All Forum Posts by: Jesse Whitmore

@Paul Johnson if the deal is worth you paying the fees and avoiding the headache and losing the deal, I would pay and learn from the experience.

@Chase Whitney I agree with everyone above. Save money to have money, and if you’re using other people’s, focus on bringing something to the table. Read and listen to bigger pockets books/podcasts/forums, soak up as much knowledge as you can. There’s no short cut to figuring out a plan and finding the tools to bring it all together. To get what you want you have to become the guy who has what you want. Put in the work and your questions will answer themselves.

@Skylar Crowder sounds like you're trying to sell homes to hedge fund investors rather than looking for them to invest in you. If you're looking for them to invest in projects you have going on than you will have to build a strong, repeatable history of profitable deals. 3 years at least of at least 8% ROI I would say to even begin to state your case. Numbers speak louder than words, especially with hedge funds. They need results and the closer to a sure thing than what they're already investing in.

@Vasily Rassokhin I think the disconnect is when people are calculating ROI they're doing gross minus expenses and not factoring in how much they're in the hole, because as long as they're profitable the amount of debt they're in isn't relevant to them. I recently went through this debate with my self wether to do fha or traditional. Like everyone's saying, as an investment, taking the lower up front cost justifies it being a higher expense long term because they're personally not in the property long term, it's another investment in the portfolio that will pay for the extra cost.

@Jordan Moorhead awesome, I really appreciate it! Just messaged.

@Jordan Moorhead thanks for that insight! Purpose to buy is to live for the next 3-5 years then rent out, ideally, but the place is nice enough for me to live longer term if I don’t have the right situation for my next property in that time frame.

@Jordan Moorhead I have not talked to a broker. I found 5 companies I would want to get loan from, do you think a broker would be more beneficial? FHA allows it. That's true, I've seen opportunities for 3% for traditional; really I've seen so many people talk about FHA it makes me feel like there's something I'm missing/not understanding the benefits for just rather doing traditional.

@Rena Barron

Highest savings account I can find is Marcus by Goldman Sachs. Currently at 1.5%

@Alf Holst I would get the agreement in writing. And make sure you would pay for the changes yourself and not just something you’re ok with since you’re not paying.

@John Spellman there’s no sense to me in passing on an opportunity for the sake of waiting when the decision to do so has that waiting built in. You wouldn’t be waiting to pull the trigger on the property, you would essentially be passing it up, and the time it takes to renovate seems like the amount of time to lower your partners anxiety, if he’s being reasonable. I would suggest he read all the other posts in investing during this time, because it’s just anxiety he’s feeling, a good deal is a good deal and buildings need tenants now and 4 months from now. There isn’t a law saying that new tenants don’t pay rent so keep that in mind and stick to your tenant screening process. You’re seeing the same risks you did with the first building, essentially, covid or not.