All Forum Posts by: Willie James

If it were me I would pick 5. My reasoning is the time value of money. You have to discount the value of future gains. Appreciation and rents 10 years from now are worth less than the gains you have today. There are lots of markets that over a good balance of growth and appreciation where you could purchase with the capital you would have.

Also look into a reverse 1031 exchange, if you are interested in going that route.

If you already received  the rent for July and the unit is empty with the tenant having moved out, what is stopping you from marketing the unit with a move in date of August 1? You wouldn't have lost money because July rent is paid for. Are you asking if it would be ok to accept rent and begin a new lease with a tenant sometime in July (even though you've already received July rent from your former tenant)?

Never heard of them. How'd you hear about them?

Hey Chris somebody else just posted about this yesterday have a look here: https://www.biggerpockets.com/...

Do you have a property manager lined up? What does your lender think, are the local?  Those are two more parties that can look a the deal for you and give informed opinions. 

Have you asked Roofstock why they don't offer the guarantee?

As an aside, HOAs scare me. It just seems like they have so much power over your property, and can be 100% avoided just by not buying a property with an HOA.

Just curious, why did you decided to go with a company like Roofstock instead of sourcing a property yourself?

You've really only got three choices: equity, debt, or a mix of both. That is, will you provide them a return on their money and/or a percentage of the profit of a refinance or sale or rents. If it were me, I would make sure that when I found a deal that I wanted them to partner on that they understood exactly how they were going to make money and what the risks are. 

You don't have to sell yourself to hard money lenders. Your inexperience is paid for in the rates you will be charged; in return a good hard money lender will guide you through the renovation process which is the riskiest part of the BRRRR strategy.

Thanks for posting this, that's really helpful.

I would go with wherever I could build a reliable team. Start reaching out to deal finders (agents, wholesalers, other investors), lenders, contractors and property managers, "the core four". Just start networking. 

I would suggest start connecting with lenders as soon as possible. Besides loaning you the money, a good lender can help you separate good deals from bad and recommend other reliable partners in the area.