All Forum Posts by: Kody Thompson

Nice Job!

Shane, 

You may see some tighter restrictions in terms of LTV. However that just means that you hold the property longer using your own funds and then when things even out and your LTV is even lower then you go Refi. Personally I like to keep my LTV at 60% which means higher cashflow and funds that I can put towards capital expenses, PM's etc.

Personally Id make as many connections with current investors as possible. Ask if you can work for free for them to learn the in's and outs of the business. Once you do you will have the time to earn sweat equity while using these individual's money on deals that you find. 

I think before you purchase the home you need to have your contractor and home inspector go through the property to do a full analysis and give you a quote for the renovation. That way you have solid numbers from the start. Always budget for extra unexpected things but now at least you know details on the bones of the home. 

Best of luck! Also keep it cash!

Im actively looking for Multifamily deals in South Florida, How can I help

Anytime is a good time to get in if you can have positive Cashflow. It can be easy to sit and wait for the perfect time to come along however its not so much about the time as it is about the property, the tenet and your reserves to plan for rainy days.

Personally I think the best deals will come along in Aug-Dec but thats just my opinion who knows what is going to happen.

Flemming Island is looking to build a hospital which will be complete in a few years. Will be adding over 700 jobs to that area. 

Stay away from North Jax! haha

Going to a REIA Meeting or posting on your local REI Facebook page may be a good resource for finding a good CPA for your investment.

Try Root Realty in Jacksonville 

Ive worked with Alaina in the past and she was great and will be a good contact there! Let her know I passed you along and she will take really good care of you.

Id put in at least 5 K down into the deal. Another option would be to put your acquisition fee into the deal instead that way you still have skin in the game and are not missing a huge chunk out of your bank account.