All Forum Posts by: Jacob Lapp

@Kyle J.

That’s a good point. How about for not close friends?

@Todd Rasmussen

That’s a good point. I personally wouldn’t have paid someone which forced me to learn it on my own which was extremely beneficial to me. It took quite a bit of hours for me. Maybe I should push my friends in that direction and be an asset when needed. Thanks!

@Cody Barna

Thanks! I agree, that’s why I’m hesitant on asking. 2 guys I’m working with are close friends and I would never ask them for money. They have helped me out plenty and I enjoy helping them. Definitely potential partners.

The third isn’t as close of a friend but I still enjoy helping people in general. This post wasn’t necessarily about my close friends but just in general helping people going forward.

I had my license active for a year and helped a few people buy homes. All while doing my full-time job that is pretty demanding. Which is why I reverted to a referral agent. Eventually I would like to specialize in investment properties but for now I ‘m just trying to help people who are interested in getting started.

@Anna Swartz-Lopez

Thank you! That is great advice!

For the short term 2 year financing, how is that normally structured?

Hey everyone,

In the last year I have completed my first 2 deals and now have 5 units total (living in one).

In the last 2 years I have immersed myself in books, podcasts and this forum and have gained a lot of knowledge. My prior experience has made me pretty good in the fixing aspect to increase rent. I also have my real estate license in PA which has helped a lot too.

When I talk to my close friends about the details of what I’m doing, to most of the smart ones it’s a no brainer to get started at this age (low 20’s) if possible.

I’m currently working with 3 friends, they are sending me deals we analyze them together, run numbers and I answer any questions that I can. I’ve put them in contact with a good network mortgage, title, insurance, inspection etc. Schedule showings going through with them and am really trying to help them get started on the path that I know will take me to financial freedom.

I worked something out with my broker so I am technically a referral agent at this point but when I buy a house for myself he gives me a higher commission, because I didn’t want to be spending all the money to stay active ($150 a month) to $150 for the year as a referral agent.

Anyways, my one friend just closed on his first multifamily and for the hours and hours I spent with him. Which I was happy to do. I might see a check for $500.

I didn’t have someone helping me through my first deals and I think even though I’m new to this I add a lot of value to my friends getting started.

It doesn’t feel right charging a friend for guidance but when my phone is going off non-stop all hours of the day. It feels like I should be charging..

My question is should I be charging for this type of service? If so, how much?

Thanks in advance!

Hey everyone,

Just bought my second multi family and things are going well!

My path/plan has been as follows.

Bought first house/ triplex with first time home buyer 5% down conventional by claiming residency for a year.

Bought my second house/ duplex with 15% down conventional claiming residency for a year.

My plan is now to use my FHA loan 3.5% down on a larger 4 unit building. (They have been scarce)

I’ve been walking around my new neighborhood and scouting out possible leads. I have come across a few great looking 5 unit buildings that I would be very interested in.

I know over 4 units is considered commercial my question to you all is

1.) Could I buy a 5 unit with the intent to eliminate the 5th unit and make a bigger 4th unit and it be considered residential?

2.) (If 1 is impossible) How could I go about structuring owner financing that is a win for the seller and myself?

Thanks in advance!

@Charles Carillo Thanks! What resource do you trust for checking vacancy rates?

In the market for my second investment property. A listing just came up. 2 buildings (1 duplex) and 1 is a vacant doctors office with 6 exam rooms with an apartment on top.

Does anybody have experience renting a doctors office? Is it hard finding someone? Will this be a commercial loan because of the office?

Any tips and info would be appreciated!

Thanks!

@Merritt S. Well said. Thanks!

@Amir Estimo I'm involved already but yes i think that is a great safe strategy for building wealth