All Forum Posts by: CJ M.

@Kevin Cross

Obviously you're going to get varying answers to this question, but from what I have seen, many flippers do not have a W2 job. Because of that, they will flip a few properties throughout the year (in between their buy and holds) to supplement their income.

@Dale Miller

6-10% from what I've seen

@Tony Zhang

In that case I would not flip a house now. Instead, I would recommend spending the next 6-12 months (min) educating yourself. Keep reading BP, watch YouTube, read books, join your local REIA, talk to other investors, save money, study the market you're interested in, etc., etc.

@Dale Miller

Yes. "Up" the purchase price (assuming it'll appraise a little higher). Use the extra cash for closing and down payment.

@Kyee Bo

Anywhere in the midwest. I will say that your 6% CoC return goal seems pretty low for $300/mo in cash flow. I shoot for $200/mo+ cashflow with 50% -100%+ CoC. Just food for thought. Best of luck

@KATHY H.

Is this a conventional loan or commercial/portfolio loan? If the latter, 5% is not unusual at all.

@Tony Zhang

When you say "no experience," what does that mean? For example, have you educated yourself about flipping? Do you study and read about the industry? Do you know people who can do the work or can mentor you? Do you know how to run the numbers on a project? Etc.

@Courtney M.

I'll be the contrarian, but I'll never understand why people want to start with out of state investing (unless in CA, WA, etc). Can it be done successfully, yes, but there is so much risk in this business already, doing it out of state just adds another level.

My recommendation is to do your first rental in your own backyard to learn the business. If that's not an option, perhaps ask yourself a sobering question "how truly committed are you to succeeding in REI?" If you are 100% committed, consider moving to an area that will help accomplish your goals.

My two cents. Best of luck!

@Gage Downey

Your construction background should serve you well. Considering you're looking for passive income, the BRRRR strategy could be a great option...unless you can easily/quickly flip the house for a good profit.

One thing I learned the hard way is, commit to a strategy before you start. The rehab needed for a flip, can vary drastically from the rehab you do for a buy and hold.

Best of luck.

@Jack B.

I can only speak for Ohio, but I've been in touch with Fair Housing on numerous occasions and have been told that an ESA or SA is treated the same when screening tenants. Because of this, I've put together a form that tenants can complete if they have an ESA or SA (I also sent it to Fair Housing and they said it was good to use!).

Date: _________________

Name: _________________________________________________

Property Address: __________________________________________________________

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Fair Housing Act (FHA) and Americans with Disabilities Act (ADA) - Reasonable Accommodation for Service Animals (SA) & Emotional Support Animals (ESA) Questionnaire

Source: US Department of Housing and Urban Development/ FHEO Notice: FHEO-2013-01

For additional questions please contact: (INSERT PHONE NUMBER)

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Yes or No Answers Only

1. Do you, or someone residing at the property with the animal, have a disability? (i.e. physical or mental impairment that substantially limits one or more major life activities?) __________

2. Do you, or someone residing at the property have a disability-related need for an assistance animal? In other words, does the animal work, provide assistance, perform tasks or services for the benefit of a person with a disability, or provide emotional support that alleviates one or more of the identified symptoms or effects of a person’s existing⁸ disability? __________

3. Can the person in need of the SA/ESA provide documentation from a physician, psychiatrist, social worker, or other mental health professional that the animal provides emotional support that alleviates one or more of the identified symptoms or effects of an existing disability? ___________

4. Is the person(s) in need of the SA/ESA willing to testify in a court of law that the provided information above is “true?” ___________