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All Forum Posts by: Jo Lyn Cornelsen

Jo Lyn Cornelsen has started 0 posts and replied 12 times.

Post: Changing Single Family to Multifamily

Jo Lyn CornelsenPosted
  • Investor
  • Puyallup, WA
  • Posts 12
  • Votes 13

Hmmm... Zoning changes can be costly and time intensive. But a lot of things get done when you build positive relationships.  Connect with people in your county development department and ask their advice.  
Another possibility - what about using the home for special needs housing?  Choose a demographic, and rent out individual rooms with shared kitchen/bathrooms.  Sometimes that can bring greater income than renting to one family. Message me if you want more info.  
Blessings... 

Post: 200k profit from my 1st flip, What now?

Jo Lyn CornelsenPosted
  • Investor
  • Puyallup, WA
  • Posts 12
  • Votes 13

Dejahn,
Congratulations for your success!! This can leverage you to a whole new level.

We once received over $300K from one early deal, and weren't quite sure what to do with it. 
Unless you're prepared and have a plan, it will be way too easy for these funds to slip through your fingers... and you'll be back where you started. 

Now is the time to research possible mentors, attorneys, bankers, property managers and more. I know some trustworthy people in the Boston area - message me if you would like specific recommendations.

Yes, use business entities - properly. Many investors use multiple entities - for different purposes. Educate yourself.
Conserve a portion of your cash reserves (never to be spent) to build your net worth. 
Properly construct a self directed retirement plan - and learn to invest through it - maximizing your retirement funds.

Also, research several different business models, and create a business plan for going forward, if you haven't already. A good plan will guide you to know if the opportunities that show up will take you where you want to go. Answer some of these questions for yourself: Do you want to continue with flips?  Residential? Single Family? Multi family? Commercial? Notes/paper? What is your desired focus - long term cash flow, or more capital gains? 

This is an exciting opportunity for growth.  
All the best. :)