All Forum Posts by: Account Closed

Michael Guzik As the deals dry up, coaching becomes a lot more palatable. Given that, I encourage living lean, building up our capital, and remaining disciplined while we analyze deals. They still exist and more will come to those who stay focused. If a big correction occurs, the coaching will cease because they’ll be back to shooting fish in a barrel. Beyond that, prospective students need to actually AUDIT the courses they may buy. Call the coach, do your due diligence. I made this approach a new year’s resolution of mine. Truly audit the deals that I take seriously and I see no difference with regards to coaching programs.

Thanks James E. When is the next one?

I second @Paul Baldasaro on Rockland Trust

Welcome Antonio! BP is an excellent community to be apart of - just stay connected and stay tuned! I recently inputted the keyword searches you can create in your profile and it is invaluable to getting content that is important to you. Be sure to sign up and read the articles too! Happy investing, Jon

Hi Adam, I’ve boughten turnkey properties in Detroit, mostly due to the price point and my limited capital. My suggestion is to actually go there and tour the properties yourself. I did exactly that and it allowed me to get much more clarity on good neighborhoods and bad neighborhoods and also get an understanding of the quality of the renovation and meet various PM teams etc. I found that you could drive down a major road, turn into a neighborhood and be really impressed and cross that Main Street and wonder where you’ve stumbled into. It was really hit or miss from my experience. Furthermore, I am an out-of-state investor and so I don’t have a true understanding of Detroit beyond research and a 2 day trip there but I was pleasantly surprised, the immediate downtown was cool and I think there is a lot of pride in “Motor City.” Overall, go to Detroit and see/decide for yourself is the best advice I can give. I’m happy to be of more assistance if I can. Best, Jon

Hi BP, Has anyone else found SLS to be an awful mortgage servicer? My complaint is pretty mild in the grand scheme of things, it is impossible to change ACH payment accounts on the loan and leave absolutely no information for solutions, coupled with a poor online platform was pretty annoying. My only solution being call them 9-5 M-F. In my research I’ve realized they have awful online reviews and that made me curious enough to post on the forums. Bonus Question: is it possible to get a mortgage servicer change? Thank you, Jon

Hey Guac, Your best bet is to find a regional bank with a strong background in real estate. A regional bank is one that has around 10-billion in assets. Chances are any investment property line of credit will be a 70/30 LTV with a rate close to prime plus 1%. Furthermore, let’s say that you have a 100k line of credit. If one month in you use the entire amount to fund a down payment for a new property you wanted, your bank will likely ask you to term the loan at, aka have fixed monthly payments or pay it back. This ties into a larger picture of what is your real estate strategy? I’ve just been going through what you are asking. I hope that helps Jon

Awesome - thank you for facilitating the event and I look forward to it! 

Thank you for your reply, @Sam Shueh. I had a feeling obtaining and holding the designation may not be necessary for me, I have no current plans of pursuing a commercial real estate license. Nonetheless, do you think the coursework is valuable enough to pursue? I like to think I am pretty savvy with my investment decisions but there is always more to learn. 

Hi BP,

I've considered taking the CCIM coursework to bolster my investment analysis. Is it worth it paying for the course or paying to keep the designation active? If anyone experienced with the course, or the designation, is willing to comment I would appreciate their insight. 

In terms of my goal: I'm interested in digging deeper into the true commercial side of real estate investing; retail, office etc. However my experience and goals are residentially oriented, even if it means operating larger MF properties. Additionally, I am a residential agent with KW but I don't use my license actively nor have I had specific plans to pursue a commercial license. Given that, I have an open, impressionable mind!

Thank you,

Jon