All Forum Posts by: Christopher Mooney

An old college friend and I have decided to partner together to BRRRR properties out of state in order to grow as quickly as possible. We've already put together an LLA, and found a generic operating agreement online. But wondering if someone has a solid operating agreement they're willing to share? Or if you all can share some best practices for new partnerships? Would love to get some insights on this!

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I come to Columbus 1-2x per month for work. Would love to get in with some meetups! i'm an OOS investor with properties in CLE, but looking to expand. [email protected] > please send any meetup info!

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Columbus, Ohio

Quote from @Jimmy Lieu:

Quote from @Tip Mallick:

Hi Everyone,

I'm new to real estate and like the idea of house hacking and rentals.

I have been a case adjudicator at a housing tribunal and have seen many landlord issues regarding tenants.

Can someone point me to the best landlord-friendly states?

Hi Tip, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

Curious to know @Jimmy Lieu, is Columbus passing any of those crazy anti landlord laws that Cleveland is passing? Because their new ordinances are bound to push a lot of out of state investors to other places. Curious if there are whispers (or shouts) in Columbus about the same

1 Vote

Hey all,

I get realtor blasts from a realtor in Cleveland, OH. I've seen a couple that are HUD owned. The price points are enticing, but I don't know much about HUD home investing. And a forum search didn't turn up much.

Who's purchased HUD owned homes? Is there an inspection period, financing contigency, etc. allowed with these? Pros and cons? Things you wish you knew before executing this strategy?

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Thanks @Steve Vaughan! I'm probably just overthinking all this. but thanks for the sanity check here, what you're saying makes total sense!

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Hi all,

Running through metrics on some properties that are fully paid off. With this in mind, how would you calculate COCROI vs NOI vs ROE, etc if properties are paid off. They appear to be really similar to me, but just trying to wrap my head around this.

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Hi all,

I've been reading through Real Estate By The Numbers by J Scott and Dave Meyers. It's really thorough and a great read so far!

I'm caught up on their breakdown of NOI. They say Net Income = Operating Income - Taxes - Interest.

So if someone owns multiple properties, in theory we should be able to attribute how much you owe in taxes for every property individually? I've always seen it from my CPA as one bill, i.e. this year you owe $3000 over your 8 property portfolio.

Am I interpreting or thinking about this wrong?

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Quote from @Arlen Chou:

@Katie Miller great topic! I would say that the most people don't discuss the importance of having strong personal finances in place before spending endless hours looking for properties. The hunt is the fun part for most people, but the preparation for the hunt is what actually leads to success.

Interesting you say that the preparation for the hunt is what leads to success, because I'm grinding and scrapping to save every penny I can in preparation for the hunt, and it feels like I'm not making any traction. So good to refocus and realize this'll pay off in the long run!

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Quote from @Nicholas L.:

@Christopher Mooney

is this your very first BRRRR, or just your first time trying to fund all or part of the BRRRR with a HELOC?

Would be my first BRRRR! This is probably my biggest hesitation. I've got a good paying, very stable job, so I could likely eat the monthly costs of a HELOC for a while if things went terrible. Prefer to avoid that of course lol

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Quote from @Steve Vaughan:

Quote from @Christopher Mooney:

I'm just starting to research getting a HELOC on my primary residence to use for capital for BRRRR projects.

What gets overlooked that hurts new investors?

I saw a lot of new investors get shell shocked when their rates rose from 4% to 9%. I mean, we all saw which way rates were heading but investors were still 'hurt'.

We had the option of a 3yr or 5yr rate lock. When rates are good, explore a lock to reduce this uncertainty. I wouldn't lock today though with rates expected to be on a downward trend.

We took the 3yr lock at 4.3%. Could've done a 5yr at 4.75%. Floating was 3.8% for reference. Our lock is expiring this year so we will pay it off but keep it open as an opportunity fund.

We got a first position heloc on our paid for house in '21 right before my wife quit working for good.

Always secure some favorable credit before you quit or change your primary employment.

Given your experience with using a HELOC once, is there anything you'd handle differently, especially since we're in a different market and economic environment?

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All Forum Posts by: Christopher Mooney

Christopher Mooney has started 11 posts and replied 43 times.

Post: Operating Agreements & Best Practices for Partnership

Post: Reafco's Quarterly Meetup

Post: First Post - Landlord friendly states

Post: Buying HUD Homes

Post: Real Estate By The Numbers - NOI calculation

Post: Metrics for paid off properties

Post: Real Estate By The Numbers - NOI calculation

Post: What's something nobody tells you about Real Estate Investing, but should?

Post: HELOC - Most Important Things To Consider?

Post: HELOC - Most Important Things To Consider?