95% - 100% for quite a few years.

- Ridiculous value-vdd opportunity: rents dramatically under market, RUBS will be implemented, major expense cuts, etc.

- Debt financing is covered

- Professional Management team in place

 *** Seeking JVs or equity partners (active or passive) ***

Reach out with interests or questions and lets make some money together!!

@Bryan O.

Thank you for the honest feedback!

Thank you both! I do not yet have a website but soon it will be up and running. 

@David Dachtera, would you also recommend Go Daddy in my situation?