All Forum Posts by: Junior Soares

@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

@Brian Zoh-neseh Mbangwana Absolutely, thank you for the comment. And I agree, this game is definitely something that needs to be prepared for. I'd hate to see someone put all of their money into getting that first deal with no safety net on the side and end up losing their shirt during an economic downturn. You have to have that safety net to hold down your portfolio in tough times.

Originally posted by @Richard Alvarado:

Hey junior, I am also from san jose and hoping to start into real estate investing OOS as well, but I'm still trying to learn the beginning steps. I am only 21 and I only have about 8k personal cash and another 5-7k that i can borrow from a friend. What do you recommend , or what tips do you have for a beginner trying to get into it from scratch from the bay area. I keep getting alot of negative feedback from my peers saying that I don't have enough money to even get started into anything like that, would you agree ? if so, what should be my first steps to jumping into the real estate investing game? Thanks !

Hi Richard, how are you brother? 

You may not like to hear what I have to say here but this is just my own personal opinion what how I prepared myself to get into this game. It took me 5 years to accomplish all of these things before I started doing RE. 

Below is a list of everything I made sure I did before I started investing. 

1) Paid off all of my bad debts. (Credit cards and a couple of high interest loans, (I still hold my school debt for tax purposes)

2) I drove lyft, bought and sold cars whatever I had to do on the side to make more money!

3) I worked hard to create a 6 month emergency fund that covers all of my finances in the event the life happens, which it will. 

4) Then I started saving for a down payment on my first property. 

During these 5 years of straightening out my finances and prepping for the first purchase, I read a ton of books, attended seminars, analyzed hundreds of deals just to get myself familiar with all of the numbers and what works and what doesn't.  Only when I was for sure items 1-4 above were met, did I start the hunt. 

As for my second property, I didn't start saving for it until I had at least 3 months of expenses for my first property! 

Some people will tell you to just dive right in and that's completely up to you because you can totally do that, but I personally am a little more conservative and error on the side of caution as best as I can. i'm not in a rush, and i'm not too concerned how many doors I have, as long as i'm profiting and keeping the ball rolling, eventually my freedom number will be met and then I can jump into this full time. 

Junior 

Originally posted by @Jeffrey Almonte:

@Junior Soares

Congrats! Apologies if my question has been asked in the previous pages. Are these properties solely owned by you or did you partner? If you partnered, what was your role in the partnership?

 Hi Jeffrey, 

These properties are all owned by an LLC

Originally posted by @Jeremy VanDelinder:

@Junior Soares Great to hear! Look me up when you get to the Austin area so we can connect for a cup of coffee! 

Absolutely Jeremy! we were just there a couple weeks back shopping around and we're returning in December to walk a few properties with our realtors. I will definitely connect with you. Thanks for reaching out! 

Junior 

Originally posted by @Amanda Swetman:

@Junior Picanco Where so in Texas? We’re in Austin. We just picked up our first deal!

Hi Amanda, We are actually relocating to the Austin area. We are looking at Cedar Park, Leander, Round rock area for our relocation. 

Congrats on your first deal! 

Best, 

Junior 

Originally posted by @Michael B.:

Thanks for the post @Junior Soares! Congrats on getting some properties under your belt. I'm not there yet but appreciate the inspiration.

  Thank you and best of luck to you on your endeavors! 

Junior 

Originally posted by @Adam Chubbuck:

@Junior Picanco that’s awesome news! Glad to hear. I hope to mirror this throughout the next year. Are you doing this full time or carrying another “job” as well?

All the best, Adam

 Good afternoon Adam, 

 This is just part time for me as I run my business full time. 

Best, 

Junior 

Originally posted by @Miguel Castillo:

Congrats @Junior Soares  keep it going

   Thank you brother, I appreciate it. 

Best, 

Junior 

@Claudio Valdivia thank you brother I very much appreciate it. I understand there is alot of risk, but it's a risk I'm willing to take at this point in my life as I'm only 32 I'm still young enough to recoup any losses. I've already taken quite a few but to me they're all learning experiences God bless you and your family and I wish you much continued success Junior