All Forum Posts by: Jeffrey Albaum

When first deciding to scale, I read a lot of books and listened to a ton of podcasts - but the most impactful decision for me has been to surround myself with people who have already done what I want to do. There is no shortage of people (especially here on BP) that have scaled their real estate investment businesses! I just get to go out and start hanging out with them, and the natural tendency to start thinking like them begins.

Also not an expert here - so I'd speak with an attorney, but this sounds like the best situation possible! 

As long as the property cash flows and you have ample cash reserves - go for it!

Congrats on being here @Ryan Schnitzler! I think a great place to start would be the book "Rich Dad Poor Dad"...it'll give you a great foundation from which to build off of!

If my property manager tells me it's a no go.....it's for sure a no go!!

Hey @Michael Macaluso! First off - congratulations! Cash out refi's are insane for a number of reasons, top one being that they're tax-free! From your answer of using the cash to buy another property - I would take the higher cash out amount and reinvest it. Your payment is about $100 more per month, but you get an extra $13k in cash (less closing costs). Assuming you leverage the $13k at 75% LTV, that's another $54k in purchasing power.....

Best of luck and hope this helps!

Hi @Shelia Stokes! All of my properties are out of state and I couldn't agree more with @Zachary Cummings in that finding a good management company is KEY. They will be your best resource for determining if a deal is actually a good one or not. Reason being is that their incentives are (mostly) aligned with yours. What I mean by that is if the property is in a rougher area, most PMs don't want to give themselves the headache of having to manage it, so most likely will advise you against that property. I'd definitely start by calling a few PMs in the area and interviewing them. Best of luck and hope this is helpful!

HI @Brad Knight - House hacking is the way to do it! Even if you can't afford a multi family, you can look for homes with basements that can be converted into a separate unit to post on Airbnb/VRBO, as a mid term rental or even a long term rental. Best of luck and hope that helps!

Hi @Kate Jones! Definitely no problem to have multiple properties share a bank account - you can use Stessa to track expenses for each property, which is super helpful! Also if you have an LLC, that should have it's own bank account. Basically any "entity" should have it's own bank account. Hope that helps! Let me know if you have any questions or concerns!

Hi @Trish Mccoy - I don't know for sure - but I believe Guesty for Hosts (or maybe Guesty for Pros) has a feature that allows you to do this! Hope this helps!