All Forum Posts by: Brit Hale

@Allende Hernandez hard to ague with Joe’s knowledge and points. Generally, I’d say don’t sell if you don’t have to. You could pull lines of credit off that property and use it as a tool, all while continuing to own it and enjoy varying amounts of cash flow.

If you’re able to buy more without selling (assuming a bit on your goals, forgive me if not accurate), then do that. Yeah, you could take that equity and pay cash or leverage it for mid west property for long term cash flow.

What are the chances that in 15-30 years, that Miami house will be worth double what it is now? Probably good, yeah? That’s the fun of real estate, no wrong answers, just a very extended game of chess. Best of luck with whatever route you decide.

@Daniel Sabato

Yes, acquiring property in Joplin, MO/SW MO. That is the answer to the question you asked.

Additional thoughts/opinions:

1. As others stated, what are you buying? Nail down your criteria.

2. Perhaps pick an area or two, rather than the whole country.

3. While I agree not to buy just to buy. As long as it cash flows and you see it working long term, sometimes a little momentum goes a long way. Market will go up and down over time, but if you had bought 10 properties in 2017, you’d look like a genius today. If you buy 10 now, you’ll look like a genius in 2025. If the market dips, you may hold off looking like a genius until 2030 or beyond, but in the end, you win.

@Joshua Bailey personal opinion- umbrella policy. I got an LLC because that's what you're "supposed to do." I find it doesn't do much for me, currently, as smaller commercial loans are often personally guaranteed anyway. Using the LLC, often just prohibits you from getting 30 year/long term financing with the best rates on the 1-4 unit properties.

@Linda Thomas how in the world did we get here? Looking forward to the days when the “C” word doesn’t have anything to do with real estate.

@Ira Sullivan I’ve got a client/friend that specializes in distressed/value add properties (currently at 500-600 units, I believe). I’m sure he’d be willing to take a look and possibly partner on it if you’re looking for that and/or needing an experienced syndicator to get financing past a bank committee, etc.

@Kevin Gallagher my friend, do your best not to get in your own way! We say “don’t step over dollars to pickup dimes.” Seller may not have done work as agreed; however, the work was done and the Seller saved a few bucks. Simply do a RE- inspection to confirm it’s done correctly and move forward. Then the only thing between you and some equity and cash flow is an inconsequential difference of how/who did the work. Assuming this in an investment property. You’ve got time and money into already, get that return coming your way sooner rather than later.

@James G. Great thread, I appreciate your level headed response to all sorts of answers from the group.

Tough spot for sure, especially when the most typical advice from BP in regards to interviewing agents is asking if the agent invests so that they are compete at to assist you.

This sort of situation happens from time to time. If you’ve got a solid, investor friendly agent, it’s likely worth sticking with it and addressing your concerns.

@Ankit Garg and still no debt, very safe. Always having the ability to leverage one or two of them to buy other assets as well.

@Bill F. Love the reply.

Good discussion overall, seeing lots of “I can do better,” comments. Perhaps they can. I feel that it’s not an apples to apples when some folks are comparing what they could do with the money vs. stocks/options, but hey, it’s their theoretical money to spend.

If I’m being honest, I have the same opinion of myself. I could post some numbers that reflect that as of now; however, the market is currently up and a rising tide lifts all boats.

I was really leaning toward the $10k/money at first, now leaning toward 1M.

Very thoughts provoking stuff!

@Maxim K. It’s not safer to have a whole year tied up with a problem tenant who doesn’t want to pay, especially if you renew and the tenant decides not to pay (which they’re already doing), that may be a real headache for you.

It seems like there are some issues with the property that truly do need attention and possibly they have some cause for their frustration. If they won’t let you in, it would be better to let them move and correct the issues and get a year lease from a happy, new tenant with a landlord/tenant relationship that starts off on the right foot.