All Forum Posts by: Jonathan Bonck

I agree with @Jieh Larson

Get a house in the heights with a garage apartment. Those rent out for almost $1500 if they are nice.

Hi Everyone,

I am thinking about buying a planner. Everyone raves about Michael Hyatt's full focus planner or Grant Cardone's 10 X Planner. 

I wanted to get everyone's pros and cons. Which one should I buy?

@Brandon Turner You are a big 10X guy, What say YOU?

Yes. I am trying to optimize and make this part of my investing much more efficient. One commercial policy would be so helpful.

Hey Everyone,

What has been your strategy with having 10+ buy and hold properties in regards to home insurance or dwelling policies? We are at 8 properties. But will be at 15 or 20 in the next 1-2 years. I am seeing that managing these single property dwellings is going to be a taxing thing once we scale up our business.

Do you have any input on when one should get a multiple property dwelling policies? How much does it cost? Who offers these? Any input is appreciated!

@Hongbing K. Great for you! I'm in Houston and the equity spread in most deals are pretty tight. so you will have to put some skin in the game. But you can find deals where your cash out of pocket is at the minimum. 

UPDATE

Hi Everyone,

Just wanted to give a quick update. We just closed on the cash out refinance. Learned a lot through this process. The appraiser that was assigned to our refinance gave an overly conservative appraisal. It came back at $103,000. I was frustrated. I ran comps again and showed it to the loan officer I was working with. He sent them over to the manager of the appraisal company. But the manager stood by his appraisers decision. Not sure if this is a trend going on in Houston. But the week before closing they did come up to $104,000. 

I was able to pull out $78,000. So this ended up making me come out of pocket around $3-5K. 

I would still call this a very successful rehab and refinance. Next time I will get better! 

I am very happy with my CPA. Ill send via message @Heather Hill

Thank you both! @Jose Martinez @Alex Saleeby

@Shanequa J. It was only on the market for about 10 days. It was foreclosed on a year before I bought it. It was vacant and empty. An investor had bought it with the intention of fixing and flipping but never did anything after holding it for 1 year. Then he listed it on the MLS. He wanted to get rid of it quickly.

@Denise Mayo-Walley I will refinance using a local bank. They will loan out up to 75% LTV for my first 4 refinances. These will be fannie mae products. 30 yr conventional at fixed rate.

@Chuck Webb Here you go!