All Forum Posts by: Jeremy C.

@Jovan Rivera welcome man, it’s a good place to get started. The scarcity mindset goes away once you see that there is more than enough to go around. We probably live within 30 mins of eachother. Let’s connect! 

Absolutely. It’s not expensive, does not need to be complicated, and will give you protection and segregation. If you’re treating your investments like a business, run them like a business with their own accounts, books, and operations! Some will say that your finance costs are greater, which is true, but if its a bad deal with commercial financing, it probably won’t be a good deal with traditional financing. We bought a property with a commercial 30 yr loan at 4.0% (I think we paid 3 pts) so it’s comparable still. Build those relationships with local lenders and you may uncover similar options.  My 2 cents 

Nice @Kyle Jensen! I think similarly - I'm in the market for my first investment property and am not necessarily shooting for the stars or a deal where I pull every penny out of it after refi - I think there is great value to the investment and money you'll leave inthe deal considering the appreciation that you're going to see. I also appreciate your conservative estimates - I tend to do all my numbers in "worst case" scenarios and only if they still look good will I consider moving forward. 

Congrats!

Let me share the arrangement I am doing with my PML. I do not think this represents the majority of how others structure their deals, but that’s the great thing about PML-you agree on the terms. 

He is a mentor of mine as well, and is not so interested in making money but rather he told me that he likes to see 7% in his passively invested accounts, so I offered and he accepted that I would pay him 8% APY On the principal that I borrowed. 

I.e. if I borrow 100k for a BRRRR (purchase plus rehab) and borrow the money for 9 months (purchase and 6 month seasoning before cash-out refi) he is totally fine with me giving him a lump sum after 9 months of $105,941.

I think these kind of terms are very relationship-based, but try and see what they are open to!

@Shirley Wen I was recently exploring the same thing. I have a trusted agent who works with Allstate here in NH. He referred me to the Hudson Allstate Agency on Peabody Pl in Memphis. I spoke with them and they were very friendly and helpful. I could maybe pay less by shopping online, but I have always had great service from Allstate and like the interaction with real humans. I’ll be using them when I purchase my first property in Memphis shortly. Also their reviews online are very positive. 

@Keith McHugh If you have any specific questions on Nashua, let me know. Not an agent, but I can answer basic questions and can do some recon if it will help you out with anything. Really only a couple areas that aren't very good in Nashua, and they're both adjacent to Main St. Overall a very safe place with a good school system and amenities of a bigger city.

@Ozzy Sirimsi @John Sledge Thank you both for your encouragement! That's a great point John - I have been practicing crunching the numbers in a variety of markets. I'm really interested in the BRRRR strategy, but find myself struggling with estimating rehab costs and ARV. I'm hopeful that experience and conecting with the right people can help me get there.

@Marc Rice Thank you sir!

@Brandon Sturgill To be quite honest, these are some of the questions I am asking myself. I have lofty goals for how I want to start and scale my rental portfolio, but I am still indifferent on which vehicle. I have learned that the valuation between SHF and multi-family is quite different, so it gives me questions about what long-term appreciation would look like in a given market for a duplex. My goal is centric to developing passive cash flow with appreciation as a welcome byproduct. So far I have explored a couple FL and east coast markets but nothing in the midwest! It is a little overwhelming being so new and my only fear is choosing a market where my limited capital doesn't do it's best for us. 

@Mike Mocek I couldn't agree more Mike! You are the average of the people you spend the most time with, and the attitudes and perspectives of many of the BP members here is very confidence-inspiring! Thanks for taking the time to introduce me to a new market. I'd love to connect and learn more about the market! How's Tampa been for you? It's one of the markets that I have been exploring a bit too!

@Susan Elliott Sometimes I still find myself listening to the BP podcast or reading books or online and beating myself up for not knowing things or doubting that I will figure it all out. With wholesaling, flipping, BRRRR'ing, turn-key, notes, STRs and more - it only makes sense that it's overwhelming. I think that this is just all the more reason to hit the ground running by really narrowing down my criteria and sticking to one thing to start off with. I noticed that STR can be much more lucrative than long term in certain situations, but going back to what you said - I ruled them out for right now because they require so much more work and time than I am able to entertain. Do you have systems in place for managing your STRs or do you handle them yourself? Sorry if that's a loaded question-I spent a good amount of time looking around for (good) property managers that will handle STRs and did not come up with much, which would be a huge obstacle.

@Shane Cloutier That's awesome! I have family that lives in Montgomery County MD and we have made many road trips down there to visit and stay with them. As much as I hate to say it - it's a beautiful area and I have some great memories of going to visit, fishing out on the Potomac, and going into DC for a baseball game. Seriously appreciate your mention of your personal experiences and what has worked for you guys - that's exactly what I need to hear! 

First off, I'd just like to say thank you for all these replies and the activity on my post - I'm overwhelmed with the open-ears attitude. Admittedly, although I have been listening to BP every day for nearly 5 months, I have wondered how you can really have a community on an online forum - well the proof is in the pudding so thank you for that.

@Shane Cloutier Great to meet a fellow small-town NH res! We live in Lyndeborough and having grown up in Nashua, wouldn't want it any other way than looking out to the view of grass, trees, and mountains. Thanks for sharing what you guys are doing - I am trying to take the most strategic approach to choosing a market but truth be told NH is just becoming less and less attractive for investment properties as I explore other markets. We will be up in Lincoln this weekend trying to enjoy a little bit of this snow! Always great to visit God's country to recharge.

@Susan Elliott I couldn't be more thankful for the awesome words of wisdom you packed into your post! You are so right that I need to dive in. I have been consuming BP podcasts, reading, talking to a couple other investors and trying to hone in on what I want, but truth be told it has been a little intimidating and overwhelming...if it was easy everybody would do it! I am allowed to learn and grow. Also thanks for the tip on the deal list. I have considered STR, and would love to connect about that soon, but for now my plan is long-term. This is going to be an awesome year and I can't wait to share what we accomplish.

@Murali Ponnaluri Congratulations on your purchase during what I would consider one of the most difficult times to purchase property! I imagine that the lessons you are learning from your property are invaluable and will only serve to make the next one that much better.

@Scot Masingill Thanks for that - Finding a great lender is definitely high on my list and coupled with my wife and my W2 income and credit score I would imagine we can obtain attractive rates. And you are so right - I was just having a conversation with a mentor of mine (he however is not involved in REI) about taking the first action to escape the analysis paralysis I hear so much about. The first few weeks of this year have been great and I have a lot more to accomplish.

I'm definitely going to reach out to both of you - thanks for taking the time to say hi!