All Forum Posts by: Jake S.

@Dan Gauthier Haha its like 50 and rainy today!

Yeah I'd love to chat with you. Send me a message when you can

Hey Brian! Check out 

Ridge Lending Group

https://www.ridgelendinggroup.com/

They have a new HELOC program that I think is amazing. They can lend nationwide as well.

Yeah this is to compensate for the time that the building will sit vacant, which it will at some point. Keep the funds in the business checking/savings account.

If you study the area, youll be able to find the vacancy rate average in the area. 

No do not increase rent (if you even can based on the areas rent average) just build that as an expense

So youll generally budget for

1. Principal, interest, taxes, insurance

2. Vacancy - 5%
3. Repairs - 5%

4. CapEx - 5%
5. Management - 8-10%

 Dan! Glad to have you here. How's the heat in Phoenix currently? Still tolerable?

I focus on the multifamily side but started off a few years back after reading Brandon's book and bought a few SFH and duplexes :)

Have you considered Kansas City MO as well? Love that market and it is growing.

Brandon's first plan is great!!

Hey Devon!

Yeah people love reading about struggles and solutions from real people. That'd be a great place to start. 

@Jason Inks Whatever works and what you feel comfortable with :)

Yes! Let me know if you do in the future, I know a lending group with a great HELOC product

Is it possible? Yes!! Would I recommend it necessarily? probably not, unless you know your numbers and know how to raise value in a short period of time

There are several ways to do it, one of my favorite being get a loan as usual for 75% and see if the seller would be willing to lend you the down payment (the other 25%) upon closing. This would allow the seller to continue to earn money from the building but still be able to sell

You can also see if the building is owned free and clear and if the owner would be willing to do that sort of deal.

What's up Joseph!! That is a cool field! How do you like it?!

Love to have people like you on BP, makes it even better.

Let's connect sometime!

Hey Jason! Happy you can be here

Will your home in Washington cash flow if you have it as a rental? Are you confident it will? Just want to be sure it doesnt end up costing you money

I have a SFH in kansas city as a rental (I live in MN) and I have really had a good experience with it, it's in a solid area that cash flows. KC is a good area for a mix of cash flow plus potential appreciation and the market has seen 6% growth year over year.

I'd connect with a realtor who works with investors in the area and have them set you up with auto notifications when properties that meet your criteria hit the market.

You can get solid SFH in the $125-$200k range in KC

Hey Linda! Looks like you have ample amounts of repairs/capex set aside, which is always good. I would say the loan interest rate will likely be more around 5.5% due to rentals having higher interest rates. Down payment will likely be 25% not 20% due to it being duplexes

How confident are you on the area and the rehab costs?