All Forum Posts by: Johnoson Crutchfield

@Adeiza Jatto

I’d make sure I had computer and sell phone, and start attending networking meetings. Depending on your current living situation, buying in a market where fly could get the 20k making at 20% is a good situation. More information about your current situation and goals would help me provide an answer better.

In the beginning, you can just keep track of everything with excel..... one property should be easy to track in there.  As you grow, consider tools like Rentigo, Buildium, Rentech, there's lots of them.... Quicken?  Maybe a good question to search the forums there's lots of talk about that on here.

@Barry Pekin

Personally in think the couinvestments.com would be better since you have already selected the company name.

So I know a lot of the time we focus on the new folks just getting started. But I know someone BRRR investing pretty much a house a month, adding properties like crazy. At first glance, I say that's too many too fast. At the next glance, I saw if it cash flows keep going. Is there such thing as too many too fast when BRRR investing? The typical deal looks something like this from what he says. Do I tell him to keep going or pause?

All in cash and Rehab 60k.

Rents for 800/month

15 year amoritizing notes.

$1500/taxes annually

1200/insurance annually.

@Oleg Shalumov

Thanks for the responses everyone. Selling because the property caused me a lot of headaches last year. Turnover and maintenance was a bit high and it attracts a lower quality tenant. In retrospect I think I should have tried putting it with property management before selling it. But yes my plan as of now is to take the 25k and put into another property. In the market I invest in, multifamily is hard to come by but I can put this money into another property and do ok.

John

Ok here’s a question.

I own a four unit building bringing in 2700/ month.

My expenses including vacancy/ maintenance are 1700/monthly, so it cash flows $1000 a month.

I’ve got a guy offering to by the property for 145k, and verbally I’ve already accepted. I’d only net 25k from the sell because of the financing I have on the property. I don’t really see another property where 25k makes $1000/month, and there are other reasons I want to get rid of this building. But my goal is more cash flow and this property is a good cash flow property for me. What should I do?

@Bobby Njoo you’ll do great! Good luck.

@Ali Kassam

Funny to think about this now, but I borrowed 30k in a personal loan from my bank at 25%, rehabbed the property on credit cards, and then had a local bank refi to pay off the high interest date. I would advise anyone to do this today, but it got me in the game.

I’m about to try to do this on a property I’m renovating. I’ve got the seller carrying the note but I think the building is worth much more.  Thinking I can get a bank to give me a line on the property so I can go out and do more deals. 

@Bruce Fraser hi can we chat?