All Forum Posts by: Ben Freiman

I feel like there is no right or wrong answer to this. Your heart is telling you to pay it off, and financially it may make more sense to use your cash creating a better return. I agree with everyone else and I say go ahead any pay it off. Your lifestyle will change to what YOU want it to be, and give you so many more options, along with the fact that you will not be cash strapped either. And if, after a few years, you change your mind, you can always get a loan out on the property and start using that cash. Follow your heart. Good luck!

Yeah not too bad. I judge approximately $500 for every $100,000 in coverage. It’s a ballpark tho.

Starting up an LLC you will need to put the notes in your personal names and not the LLC. Definitely work with a lawyer to type up an Operating Agreement to suits both of your needs/goals. Should cost about ~$500 for everything. I like the idea of both of you putting your goals down on paper and signing it as a starting point to take to your lawyer. Good luck

Welcome to BP! You don’t need to spend hardly any money to learn here. Listen to podcasts, read the forums and soak it all in. A good way to start would be to read Set For Life by Scott Trench. Great way to get your mindset in line, so you can begin your investment career. Sounds like you know a lot about RE from being a realtor, so again this book should help with the mindset. (Someone needs to tag Scott cuz I can’t do it on the app) Good Luck!!

Hi Patrick congrats on the First duplex. If you house hack you can use the FHA loan with 3.5% down but you would have to live in one of the units, not sure if that’s an option or not... You could also shop around with different lenders, I get 20% down because I have a relationship with my lender... Partner up with someone to have them throw in some cash, or even get a short term loan from friends or family and then use the cash flow to pay them off. I’m sure there’s more options out there, but I’m not sure how far along in the process you are. Good luck!!

Hi Brian you are thinking of all of this correctly. I used PNC and did 20% down for 30 years. Typically banks will want 20-25% depending on the relationship you have with them. Granted I knew the broker I dealt with so I was able to get 20% down. Talk to more lenders and see what they say. Good luck!

I know in Columbus OH the water is the ultimate responsibility of the owner, so you. Not sure where you are located. Get on the city website and you should be able to find out who is responsible.

Congrats on making the plunge! Keep up the good work

Hi Kyle welcome to BP! I am an investor in Columbus, but originally from the Akron/Cleveland area. There is a ton of opportunity in the Cleveland Metro area. Sooo many people all within an hour drive radius (depending where you live), plus the rents are in the Grant Cardone sweet spot of $800-$1200. Some tips to get started is to ask around about lenders and agents. People will gladly share their recommendations and you can interview 5 or so of each and find ones that align with your goals. Starting with those 2 will keep you accountable in your property searches as they will be feeding you leads for analysis. It’s great to network and talk to other investors, so you can start with meetup.com as already suggested. Good luck!!

That’s great news! It sounds like you are plenty educated so you just need to dive right in and make it happen. When I first started, I talked to a mortgage broker to see what my options are and just learn about financing in general. Network network network! Then it’s all about analyzing deals and DO NOT be afraid of making offers. I was scared/excited for my first few offers and now I throw out offers all the time and really hope they stick (that means I get a deal!) It truly is a great ride and just like your W2 job you will have good days, busy days and bad days. It’s all about how you respond to those days. Good luck!!