All Forum Posts by: John Bonhomme

Hello, Sorry I haven't posted in a while. Dealing with multiple properties in multiple different states can be time consuming. With that being said I am happy to report that I was able to turn things around with the Jamestown property. It has been top to bottom fully gut renovated and will be grossing over 15k a month. Hoping to net at 9k+ a month. Having a good property manager is key and tenant screening. 

I purchased a 22 unit in Jamestown a few months back. The numbers on paper looked great and the area seemed to be revitalizing pre covid. I have had trouble with my property manager and am seeing a new one. @Annie Johnson and her husband were kind enough to recommend one. 

I think if we form a group of OOS investors and all use the same team we will find success. We need to band together to make these deals more profitable. There can be great success as @Jessica Smith said. We just have to formulate a strong investment group and pool resources. 

Property management is the biggest piece IMO.

I just made a large multi family purchase in Jamestown and hoping the influx of government assistance can revitalize downtown. I know it was starting to boom before Covid struck. It seems difficult to find a good property management team for affordable percentages. 

I am also an investor in Jamestown. Please keep me informed on any networking. 

Great job. The first one is the toughest. Keep going. 

I signed a commercial refi that started out prepayment at 7% prepayment for year 1. There aren't many institutions lending Cash Out's right now so I would jump all over it especially if your rate is good. It doesn't hurt to ask them to drop it but definitely don't lose the loan over it. 

 Hey, 

I purchased a template online through a website called RocketLawyer. They tailor it according to your state. I know Zillow and a few websites offer basic leases that you can purchase. You basically just input the pedigree information on there, both parties sign and it's a legal document. I know in NY you can even have VERBAL leases. So just be careful what you say to tenants etc. Make sure you put everything down on black and white. If there's something there you want to add there's a section in the back where you can write in things. I.e. NO PETS, No loud music after 10pm, etc. Good Luck

 Hey Will,

I gave the commercial space a year lease because the Market was uncertain at the time. The Deli owner has been there before COVID started so he was already on a 3 year lease. The tenant that signed during COVID we put on a 1 year lease with a 3% increase and option to extend. It just helped both sides feel more comfortable with the changing financial climate. Good luck on your venture! I hope it is fruitful. 

Hey Isaiah,

Sounds like you are on the right track. Please make sure you keep a healthy reserves account. Learn my mistakes. It's okay to leverage assets but make sure you can sustain them in the course of a downturn. Keep on stacking that pyramid though!

 Thanks! It's all about knowing your market, knowing the numbers and knowing how to Reno properly. I also got fortunate that COVID drove up real estate values in the surrounding METRO area's. I will take it though. Let's see if I can close on this refi!