All Forum Posts by: Connor Mullen

@Don Gouge thanks, I see your from TN so assuming you don't know too many local banks in the chester county / delaware county region (right outside Philadelphia), but if by chance you do please let me know if you have worked with any. This is currently the path I am going down. 

BP - Thank you in advance for any expert suggestions. I will try and organize my thought process; I have a plan in place, but would love the hard working community of BP to shed some light.

The Questions:

1) what is the best way to scale

2) what is the first step I need to take in order to proceed with scaling

Situation

As it stands currently, I live in my primary residence, with 6 rentals (8 doors) so a mix of single / multi. I have used nothing but my own financing for all of these properties. All of the loans sit with different banks as my main mortgage lender sold all the loans off to Wells, US Bank, etc. I have not purchased anything in the last 6 months saving up money. I have a lot of equity built in the homes over the last 3 years through remodels / improvements etc. All properties are cash flow positive outside of one (my primary) but the cashflow covers the mortgage expense.

With all of the options available I have bounced between working with a lawyer to restructure the LLCs, building a relationship with a hard money lender, refinancing all properties if possible (that would require more research as I don't have a relationship with a local bank), and scaling by looking into an apartment complex.

I know the answers will vary, but thats why I am posting to see if any scalable solutions are like the plan I intend on moving forward with. I want to view any and all solutions into consideration. So, what would you do if you were me in this situation?

feel free to PM me as well for all you coaches out there

BP - Thank you in advance for any expert suggestions. I will try and organize my thought process; I have a plan in place, but would love the hard working community of BP to shed some light. 

The Questions: 

1) what is the best way to scale

2) what is the first step I need to take in order to proceed with scaling

Situation

As it stands currently, I live in my primary residence, with 6 rentals (8 doors) so a mix of single / multi. I have used nothing but my own financing for all of these properties. All of the loans sit with different banks as my main mortgage lender sold all the loans off to Wells, US Bank, etc. I have not purchased anything in the last 6 months saving up money. I have a lot of equity built in the homes over the last 3 years through remodels / improvements etc. All properties are cash flow positive outside of one (my primary) but the cashflow covers the mortgage expense.  

With all of the options available I have bounced between working with a lawyer to restructure the LLCs, building a relationship with a hard money lender, refinancing all properties if possible (that would require more research as I don't have a relationship with a local bank), and scaling by looking into an apartment complex. 

I know the answers will vary, but thats why I am posting to see if any scalable solutions are like the plan I intend on moving forward with. I want to view any and all solutions into consideration. So, what would you do if you were me in this situation?

feel free to PM me as well for all you coaches out there

Evening BP,

I will be interviewing a number of property management companies over the next few days.

I was hoping to gather thoughts / questions / things to be aware of, from my fellow investors that have gone through this process before.

What is your most important thing to know before working with that specific property manager?

Any insight would be greatly appreciated.

Morning BP,

For all the Philadelphia (and surrounding) local investors, what are your thoughts on the surrounding suburbs and counties? Conshohocken is pricy, but over 60% of the population are renters - anyone see success there? Media is seeing more small businesses pop up, with also over 50% of the pop being renters.

Would love all thoughts and opinions on what boroughs have been drawing your interest.