All Forum Posts by: Jonathan Greene

You can get a HELOC if there is equity in the property most likely, which there should be since you own it in cash, but you will just be decreasing your pay out and then may end up short in repair money, depending on how much it is worth. What do you need the money for? Living? What about your jobs?

How many real estate investor meetups have you gone to? Most people answer zero. Do that for six months before you think about buying so you meet other people who are doing what you want to do. The LLC is irrelevant unless you are paying cash or getting a DSCR loan. If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.

You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying. All states are good to buy multifamily if the numbers work and it fits your buy box.

Saying Baltimore is like saying Boston or Philly or Houston. Baltimore is huge and very differentiated inside of itself. In all major cities, especially ones with a higher crime index, unless you study the market and know it, I would never rely on someone else to choose a block. You can go straight down on one block and straight up around the corner. If you aren't familiar with Baltimore, I would suggest it's a hard no and say that you are trying too hard to make cash flow happen talking Baltimore and tax liens and auctions. Have you done those before? 

Welcome. I like that your goals are realistic and not insane like some new investors. Just remember that wholesaling is much tougher than all the gurus make it seem to be, but not impossible at all if you create the right systems and understand, when you are new, that you are solving problems, not throwing cash. If you can solve their problem, you can usually buy the house.

When you are a new wholesaler, the best thing you can do is to get some reps calling and looking for another wholesaler in the area, before you put your own money down on it. Find them at local real estate meetups, but be careful, it's a sketchy business overall. You want to find local home buyers with overage who wholesale as they are usually more reputable.

You have one STR, and you want someone to bring all of the money for your second? Why would someone do this? One STR is a very small proof of concept. You want to talk to friends and family on this, I don't know anyone who would see this on the Internet and be like, yeah, this sounds like exactly what I am looking to do with my money.

@Jason Velie will know exactly what to do in this situation. I am sure he has come across this plenty of times.

You have the tools and mindset that work with larger scale commercial so I would network until you meet someone who may let you run some of their deals with them and see what they look like in person. Keep at it because the way you talk and your analysis preference + being good with people is the key to what you want to do. (and money of course, but that can come from these things)

Whatever you are thinking, it's likely way more casual than you think. No dress code. The investors with the most units and most experience could just as likely be in flip flops and a Jimmy Buffett shirt as jeans and a polo. Anything past that might feel weird.

Good job going to your first one, that is a great step that too many people miss out on.

I like the way you are thinking, but it's a little apple before the cart although you seem to get that you need experienced partners to make this work. Right now, you may be looking at it as scalable, but assembling a team without a track record is hard because some may end up being leeches. If you are accredited, the best thing to do would be to invest 50k into a syndication and soak up all the knowledge of how it works from an experienced operator before you make the decision whether it's your plan. Lastly, always keep your job and build your employment foundation because that keeps you income relevant and lendable.

@Jim K. may have some recommendations for you.