All Forum Posts by: Jarred Sleeth

@Matt Schelberg Glad you got it under contract! Looked like a screaming deal for whoever was able to pick it up.

We used them on our last deal. I can't say that everything went extremely smooth, there were some bumps along the road to getting all the initial paperwork through their underwriting and some issues with the appraisal being ordered. But, after it was all said and done, they did make some efforts to get everything closed and I'm willing to work with them again. Their fees were much less than I've seen around, and they have been honest albeit a little slow. Regarding another posters experience with the inspections, AFAIK, those inspectors are not apart of the company so it should not reflect on JCF.  I was very pleased with my inspectors, and the draws came in a reasonable time. 

I may update this post after we close on our next deal. 

@Ned Carey Yes, there are rules of thumb that are commonly used (though this one I've never heard). I think what I was trying to get across was not that they don't work, but they aren't always going to apply. The best thing you can do is be familiar with your market, and deals will be more apparent with practice and experience.  

Really, real estate investing is far too intricate to be broken down by a bunch of rules. Every deal is going to be different, and using some weird rule like this to analyze all your offers is only going to prevent you from making any money!

But, more houses for us though, right guys?

Welcome fellow Marylander! 

Hey @Damien Dupee,

Baltimore, IMO has a very poor selection of small multifamily properties. I'm not invested in those so maybe someone who is can chime in, but my experience has shown they are usually in bad neighborhoods and poorly constructed. The good ones tend to be too expensive to be profitable. There really isn't a big selection to choose from.

If you were to go this route, I'd recommend finding something that needs work, something you can add value to. There are plenty of resources here on BP if you search for 'value add' 

Good luck!

We like to keep 300/mo per property, though it seems like that is very market dependent. On a typical BRRRR deal, there are a lot of factors that can change that cash flow number such as how cheap you bought for, property ARV, market rents, rehab budget in relation to purchase price. It is definitely possible to get those numbers, but it comes down to buying RIGHT in the first place. Again, that can also be market dependent as I see many other investors getting much lower DSCR even with putting down 20% and they are happy.

You got it! You'll enjoy that Gary Keller book, too. First book I read and first one I recommend as well.

Good luck

This is a tough one, because there are far too many tips to choose from. But I think it's very important to remember that in terms of wealth creation, slow and steady wins the race. Focus on your plans, take the necessary steps to reach well thought out goals, and don't rush. There are too many mistakes to be made here, don't over leverage!

@Tim Porsche its good to have a 5 year plan, but what's your 10 year plan? 20? Thinking of the ultimate end goal will help you further your short term goals and really tighten up your strategy. It is here where you will be able to determine if your 5 year plan is right for you.