All Forum Posts by: Jason Kim

@Emily Shay I have made some contacts in the area but haven't found one I plan on using yet. I found a great PM company though that has resources for rehabs. I sent you a connection request. I'd love to connect with you. 

Looking to connect with local contractors that can handle handyman level service calls all the way up to full renovations in the Memphis area! These are B to C level neighborhoods, SFH's around the 1200sqft range. All built prior to 1960. Give me a message if you'd like to connect! Or let me know if you have any recommendations in the area. Thanks All!

@Brent Barnes if it's an obsession and something you really want, you'll find the time for it.

I hear quite often on the BP podcast to not do your own rehab work and to not self manage. But other episodes contradict the other by stating the opposite. To build sweat equity and increase cashflow via self managing and doing some of your own labor.

Is this advice for different investors? Let's say one person has a 4 unit portfolio and the other has a 40 unit portfolio. I can see it making sense on the larger scale to outsource these jobs. I am just confused as to why some say to never do your own work and others say to do some if you can.

Thoughts?

@Michael Baum thanks for the input. I've thought about flips, but I have not put in enough work to find below market properties to make the numbers work. 

I've thought about buying a lakehouse, but isn't the occupancy based on the season here in our state? Meaning there would be major vacancies for winter months. I'm having a hard time committing on a lakehouse type of deal because of this reason. What has been your experience with your lakehouse? 

Hi @Michael Baum, yeah advice I have been getting is split down the middle. All for, or All against. 

Then what investment strategy seems most reasonable to you as far as our local market goes? BRRRR? Buy/Hold?

Hi All, 

Has anybody invested in the condo market in the Tacoma/Seattle area via short term outlets (VRBO, AIRBNB)? 

How has it been? Are you able to offset HOA costs and cash flow at all?

My home is approximately at $390k-400k. My 30 year mortgage is at a balance of 240k and loan started in 2017. Bought the place for 270k via an FHA 5% down. I have made no extra payments since the mortgage.

Now, I am considering refiancing into a conventional and move to another home via an FHA. My goal would be to decrease my monthly payments so that at worst I break even. At best I cashflow. I really want to keep this house as a long term investment because it's a newer highly desirable family home close to many schools and jobs. And I am emotionally invested into this house because I feel like I got into it for a good price with such low money down. And I see this neighborhood growing in an already great location!

Would anybody suggest paying a good chunk of money into the loan towards principal prior to refiancing? By a chunk I mean 40k. I have enough to put that down and cover closing cost of a new mortgage. Or would this money be better used elsewhere? I want to move out to a new single family home via an FHA and put only 5 percent down again. So I'm not worried about forking out cash for that either. I'm thinking the money would be better placed in the house intended for a rental. Now I understand the cash on cash may not be that great since I have been paying mortgage interest and principal for 5 years and would be putting more money towards principal. But I am not too concerned with that as I am investing this house for the long term. I feel like if I'm patient enough, the investment will pay for itself. Should I invest this money into the house? What would you do with it in my situation?

Sorry if it seems like I am all over the place. Im a rookie trying to figure all of this out. Suggestions? Thoughts?

@Nicholas Zaharevich thank you Nicholas! I love the BP community. I end up connecting with local investors like yourself! Congrats on your third home, I will be there one day. I definitely wouldn't mind heading south to Oly for some events/networking. I'll check that page out. I hope we can connect in person one day,being that we are in the same area. Its awesome to know there's like minded people so close by! Good luck on the rest of your ventures!

@Douglas Spence thank you! At the moment, I have not identified a property management company. I plan on managing it myself, as it will be my only rental. I am seeing the management of my property as a learning experience. That way when I do need to outsource property management, I'll know exactly what to look for and have better knowledge of my rental market. I will have the experience to self manage if needed and save a few bucks. 

As far as loans go, I am looking to simply lock in a lower interest fixed rate and decrease my monthly payment to optimize cashflow. This is a property I plan on keeping for the long haul. I have briefly spoke to lenders but I am still learning about all of the financing options available to me for my situation. There's so much information out there. I just need to find what fits my situation the best.

I hope to provide some good updates in the near future! Thanks Douglas.