All Forum Posts by: Grant Thompson

Marcus,

Get started finding both. You will likely need a lender before you can submit an offer, but you should start looking for an agent that is the right fit ASAP as well.

Lawrence,

I have never heard of a paid program that was worth it. There are lots of free resources such as podcasts, books, local REI meetups, BP forums, etc. I suggest consuming as much information as possible via these sources.

Karissa,

You are correct, Garfield Heights requires a POS inspection to be performed in order to transfer title. Sometimes the Seller will perform the required repairs, but typically the buyer will assume the repairs which are required to be completed within 90 days of transfer.

Chris,

Really awesome story! Congratulations! We are working on our first deal as well, the momentum really starts to kick in and help scale the business.

What would say is your number 1 lesson learned so far?

Dyllon,

If you figure out how to pull this off, I'd love to hear more about it!

Hi John,

We typically use local credit unions/banks or hard money lenders. A lot of non traditional lenders will finance 5+ unit properties.

Kim,

Congratulations, great way to get started by turning a primary residence into a rental!

LaTonya,

Great job finding a deal! What are your concerns?

Matt,

Its a bit hard to tell with the information provided, but i'd calculate the Cash on Cash return for renting the property out and see if that metric hits your target. If so, then renting out the property can help you start building passive income. Otherwise, potentially sell it and look to reinvest it in other opportunities that would better support your passive income goals.

Joel,

From a purchase and rehab standpoint it looks like it is a good BRRRR. Based on the numbers, you should be able to pull out your capital in the cash out refinance. That being said, you need to be very careful about your ARV and rehab estimates before moving forward. Additionally, cash flow post refinance looks to be light which makes me question the ARV assumption.