All Forum Posts by: Andrew Freed

The only way you will learn is to get your feet wet. I applaud the effort and the positive attitude. If you use this as a learning experience, the benefit could be invaluable for your real estate endeavors (far more than any monetary gain you could have made). Best of luck! 

I wish I had known that mortgage insurance is not such a big deal. Naturally, through mortgage paydown and appreciation, mortgage insurance disappears within 3-5 years. If I was aware of this, I would have bought a property sooner rather than saving for the "20% down" resulting in more equity in my pocket! 

@Kishun Barker This is great! I agree with a ton of peoples sentiments that you have way more buying power if you utilize a loans/leverage. You will be able to scale quicker and get 3-4 properties at very low risk since you will have so much equity. Nonetheless if you are utilizing cash to get a great deal on a property, a deal you would not get without cash then I say go for it! You have a lot more leverage as a buyer when you come with all cash and can even request lower prices at the convenience of closing quickly.

@Ron Brady - Thanks Ron! 

@Simon W. - Thank you, I will check it out. My plan is to pick up a multi-family every year for the next 10 years as well as pick up some long distance SFH's. My goal is to have 2 mil in net assets in the next 10 years.

This is great, good job on making the plunge. Just keep that momentum going and you will be a success! If you are considering AirBnB, I highly recommend listening to Podcast 364. Snowballing 6-Figure Short-Term Rental Profits in Passive Investments with Avery Carl. She has so much great advise, which I am sure will be invaluable.

Hi BP Community,

I am a new investor and looking to have my systems in order before closing on my first 3 family unit. Any advice on property management software? What do you use?

Thanks!

I just bought a 3 family in Worcester MA and am currently closing on the deal. I am curious if there are any other savvy investors in the area that know a good contractor or handyman that can do a few odd jobs for me? I was looking for some basic painting, flooring, minor repair. Thanks BP community, you are always so helpful! 

@Ben Stoodley I truly appreciate the advice. I will be putting some offers in with the goal of utilizing a BRRR strategy. I'll let you know how it turns out. Thanks again and have a great week!

Hi BP Community,

I am an investor interested in a couple properties on Auction.com and wondering if anyone has closed on any deals through this company / has insight. For the deals that I am looking at, it advises the following:

"Cash is the accepted payment. In some cases, hard money loans and lines of credit are accepted. See purchase documents for details. Why? You'll need proof of funds within 48 hours of winning the auction. Conventional financing cannot be used to buy this property."

For my particular situation I have the funds to provide the deposit in Cash and had a pre-approval letter from a private lender for this property (which is dependent on appraisal, title, and final underwriting decision), but am unsure if they will accept this as documentation or if I will be out my earnest deposit if I go for this opportunity. According to the P&S, I do have 30 days to close and provide the cash. Has anyone finalized a deal through this site before? Have any thoughts? Much appreciated!