All Forum Posts by: Jack Cross

@Andrew Cabrera check out activedutypassiveincome.com good resource ebook and podcast for veterans getting into real estate investing.

@Russ O'Leary why not ask to visit her current apartment? See if it smells like smoke or there is any smoke damage.

@Karl Kauper @Karl Kauper what are your goals? Cash flow or appreciation? You could probably find a small multi family in Bushwick for around 1 Million. You’re probably not going to be cash flow positive in most areas of NYC though. If you want cash flow over appreciation you’ll have to look either in the South or Midwest. Plenty of cash flow cities in FL GA TN MO TX OK.

Looking for a second investment property. I've heard good things about Memphis TN. Eyeing a property very close to downtown Memphis that could be used as a STR. It seems to have a decent Airbnb history/good cash flow. Wouldn't be as good of a deal if it had to be a LTR but would still cover the mortgage. Any thoughts/advice one way or the other?

Thanks!

@Danielle Wolter thanks! I think the cash out refi is probably the best option. Will have to sit down with a lender to see how much cash we can take out. Also have a discussion with my wife about our own risk tolerances.

@Jack Orthman Thanks for your response. I have seriously considered multi-family. The issues is two fold with selling the properties. The rental is in the UK so we’re pretty much at the bottom of the market now with because of Brexit. The rental income is very good though and actually went up after a remodel. Our condo is my wife’s dream home. Great neighborhood and schools. I don’t think I could get her to part with it and we’d probably lose money since we recently purchased it. Could very well be worth it in the long run but not a gamble I have the skills or knowledge to take with confidence at this point.

Hi BP!

Basically noobs here. My wife and I own two properties. One rental property (in Europe) and our condo (New York). We recently took 33% equity out of the rental to purchase our condo. Our rental is paying off the remortgage and still cash flowing. We own the condo outright now. What is a safe strategy for leveraging the equity in our condo to begin building a RE portfolio here in the US? Helco? Mortgage on the condo? I have excellent credit. I know I need to sit down with some lenders but I’d like to get some feedback as to what to ask for going in.

Thanks!