All Forum Posts by: Jeffrey Holst

Eastpointe

@keithjourdan it's in Eastpointe

I like Jonathan Frost at J.D. Frost and Company

Im in Chattanooga and looking here and also in South East Michigan.  I'd like to acquire another multi family.  My partners and I currently have a 32 unit under contract in Michigan but would really like to pick one up in Chattanooga or North Georgia.

Hey everyone,

Each year I make a list personal goals and work to make sure I hold myself accountable.  Many of these goals are private to me and my wife but a couple of them are relevant to the BP community.  

1) I plan to post a minimum of 120 times this year with a minimum of 10 posts in each calendar month.  For the purposes of this goal I count each response, blog posting or new forum post that I make.  So far I am at 3  (last year I posted a total of 1 time so this a major change for me)  I'd love it if some of you would keep me honest on this one.  

2) I plan listen to all of the BP podcasts.  I think I have listened to about 40 total prior to this year and if there is one that I remember well Ill probably skip it and move on but if I dont recall the details I am going to relisten to it.  Last year I read 62 books about half of which were on audible this year I am using my audible time for BP podcasts.  I hope to finish by June.  So far I have listened to 1-18 and am about 1/2 through show 19.  

 and now some real estate goals

3) Purchase 1 property in my Self directed Roth (just set this up in December by selling some stocks and moving the funds over to a Checkbook LLC Roth. So I am excited to track down the right opportunity and put that cash back to work. (its not a lot of money so Ill have to be selective but I think I can do it--ill keep you posted).

4) Purchase at least 1 property without a partner.  I currently have a bunch of partnership interests but I want to have at least 1 undivided interest in a property that my wife and I own outside our retirement accounts.  (This is in addition to the Roth property listed in goal 3)

Id love it if a bunch of you were to join in so if either of my first two listed goals seem like something you would like to do drop me a line or reply and get started posting/listening.  To listen to all podcasts is probably an hour a day commitment for the rest of the year but if you get behind you can always shoot for more time or start your year today instead of Jan 1.  

Good luck and let me know 

@Georgui Kasaev I have been investing since 2011 so it definitely wasn't my first deal but with that being said you can get to multi-families a lot faster than 7 years if you focus on them.  The main thing is is just getting out there and doing it.  You need to have a track record of some sort before banks are willing to loan you any big money amounts and that can only come from tying in with a partner who has a track record or by creating your own.  

I know there are other ways to buy multi-families be really once you get to quality assets above a certain level it becomes next to impossible to buy them with out a banks help. 

Good Luck

jdh

I got my license a few months ago in Tennessee and will likely add the Georgia License soon.  I finally chose to get mine when I was sitting at a closing table for a 12 unit thinking about how much money I would have earned had I simply gotten a license.  In that transaction I had simply called the listing agent and made the deal so he was able to get both sides of the commission which is fine since it came from the seller but next time I plan to split it with him if I can. 

I am in the Chattanooga area.

Hey @John Parshall Let me know what you found out about this.  I recently acquired some duplexes off highway 58 and I am not planning on terminating any leases but there are a few section 8 tenants in them and this issue might come up in future for me.  I haven't previously dealt with the Chattanooga Housing Authority.  

To my knowledge there is no requirement to renew so if the lease is expiring you should be able to terminate it but I could be wrong.