All Forum Posts by: John Mucilli

@Melissa McRay Johnson

Wow, that is some great info! I love your style of putting a lot of efficient systems into place- that is exactly how I have envisioned my goals. 
I would love to hear more especially in regard to how things really got rolling early on for you and your husband, how you source properties and networked to do so and when you started instituting these systems into place. Would be great to hear it here, or if I could reach out to you guys directly for advice. 

Hey everyone! I've completed my first flip and would love to hear some of your success stories for my own inspiration. I'm sure most people's start is similar. In my situation I started with buying a couple of co-ops and renting then eventually connected with a partner who has been in the flipping game for a long time. We partnered on a SFH deal, where his team did the construction but I supplied the start up capital and we both oversaw the renovation. I want to keep this ball rolling.

I would love to hear how some of you started with 1 property, and blew up. Some great advice in terms of leveraging money, how you went about hiring your own team - and moves you made to become a big success!

@Jerryll Noorden

Is your stance on initial forced traffic now focused around Facebook ads over Google? 

@Jerryll Noorden yo Jerryl! Have you written any articles about using Facebook ads?

@Jason Lee

You know what Jason I think I misunderstood what you meant. I think you were referring to my personal finances? I will look into what you brought up, raises a point I didn’t think about - but I’m pretty certain I’d be well in the clear to put a new mortgage on that apartment. 

@Jason Lee

We do have a limit and I am well within it in the building. When I say lax, I mean they do not give you a hard time about renting- although they stay within their limit which is below 15% of tenancy has to be owner occupied. 
With that said, the question is what are people’s opinions on the pro/con to leaving the building with no mortgage, vs. placing a new mortgage on it and pulling equity out. 

Hey @Morris Cohen,

I purchased for $98k and current comps are around $130-$150k

I think you mis-read, I cash flowed around $400 BEFORE mortgage payoff. That's why I wrote it like, that because I assumed someone was going to wonder what the numbers were when I had a mortgage. I really didn't even think a HELOC would be considered at all!

Selling does seem like it would make for a decent payout, but I do like having the cash flow also. 

Hey everyone, I wanted to get some expert/experienced opinions regarding something I’ve been considering. 
I currently own (2) co-op units in a building with lax rental rules. 
I am living in a 2BR unit, and rent out my first bought 1BR unit. The mortgage has since been paid off completely. The unit cash flowed $350-$400/mo prior to the mortgage payoff- for a point of reference. 
With interest rates so low, and property values at a high in my market, I’m wondering if I should put a new mortgage on it and cash out the equity. What are the reasons someone would or wouldn’t want to do this? 
One of my reasons for wanting to is that I am investing into fix and flips, with one currently in contract- so I would like to free up more capital for additional projects if a deal were to present itself. 

Thanks for the feedback!

 Haha, I was hoping for a marketing secret!

@David Lecko

Thanks David, was hoping you'd have that option in the future- and I also didn't know you could hire a VA for so cheap!