All Forum Posts by: Chad J Muse

I want to continue to buy and hold with single family, duplex and multifamily, while scaling up the flips for capital, eventually moving into commercial. 

New to REI ( about a year). Still working day jobs, my wife and I bought 4 sfh last year. 3 buy and hold, one flip. Flip almost ready for market, 2 of 3 fully renovated and rented(duplex and sfh renovated, one turn key). We also have our resident house and our previous residence which is now rented. We also manage 6 other rentals. During my learning curve, we have burned up our cash. even though we have built up our equity and cash flow nicely with rentals. We want to scale up. I was working on an owner finance of 10 unit, but he is not coming around yet. So, in the meantime, I am building a relationship with our hard money lender we are using for the flip. I am building a portfolio to present to private money individuals i know to see if they would invest with us, just to cover down payments. Is this the right way to go? I am also thinking about a partner. How do I go about finding a partner at this stage of the game?

Any advice will be greatly appreciated.

Chad.

Based on pro forma rent roll, it should be somewhere in the ballpark of 800. We are rural so Not many comparables. Bank was talking 6.6cap average. 

looking at an 8 unit(2/1) and a duplex on same property with room and ability to build additional apartments. 

Owner willing to owner finance for a year. Currently needs a lot of work. Class c at best. only 4 units occupied. My plan is to bring up to class b. I want to offer 325-350k(What he paid in 2004) he just wants out. I would pay all closing and  paying him what he is bringing in on rent right now. About $2600/month, so he doesn't lose any cash flow. Then pay him full price in a year after refi with construction loan. Property can rent for $1000/unit when rehabbed. It needs about $200,000 in rehab pretty safe to say. Maybe more. Town wants me to do it and bring in better tenants. Still doing due diligence on the building of new units. I can bring a couple units up to par pretty quick just to add some cash flow. I don't want to fill all the units yet because I want to be pretty close to empty when rehabbing, so I can bring in totally new upgraded tenants. It has a pretty bad reputation right now.  What do you think? 

Anyone have experience with Ground Floor group for hard money loans?

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*This link comes directly from our calculators, based on information input by the member who posted.

Thanks. Yes SFR. No utilities. Paid by tenant. Most likely will BRRR. IF it happens. Closing on cash out end of month. May not be there. They go fast.

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*This link comes directly from our calculators, based on information input by the member who posted.

Thanks. looks like I need to talk to HR. 

I am still employed and paying into 401k. Just exploring options for Roth. I have seen where you can use your roth for investment purposes and contribute more into a roth with profit from investment.