All Forum Posts by: Jeremy Lewis

 I think his issue is that he hasn't found someone who will refi with less than six months seasoning.

 I absolutely agree. I personally would focus on aggressive debt pay down. I would also save up some money and partner with lenders, put some of my own money down but use their money for the purchase and rehabs while I use my money for paying down my debt as fast as possible.

Absolutely, good luck!

 He is also living in New York where the average apartment rents for $3,000 a month, which is a third of his income before you add insurance, utilities and so much more.

Personally I would change the "new small business" to "local business"

New and Small makes you sound inexperienced, and lack of experience is cause for concern. Meanwhile Local helps your later sentiments of increasing the desirability of the neighborhoods that you share with the homeowner.

I personally would find a good property manager regardless of where you decide to buy properties.

The last thing you need is to be working your tail off on a case and have your phone keep ringing because the tenant clogged the toilet.

While having a family member to help out, a great property manager has hundreds if not thousands of units under their belt and they have the skills and team to make sure your rental properties run smoothly while you do your new York lawyer gig!

Good luck!

At $1,000-1,200 A month in rent, what do you figure your cash flow would be?

Personally I would do a brrrr to get my money back out and then move on. But those numbers wouldn't make me bite.

However if you're not needing all of your money back out of the deal and the cash flow is right, it might be worthwhile.

At the end of the day it all depends on what YOU need out of the deal.

Just make sure, regardless of the 1% or 2% or 3.75% rule, that the deal makes sense. The point of the 1% and 2% rule is so that you can sift through the masses of properties faster. The more you can rule out the better, so that only the potential few left are the ones you spend your time actually delving into the numbers.

Not necessarily. I'm in North East Ohio, closer to where his deal is and just a week ago I found two gems for sale for $30,000, with one requiring $5,000 in repairs (with a conservative ARV of $210,000) and the other at $15,000 in repairs (it's ARV at $125,000)

Both deals would have been home run deals. 

Tonight is the night, I'm super excited to meet everyone who's coming!