All Forum Posts by: Alex Keathley

@Jake Garrity

Beats the stock market all day long and you got a majority of your cash back. Great job Jake! 👍🏻👍🏻

@Luke Carl

Interesting take. I think you make a great point! When I see all five star reviews on anything, I am skeptical. I think the response and how you handle the interaction with the consumer after really goes a long way. Word of mouth can really make or break a business. That person who left the bad review could tell one person of the bad experience and that person could tell two people, etc.

If you handle the situation and make it right, they most likely will not speak badly about their experience to others. You may not have a returning customer, but you still prevented the spread of a bad reputation. Who knows maybe they will return for another stay to give you another shot. This time they may give you 5 stars and renounce their first review. Wishful thinking, but you never know! Thank you for sharing!! 👍🏻👍🏻

@Ellie Perlman

All great points, but IMO taking on a 20+ unit with no experience in networking, no management experience or REI experience in general is a recipe for a disaster. If one were to jump right into MF I hope they are well versed and connected. It's a dog eat dog world in this industry. I see where you are coming from for sure though Ellie! It makes sense to avoid SFH.

@Brandon Miller

I was in the same mindset as you when I started. I guess it's all of those Dave Ramsey videos that I had to watch in economics during my high school years. Lol If you're wanting to get Financial Freedom quickly, you're going to want to leverage. Principal pay down by tenants is one the best factors about REI. Hope this helps! Good luck in your journey! 👍🏻👍🏻

@Jake Garrity

Great work Jake! You hung in there and have a great cash flowing property! Not too many first time investors would have hung in there for ten months with COVID going on as well. Bravo!! 👍🏻👍🏻

I just have two questions for you. What was your overall COC Return and were you able to recuperate all funds with cashout refi?

@Stephen Predmore

Dang! That’s what I’m talking about! Great to see you taking advantage of the Covid shutdown. Not too many people were at that time. Great work! 👍🏻👍🏻

@Nick Reinhardt

How much will the rehab set you back? Will it affect your overall reserves for Capex? If it will not, and your comfortable with your market during this time of year, I don't see why not. Might as well knock it out if it will only take six weeks IMO. Hope this helps! 👍🏻👍🏻

@Keith Shadle

Anytime Keith! It depends on the bank of course, but I have seen out of state investors have great success with portfolio lenders. To heighten your chances of being approved, I would go the LLC route and potentially partner with someone you trust in that area. Good realtors and property managers will usually have a list of portfolio lenders and investing partners you could get a relationship established with. It's not going to happen overnight, but you could just be a couple meetings away from being able to scale much quicker. Share this story and your plans with everyone you talk to and you're going to get a shot! Hope to read a follow up post about your success later! 👍🏻👍🏻

@Keith Shadle

I was in the same boat not too long ago brother. You got the persistence and determination down to hold on five to six months with a conforming lender. You also have good eye for the price point in that market to get almost all of your money back on your first try. Great work all around! But, imagine being able to get your cash back four months sooner and also only have to worry about factors like DSCR, cash flow, and reserves. The only thing better than a great portfolio lender is private money and when you start out not too many people will take a chance on you with private money. I only bring this up because it completely changed how I structure my business. Trust me, it is worth the plane ticket and the hours you will spend calling bank to ask what their requirements are. Hope this helps! Keep it rolling Keith! 👍🏻👍🏻

@Keith Shadle

That’s awesome Keith!! I would call that a success for sure!! I have one question for you though. Do you think using a regional portfolio lender with no seasoning on a cashout refi would have been a better route? Thank you for sharing your experience. I think a lot of investors could really benefit from reading it! 👍🏻👍🏻