All Forum Posts by: JM Payne

Awesome, we'll see you there!

- jm

The best thing to do is to find a local investment group and go network with the people there.  Also, don't walk in with open hands and begin pestering for private money, but take the time to learn about the lenders there and what their own business models are to determine how you might work together, as opposed to treating them like vending machines.  Good luck on your journey!

- jm

It depends on what you are looking for in a program, but Cozy comes pretty highly recommended, and Stessa is another that I have played with.  Both have a lot of powerful tools built in. 

- JM

@Jacob McAllister in!  Sending a connect request.

- JM

@George Smith In addition to what others have said about the gray, staging, the pictures, and getting a great realtor, the comps in your area don't support your asking price.  I hope that renting goes well for you and that it sells easier in the spring.  There's a Williamsburg investor group now...we'd love to have more people join us.  Please reach out if you are interested or if you need a referral for rental management. 

Fair winds!

- jm

@Nathan Goff Welcome!  Another Williamsburg native here as well.  In regards to your questions;

"Should I go in by myself or go in with other, slightly more experienced people?"

You later state that you don't have knowledge but you do have capital.  Any time you can leverage someone else's experience to minimize risk, you win.  You may make less taking on a partner or mentor, but you will shorten the steep learning curve.  "Slightly more experienced," however, may not be worth the additional headache of added opinions and dreams.

Should I divvy up my capital and buy multiple properties with low down payments, or should I focus all my capital on one property at a time?

You will only be able to buy one property at a time with a low down payment, if you are meaning FHA style lending, as you have to wait until you get to 25% equity in the previous loan before you can take out another and a lot of the low down loan products require that you occupy the property for at least a year. You may be able to work something out with a private lender, but it is unlikely that you will secure a low down, long term loan on your first or even fifth time out of the gate.

Additionally, you would be wise to focus some of your capital to one property starting off while maintaining reserves until you have some experience under your belt.

How sure should I be with buying my first investment property?

As sure as you can be without getting analysis paralysis. 

Is it reasonable to expect myself to buy a rental property deal about every 90 days?

This depends on your deal funnel as well as your ability to secure additional financing, as well as what you are buying. 

I hope that helps!  There's a Williamsburg Investor Group on Meetup that's just started last month...might be worth joining us. 

Fair winds!

- JM

No worries, i realize that what i wrote seems like at attack on lenders and im outside of my swim lane. I strayed from the issue at hand, and your math and advice is solid. OP ignore what i wrote plz.

 Not to contribute to fear-mongering, but it is also quite possible that he's cash heavy so he can go shopping when everything is on sale...Food for thought. 

What I led with still holds true though, get out there and get to it!

- JM

@Zack Karp sells mortgages for a living.  Tell me, which one does better on the secondary market? 

What he said about the guy not caring about term is absolutely true because he's going to be paid off long before that happens.  Also true regarding breakeven points, with one caveat; it's easy to say out loud "oh I'll just refinance again in the future and save money," but two points about that;

1) it costs money to refinance

2) is it realistic to expect that rates will be lower than they currently are?

That's not to say that lower rates are the only reason for refinancing...there are plenty of other goals, but to say that everything I said is absolutely false is a bit of a stretch.

- JM

If you are brand new then yes, absolutely cold call on Sunday, preferably either at 5 a.m. or at dinner time.  This would be the quickest way to toughen up to rejection and learn how to control phone conversations.  Have fun out there!

- JM