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All Forum Posts by: Jake S.

Jake S. has started 44 posts and replied 828 times.

Post: New to the World

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

Welcome and good on you for getting started young.

Right now, just invest time into learning. I highly recommend the numerous books here on Biggerpockets and getting started that way.

For you, id start with househacking (search on BP to learn more) and slowly grow from there.

Best of luck to you man

Post: LLC set up for married investors

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

If only one person in the couple is actively involved, Id only have them as a member of the LLC. Keeps it simple!

Post: I'm trying to buy an apartment complex without having millions

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

Congratulations on your successful investment in a triplex! If you are interested in purchasing larger commercial properties, you may want to consider looking into financing options specifically for commercial real estate. Some options include commercial mortgages, SBA loans, and portfolio loans. It's important to have a solid financial foundation, with a good credit score and income, to increase your chances of being approved for these types of loans. Additionally, networking and building relationships with investors and lenders in the industry can also be helpful in securing financing for larger properties.

You can look at bringing in outside investors/partners to help with the initial closing amount. Remember, when apartments are underwritten, the lender wants to see experience and for the property to have a good DSCR

Post: New Investor based in Minnesota

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

Hey Amarion! Fellow MN'sotan here

Keep on studying and absorbing all the free content you can. At the same time, id definitely recommend building up a network and a solid RE investing team (Realtor, lender, insurance broker, attorney, etc.)

If you dont already own a home, id highly recommend some form of househacking as well. Its a no brainer way to get started on your RE investing journey

Post: Newbies introducing ourselves.

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

Welcome Ken! Glad to have you guys here!!

Post: 18 Years old, First Real Estate Investment/Recommendations.

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

I dont think itd be a bad idea to get your licenses but by no means is it necessary! You should definitely attend meetings and grow your network! 

Right now I wouldnt bother with cold calling. Id invest your time heavily into learning and absorbing all the great content on BP and the many books there are. If you want to own your own home, I 100% recommend House hacking either via renting a room out or buying a duplex with a FHA loan and living there a couple of years.

With the license, perhaps focus on your desired education first and foremost and get your starst in REI via house hacking

Awesome to see you get started!

Post: Need a tool to calculate deal returns

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

Hi Blake

This may be able to help. https://mypropertystats.com/fe...

Post: Range of DSCR rates?

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

This is a good resource for you! https://myperfectmortgage.com/...

Post: Introducing Myself & Question Regarding Vacation Rentals

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554

Welcome! This book is a good start

https://store.biggerpockets.co...

Post: Where did Cash Flow Go?

Jake S.Posted
  • Rental Property Investor
  • Minnesota
  • Posts 863
  • Votes 554
Quote from @Amber Gonion:

@Brady Ascheman the cashflow is deferred until interest rates come down. It doesn’t mean you can not buy anything, it just means that for a year or two you might not cashflow as well as you like. You will still have principle pay down, and appreciation.

If you can not wait then you can do like sone of our clients, buy, empty, remodel, rent at higher rates, and refinance, buy another. If you are not experienced in remodeling, then you will need a trusted contractor or hire a company like ours that assists in purchase, rehab, and management after.


 I couldnt recommend working with Amber and Rick Gonion enough. It's a no brainer.

Hoping to work with them again soon ;)