All Forum Posts by: Jon Schoeller

Hello James! I am not from Milwaukee but your plan seems solid to me. When buying out of state it always helps to have friends/family in the area that can help manage it or at least keep an eye on it. 

Why not work your way backwards? Get a list of landlords/investors in those areas and ask them what they are looking for. 10 to 15% cap rate it always good but there may be more factors than that. It's never a bad idea to get the info straight from the horses mouth. 

 Thanks Derrick! We haven't been yet but I guess we need to. 

Hey Joachim! Well of course you are oversimplifying things as it won't all go that smoothly. But that isn't a problem as those will be learning moments. You sound like you have spent some time educating yourself and you have put a plan together. Now it's time to do what most never will and put that plan into action. Sign up for real estate course right after your read this. Do it! 

As with anything, you want to avoid one-offs when using comps. I would take the average of your area. You never know all o the extenuating circumstances of each lease. If 20 other comps are renting between 700 and 800/month and this one is renting for 1000. Do your numbers based on 7 to 800. 

I guess technically you could refinance a bank loan. Typically they make you wait 120-180 days. Most investors on here are going to make the initial purchase with cash through their own capital, hard money, or a private lender. 

Hey! Thanks Tomothy :). 

Hello Bigger Pockets!

This is actually a reintroduction. My last post was my first introduction about 3 years ago. Reading that introduction makes me realize how much of a roller coaster life can be.

In that post I was living in another state and looking to get started. Today I live in Charleston, WV and my partners and I have flipped over 100 homes and manage another 95 in holding as well as some commercial space.

We moved here (Charleston,WV) 2.5 years ago for my wife to attend Marshall University to get her doctorates in nurse anesthesia. I had sold my first business about 2 years prior and we had been travel nursing all over the West Coast, Maui, and finally DC when she got accepted into school. A month after moving here I reached out to a local real estate investment company and asked to shadow them. I told them I had capital and years of experience running businesses as well as being a financial coach and consultant.

Turns out, we needed each other. Fast forward 2.5 years and I am now partner and CEO of A&M Investments with my partners Andrew and Steve. I am also an investor. I have personally invested on over 15 homes including 4 of the 15 that are in rehab currently.  

I am very active on many social media platforms (IG/YT) but not sure the rules on tagging those here. I have always been a BP fan and I am frustrated with myself for not being more active on here. So I hope to change that and here is my first new post.

Doesn't the bank just go off the owner or owner's credit score that owns the LLC? We are fortunate to have private lenders and haven't needed a bank but we figured that would be the case.

As Dustin said, this is going to be a personal decision based on your goals. You can't lose and congrats on a successful rehab rental or flip, whichever you may choose.