All Forum Posts by: Junior Soares

Thank you all for the wonderful information  @Casey Powers @Andrew Allen @Danny Webber @Greg H., I greatly appreciate it. 

@Jason Hirko I apologize, I will be buying the property all cash as I am pulling equity from my california home for the purchase. 

@Jerel Ehlert Thank you very much for the information, essentially yes it will be a Texas LLC, but the owner of the LLC will be my Nevada Holding LLC. Could we connect to talk more about it? and see what our best option is?

Have a blessed day all!  

Junior Picanco 

Hey BP, So we're planning to relocate to Austin, TX right before our daughter starts school in a couple of years. We are currently placing offers on homes in the area and should complete our purchase before the end of Q1 2019. My question is, since we will be renting it for a few years before we actually relocate, would it be easy to put it in an LLC, which will be owned by my Nevada LLC which holds our other properties and then remove it from the LLC when we actually owner occupy the home? I'm not sure on how astringent the removal process would be. Or........... Would a better idea be to keep the property in our name and insure the property with a decent G/L insurance worth twice the value of the home as an umbrella safe net? Any and all help/advice would be greatly appreciated! Best, Junior

@Kenyetta Overton Good afternoon Kenyetta, Theres plenty of money out there to raise that's for sure. They key here for you will be experience I think it's best if you grind even harder than you are now to obtain your first rental property. You can use hard money lenders, HELOC if you own your home, you can pull a loan from your vehicle if its paid off, etc. Once you have that experience under your belt raising money for your next deal will be a breeze because now you have experience and investors like to give money to those who know what to do with it and that can grow it for them. Best of luck to you, I'm sure you'll do well! Junior

@Ryan Huddleston Good evening Ryan, Please dont take this the wrong way as I'm just stating my personal opinion. Based on your post, all I see is a win-win scenario for you. Purchase price: 20k + rehab: 15k = 35k all in. Refinance pull out 50k for a 30% ROI. (Winning) The insurance seems a little high. Price should be no more than $50 per month for landlord insurance with a decent general liability coverage. With that, you would be cash flowing $50 per month for an infinite return and a free property. I dont think it gets any better than that . If it's a true buy and hold it only gets better with time.

@Kathy L. Hi Kathy, As a stucco contractor here In the Bay Area unfortunately I can only answer the stucco related question. Most of my RE Developer or Flipping clients are going with a fine modern acrylic sand float finish with an Integrated color. This saves them costs on paint and is the most economic compared to smooth finishes Beat of luck, Junior

@Dave Vona Hi Dave, In my personal experience good service goes a long way. Take care of your properties, attend to issues as they arise, perform semi annual inspections to make sure your property is running to par and provide a clean and safe environment for your tenant. That simple. You are simply running a business, and it wont always be perfect. Tenant turnover will happen from time to time especially in multifamily properties but thats ok, another tenant will come. No need to bribe, befriend your tenants, just do good business, be fair and stay within rental market and all will work itself out. Best of luck! Junior

@Junior Picanco Reverted** and goal*** dont text and drive 😂

@Phil Sharp There are are still a few areas that can provide a little cash flow but you have to go up North in the Sacramento area which is currently getting overpriced in my opinion. I live in San Jose and if I were to rent my house out it would not make sense at all which is why I revertped to out of state investing which has been doing quite well. There are give and takes. My play out of state is strictly cash flow since the areas I'm Investing in doesnt really appreciate too much. If appreciation is your coal stay on the coasts and just ride it out. West or East. Best of luck

@Ethan Josiah Best way I've found it is to wait the 6 months so you dont run into any problems, (hunt for deals in the meantime) once 6 months of ownership has passed, put the property into a 30 year fixed leaving 20% in the property if the numbers all work out. Best, Junior

@Michael Lewis

Good afternoon Michael,

You've got to look at the big picture. This is just a small bump in the road and all too common in any market not just the Cleveland Market. You're investing in an area that produces tremendous cashflow, however there is risk associated with that and some of it is what your experiencing right now but the good will outweigh the bad if you're going to truly buy and hold.

As an out of state investor like yourself, I want to be as off hands as possible and let my PM's take care of issues like this. They know what they're doing and will work to get the problem handled as quickly and as efficiently as they can because frankly, if they don't collect rent they dont get paid and they dont want to toy around with that tenant just as much as you dont want to. The last thing they want to do is bombard you with phone calls and emails every day regarding the issue because it will not only stress them out more it will stress you out.

For me, when these issues arise, a quick email that they're working on it will suffice and then they can update me as they make progress. I've personally never had an issue that was on-going longer than a month.

Some good advice if I may is to have a really good insurance policy that covers rental loss, and 3-6 months of full expenses in each of your rentals bank account. This will give you peace of mind as well as get you through these humps and allow you to focus on your business or job to work towards accumulating more properties.

Holton-Wise is by far one of the best in the Cleveland Area and if they're who you're currently using, I wouldn't worry about it. @Jameswise knows what he's doing.

Best of luck and Happy Investing!

Junior