All Forum Posts by: CJ M.

@Brandon Pickens

You could have him quit claim the property over to you with an agreement stating you will pay him after you take it to a lender and do a cash-out refinance. There's definitely risk in doing that for him, since you don't have an established relationship with lenders, and what if the property appraises less than 75K?.

@Denver J Lobo

Option 3, use portfolio loans

@Teya Beradze

What REI tasks are taking up so much of your time? I work 40-50/hrs. per week at a job, and also have 25 doors that probably only take up a few hours per week to manage. It's hard to make a recommendation without knowing more about what areas you're inefficient in. That said, my guess is you are trying to do everything. If that's the case, you have to build a team of people who can do a lot of the tasks for you.

Also, as with any business venture one is trying to be successful at, it will take sacrifices. How bad do they really want to succeed? Some people talk the talk but aren't willing to change a darn thing. Depending how fast you want to grow, and how successful you want to be, the reality may be that you have to give up time with your family, or time at your job, or time doing "everything else" in the short-term.

@Ashley Budyak

The best advice I can give (assuming one has a good foundation/education in REI) is just "start!" I cannot tell you how many people I've heard say "I want to do this" or "I want to do that," or "I'm going to do this many deals," or "I'm just waiting for a better deal." They never do squat because of whatever fear is holding them back. This business is not stress-free, nor is it risk-free. For those who are "waiting" for a time when everything is perfect, they need to just work a W2 job instead. Those who succeed are those who are willing to take (calculated) risks, and not just talk...they learn to be comfortable being uncomfortable.

@Whitney Hutten

From my understanding, the OP is new to this. Will a private/HML loan someone like him (with no track record) money...and at decent terms?

@Nathan G.

Spoke with attorney. Seems the CARES Act/Moratorium applies when federal money is involved...so in this case, the grant being provided to tenant by YWCA. Since I would be evicting for something other than non-payment, I can still serve them.

@Nathan G.

Thanks. Yes, I'm going to check with my attorney tomorrow. I have a portfolio loan on the property...not sure if that matters. Also, would cities allow some evictions but not others? As I mentioned, I was just in court today and there were a bunch of evictions going on. Just not understanding why those would be allowed, but mine would not be (atleast according to the letter I received).

Hello, so I'm confused about something. Courts have been hearing eviction cases in my area for about a month. I haven't had to evict anyone since last year, but I was in eviction court today as a "representative" for a colleague/landlord who could not attend.

Ironically enough, I now have to serve a tenant tomorrow for having an unauthorized pet. They receive assistance from the YWCA, which recently sent me a letter saying that eviction moratoriums and the CARES act were in effect until August 24th.

Can I still serve/evict this tenant? I'm confused since I was just in court witnessing evictions, but this letter says I need to wait until Aug 24th.

@John Williams

Deciding how much cash to have available in case all h*** breaks loose in the winter with COVID and tenants not paying rent. The more cash I keep, the slower I can grow.

In fact, Trump was just speaking today about the next stimulus package saying he wants to keep people from getting evicted. Only time will tell what that means.

@Ben Pasculano

I'm not a lender but I'm pretty confident there's a seasoning period for when you could refinance it (assuming you used tradition financing to buy it). BRRRR usually works best when cash is used to fund the purchase and rehab. That's why it's not called FRRRR (finance, rehab, rent, repeat, refinance) lol

Perhaps try and find someone to loan you the money.