All Forum Posts by: Jon Kelly

@Vik John 6 weeks is a long time. Nobody on this forum (or anywhere) will be able to tell you with 100% confidence if rates will go up or down... 

If it's me I would not lock the rate. Rates likely won't shift too much one way or the other. If I'm way off then you can copy this post in 6 weeks and tell me I'm wrong :) 

If you want peace of mind then take the rate lock.  

I'm shocked to see several comments recommending the Dave Ramsey approach... I thought this was a real estate investing forum? 

I'm not going to comment on the amount of student debt vs. current salary because you can't change the past. Your focus is on the future and how to improve. 

The two most common strategies to start are house-hacking and BRRRR. I would recommend either or both.

The biggest thing is to start now. I completely disagree with waiting until paying off your debt. Paying off $230k debt with $60k salary will take 5-10 years at best... You'll be in a much better situation if you start REI now.

Don't even think about buying a property with your girlfriend. It's not "cute" or proving that you're "in love." It's irresponsible and completely unnecessary. Keep everything separate until you're married. If you want to invest together you can create an agreement and keep track of your personal contributions.

@Ron Hollingsworth then what's the point of hiring the GC? 

@Michael Hooven it's always market dependent... 

Is this a class A rental near plenty of job opportunities? If so, you can attract young professionals and do very well. 

Is this a class C rental 20+ minutes from job opportunities? If so, you will attract older singles that may or may not be good candidates. 

You already know the answers... "cash flows," "worry about appreciation," "worry about pool of renters." 

I'd assume minimal appreciation, but as long as the IRR / CoC return hit your metrics then go for it!

@Tim Blanchard tell us where you're getting your financing from! Everyone is dying for 8.5% on construction loans. The lowest we offer is 9.99%

@Mike Schorah the attorney just wants job security. Without problems they are needed less. 

Don't let one comment scare you. Do things the right way and you'll be fine

The most absurd part of the entire post is when you said, ".... who is aspiring to live in Manhattan, New York." 

Person doesn't even live there and they're telling you what to do with your money. 

@Account Closed why don't you go invest in the "suburbs" make infinite returns with the BRRRR method and the dentist can invest in your company.

@Ryan C. the immediate market sets the cap rate. The appraisal will show what other multi-family buildings in the area (city / zip code) sold for and their cap rates. 

Ask your agent or broker about cap rates in your area. 

Bridge or fix and flip loan. Send me a PM 

@Kevin Sobilo is spot on. Local community banks