All Forum Posts by: Chad Kastel

@Deneuve Brutus

Your numbers look great as long as estimates, especially rehab, are accurate this seems like a slam dunk :)

@Grace Lerner.  Not at all.  You've identified a property, you've determined that it will make money.  Now you're attempting to determine the best path.  And since that depends on the financing rate then you need to submit both options.  You can discuss with each hard money lender whether those option will change the financing.

@Grace LernerAs far as hard money lenders you can just submit both proposals and see which one they will accept.  If they accept both, maybe they give you different rate?  Maybe the same?  Either way it seems like you have some good options on your hand and should try to navigate the financing to just make the most amount of money for your strategy.  Each hard money lender has their own set of criteria and experience and you can use that to your advantage.

The short answer is yes.  A longer answer is that make sure the numbers adds up so when your goal is complete you're taking steps forward long term, not backwards.  For example (assuming you don't have an appreciation strategy)  you were cash out re-fi to buy an additional property and you will not cash flow less especially long term.

Agreed. I'm not exactly sure what your goals are. But in general if you can afford to put a down payment plus have 6 months worth of expenses for the property and 3-6 month worth of living expenses then it probably is correct.

You should also consider looking in to an FHA loan. Also are you planning on staying in the area long term?

My wife and I are aware of the websites that evaluate school districts and give a score out of 10.  But we also understand that there are more questions to ask and not everything is about a number.   We just don't know all the questions.  Is there a book, podcast, or article someone can recommend for a couple trying to evaluate where to move based on the school district?

Hey @Alex Marco for me it's been slowing down the information overload.  I'm reading so much and listening to so much material is can be east to consume the information without retaining it.  I've had to go back and read several books twice with in a two month window.  I also needed to take better notes, take learning exactly like studying. 

@Kieran Lenahan.  Ditto on everything Nathan said.  I read David Greene's book and followed it step by step.  I live in South Florida and purchase in an area of upstate NY that I've never been with-in 3 hours of.

In terms of financing, starting with the big banks will likely get you the best rate and that have the ability to lend in most if not all states.  Smaller portfolio banks will be good for the properties big banks don't want to lend to, for example a mix-use property.  Make sure you find out the window that the inquires effect  your credit score and make sure you work to get all your loan inquiries in that window.

I'm not sure what else you should be considering, I don't know what you don't know.  And I don't know what I don't know.  Make sure you're conservative with your numbers and find out insurance quotes before you buy.  Verify every number the current owner/Landlord gives you, don't take them at their word.

@Jerryll Noorden.   Thank you for this motivating post.  I'm going to talk to my partner about learning and using SEO in the near future.  Would I be able to PM you for your contact information?  When I'm ready to move forward I'd like to be able to obtain the guidance you offered.

@Keith Shields.  I just went to the Best Ever Conference in Denver with one of my main goals to find someone to partner with in purchasing MF.    I was looking for someone who had more experience with me from an operational standpoint.  I've read, listened to lot of podcasts, have 5 doors, can analyze deals, and bring money to the table.  But nothing beats experience.  After determining the partnership was viable we have been going bullet point by bullet point identifying what each of our roles will be.  There is no room for ambiguity or non-communicated expectations.   In addition, we are going to develop a contingency plan in case we decide to not be partners anymore.

So what are your skill-sets?  What can you bring to the table?  Then identify what your weakness's are and find a partner to fill in the gaps.