All Forum Posts by: Junior Soares

@Kevin Harris Tell them "I'll see you in court!" Most are too fearful to persue the suit once they know how expensive it is to play the game.

@David Medina If you truly want to invest in real estate you'll find a way. When I was interested in learning about real estate investing in 2015 I had a business that I owner operated, another business that I was trying to get off of the ground, planning a wedding, driving LYFT late nights to save extra money for the wedding, working out 1 hour per day. I found time to spend with family and read a couple chapters of books every night. A year later I had my first rental. If I can do it, so can you! A good book to start with is one of my favorites by John Maxwell called "How Successful People Think" Best of luck

@Peter York Cash value life insurance policies are great policies to store your cash. I have a few policies myself and I use them as my bank whenever I need cash for a new property I pull from my policies. Term used for this is infinite banking and it really does help. It's nice to have eggs in multiple baskets

@Kyleigh Morgan I personally put my paid off properties into an LLC all of my properties on mortgages are leveraged as well as have high liability insurance.

I personally wouldn't do this deal, it sounds way over-leveraged in my opinion. We all have our own risk tolerance but i'm afraid this one will not end well, unless of course you're properly reserved to withstand a storm (That will come because they always do). This will help in the event of something major that needs fixing or if you stay vacant and need to hold the loan down for a while. 

I Personally love the BRRR strategy. Out of my handful of properties, I've done 2 BRRR's one of them pulling out all of my down-payment and rehab money completely but I was only comfortable doing that because the final loan ended at 60% LTV with 40% equity and I have 1 year of reserves for each property I own. I prefer to stay a little more conservative as i'm in it for the rest of my life and am trying to keep my portfolio at 50-60% LTV in its entirety.

On the other hand, this property could go very well for you and you can win! Just have to be able to weather the storm, that's the most important part. 

Best of luck in your endeavors 

Junior

Real Estate Investing is and should be treated as a business. We live in a world of majority wanting to chase that instant gratification and wanting that shiny object right now. Real Estate Investing like any other business takes time to assemble, build, grow and maintain. The 3% that succeed are those who know that it takes a lot of hard work, time, and great perseverance in order to succeed in business. Those 3% will be rewarded once those mortgages get paid off and their cash-flow skyrockets! They're the ones that know that $150-$200 per door will look more like $500 per door after their tenants pay off those 30/15/10 year mortgages. the same 30/15/10 years that no one wants to wait for Success. 

Sadly, this will never change. 

@Bryan Kurtz Good morning Bryan, I'm from the Bay with several out of state properties. Let's plan coffee sometime and chat. PM me Best, Junior

@Gary Crawford Congrats brother, that's an amazing story! Took me 7 years!. I'm doing something wrong hahaha.

@Isaura Orellana No need to get defensive I didn't mean any disrespect nor was I aggressive. I agree with all of your original points with investing in booming Detroit, I love it there. I was just stating facts on the neighborhood to price point ratios in today's market. There alot of good people on this platform who believe everything they read and get suckered into buying "B" properties and find out all of the houses around them are boarded up, and wonder why they havent been paid their rent in 3 months.

@Isaura Orellana I was just in Detroit for a couple of days last week reviewing real estate on my way from visiting a few of my properties in Ohio. I do agree that it's an amazing place to invest but Please don't misinform the good people on here telling them $45k will yield them a B class neighborhood. That's false. B class neighborhoods in Detroit are well into the mid 200s and up range. Neighborhoods like Woodbridge, Rivertown, Rosedale Park, Midtown to name a few are B class neighborhoods far from 45k. Even C class neighborhoods are in the 60k plus range Claytown, Riverdale, etc . There are some Lower C class areas .that meet that price range of 45k. Neighborhoods like Morning side, regent park, del ray, etc. I agree with what you're saying but don't agree with misinforming the good people on here. My boots have personally been on the ground and I've been through most neighborhoods in all price points to finalize my next investment decision.