All Forum Posts by: Jon Reed

My non-professional opinion... all of this work to just get rid of a soffit is going to be a waste of money. You will end up spending thousands of dollars (if someone found a way to reroute the duct) and all you would have to show for it is minor change in the ceiling. For the same price you could probably get yourself a nicely tiled shower... some new flooring... or something else that will make a bigger impact on the home's value.

Well.. you got yourself a big beam right there in the way of a straight shot for the HVAC duct. You can't cut that beam to run that size duct. I would guess you could hug the ducting up closer to the beam and have a shorter soffit... unless there is another open shot through the attic then you may be out of luck.

Also.. if your HVAC guys says he can do it then make sure you verify that he can do it without cutting any joists. Some HVAC guys will take a sawzall to a main joist without a second thought.

The MLS is full of motivated sellers :P

1) Go talk to a few lenders and find out. It is free to talk with them and they are full of information that they would be happy to share!

2) I have never purchased at a tax auction before... I have heard some horror stories because most of the time you can't inspect the property or even go inside it before you purchase it. Tax auctions are great if you buy a large quantity of of properties because then the law of averages will work it all out.

3) No idea.. but refer to answer #1. Your lender is your best friend when it comes to working through your unique situation and finding out what will work best for you.

-Jon

What would be the benefit of refinancing the properties and paying off your personal home? Your total monthly expense would stay the same... just spending more on investment notes vs. your home mortgage. 

Personally, I would refinance the properties and use that extra cash inflow to purchase a 4th property. Use that money to make more money.

You can also direct wire the dehumidifier in and secure any on/off button on the unit. That way they don't have the option to turn it off.

I pay debt investors 10% yearly interest on their principal. 

Do the math, determine your cash needs for further investing, and find out which method makes the best financial sense for your current situation.

You have to know your audience and what type of investor you are approaching. If you are working with an institutional investor then you will probably need detailed financials and timelines showing total costs, returns, and major milestones. If you are asking a friend or relative then they may want all of the same things but also need someone to paint them a picture of what the entire process looks likes. Others may trust your reputation and not need as much hand holding and 'sales pitching' in order to get their financial support.

It all boils down to who are you talking to, and make sure you are talking to them in their language. 

Why not create an LLC before purchasing and then just purchase the property with the LLC? That would be my suggestion... especially with a partnership.