All Forum Posts by: Jonathan Tremblay

@David Lowe I'm curious to know how well you do with the SFH that have a value of 60-70k in Marietta. I'm guessing these are 1-2 bedrooms in the ~600-800 sqft region? What are your rents like and have you found good tenants for these?

 Thank you Dmitriy. I have looked at all of those and they are great resources. I was wondering what people would recommend for Alert Keywords. I placed my city and zip code only for now. I wanted meaningful alerts, and not to get spammed with a bunch of different alerts. What works best for everyone?

 You bring up very good points. I think I have made up my mind to use family funding like you suggested. I think you are right, and I will offset some of my issues with family funding by making sure they make really good money from the deal. I'm gonna also make sure to treat them in a professional manner just like a lender. Thanks for all the advice!

 Really good tips! I will look into the gap financing for sure. 

And yea, as far as the family and friends thing, it's more a matter of pride thing. I guess the way I see it, is family and friends is the kid stuff, and I want to put on my big boy pants and get the financing from someone who isn't just gonna give me the money because they believe in me. I feel like anyone can just get financing from family and friends. But I suppose when you think about it, if there's money to be made, why let pride get in the way of that, right?

There is the perspective though, that with family and friend financing, it's not really scalable to doing that on bigger and repetitive scales. I do want to grow my operation and scale it, so that's also another reason I wanna get the financing from other sources. I feel like if I rely on family and friends, it will be less motivating to get financing elsewhere. But I think I will keep looking for external financing, and if a great deal comes up and I don't have an external lender yet, I'll have to call my dad. hahaha

 Wow, AWESOME! There's my first bank I'm calling. I wonder if they would be interested without as much seasoning. Some of the lenders I know have stupid high interest rates. Faster I get out of them, the better! :D

 o gotcha. Yea, actually, that reminds me to add that to my calendar and RSVP! :D Thanks

 Yea, I listen to every podcast as they come out. I still gotta listen to the one for this week. But yea, I liked Chris, the main thing, is that I wanna stay away from borrowing from my family and friends which is how he got started in the brrrr strategy. I mean, I could get the money from my family, and actually, that's been my source most times in the past, but I kinda wanna see about doing this on my own. I'm currently applying to hard money lenders and trying to build a network of some private lenders. Once I start my first flip, while the flip is happening, I wanna hunt down some banks that will be willing to refinance. If I can't find a bank with a good interest rate before the rehab is done, I'll sell it, and repeat until I find the right bank.

I love the brrrr strategy. I just wonder if anyone has had success in finding banks. Luckly, with brrrr, if you dont find the bank, you have enough equity to sell and keep going. 

Has anyone in the Marietta, Atlanta or Cobb Georgia area had success finding lenders to finance a property at 70-80%?

@Julie Kern I actually ended up going to that meeting with my wife and I got some of the best ideas and advice I've heard so far from it! I didn't get a chance to meet everyone, and didn't meet anyone named Julie. Were you there?

@Marvin McTaw , my long-term goal is to create 10k monthly cash flow, so rental SFHs & multi-family are totally gonna play a huge part in all that. Unfortunately right now, I don't have a ton of capital to leverage down payments. I maybe have around 10k. I'm trying to save up at a rate of about 1k per month, but yea. 

In the meantime, I will be using some other strategies to generate extra cash to build up my first downpayment faster. I'm super comfortable with flipping and rehabbing, so I'm actually looking at doing some of those deals on hard cash.

I also have an incredible experience with some of the leading marketing companies as a software developer, and web analytics. So I'm currently talking to a few folks that are doing DM to see if it might be possible to partner with them if I can help take their game online. I think in the end, that might be a super awesome and unique niche for me to generate a substantial amount of cash in the REI field.

@Jonathan Roveto , you have the best name ever! :P Welcome, I also live in the Marietta area and looking to invest. Fairly new myself, so it might be cool to keep in touch. Hit me up if you wanna chat more.