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All Forum Posts by: Matthew Beninate

Matthew Beninate has started 5 posts and replied 15 times.

Post: Small Bank Recommendations

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7
Quote from @Jordan Ray:
Quote from @Matthew Beninate:

Any investors in Memphis have recommendations on small local banks for business checking accounts?


I personally use Navy Federal and they aren't small, I would actually recommend just about any credit union. Why do you want to use a small bank?


 I’ve heard on podcasts that developing a depository relationship with small local banks could result in more favorable interest rates and more flexible loan products after some time with the bank. 

Post: Small Bank Recommendations

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7

Any investors in Memphis have recommendations on small local banks for business checking accounts?

Post: Business Bank Accounts

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7
Quote from @Sarita Scherpereel:
Quote from @Seo Hui Han:

You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them.


 I agree local banks and credit unions will be better if you're planning on growing your portfolio. 


Would this still be recommended if I planned on investing in different markets?

Post: Business Bank Accounts

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7

Any recommendations for business checking accounts for long term buy and hold LLC?

Post: Questions to Ask Seller

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7

Thanks! I was more so wondering how I should go about verifying the accuracy of the rent and maintenance of the property. It’s a turnkey property with a tenant in place, so I was asking if I should ask for a lease agreement to verify the number given for the current rent is accurate?

Post: Best Investment Property Insurance in Metairie/NOLA

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7

Hi all,

I was looking for recommendations for rental property insurance in the Metairie/NOLA area. Thanks for any suggestions!

Post: Questions to Ask Seller

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7

Hi everyone,

I’ve come across a portfolio sale on seller financing terms, and after doing some due diligence, I noticed the taxes for one of the properties was wrong. I was wondering how to confirm the numbers given for the expenses are accurate (such as the rent/insurance etc) and if there was some sort of checklist that anyone has used in their experience in seller financing deals? Thanks for the help!

Post: Real Estate Side Hustles

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7
Quote from @Jay Thomas:

Wholesaling real estate can be a great way to get into the world of Real Estate Investing. It is considered one of the lowest risk methods, and can require minimal upfront cash to start. It may take some time to build your network and skillset, but with dedication it can be a rewarding venture. Overall, wholesaling is an attractive option for those looking to get their feet wet in Real Estate Investing without too much risk. Good luck on your journey! Real Estate Investing can be extremely profitable if done correctly. With the right approach and research, you can make wholesaling a successful part of your portfolio. Happy investing!

Seems to be a pretty common theme! Looks like I found my side hustle! Thanks!

Post: Real Estate Side Hustles

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7
Quote from @Nicholas L.:

I'm going to take a contrarian position and say... anything is going to be difficult.  And I do not see how flipping is a side hustle... flipping is investing...

Why not pick up a non-REI side hustle in that time and make as much as you can??

This will put you way ahead of all the investors on BP who don't have any cash.

That’s always an option, too. I was just looking for a side hustle that involved real estate so I could gain more experience in the field while earning extra cash. Thanks for your input!

Post: Real Estate Side Hustles

Matthew Beninate
Pro Member
Posted
  • Posts 15
  • Votes 7
Quote from @Billy Daniel:

What about construction?  With that schedule, being an agent might be difficult.  If you're unavailable every other month, you're not going to be able to build a client base.  You'll also abandon any clients you get before they make it to the closing table since most closings take 30 - 45 days.

If there is a construction company that would take you one, they could be more flexible with your schedule.  You could pick up some strong construction knowledge that would make you a strong flipper.  You could also look into home inspections or appraisals.

Those are some good ideas, I’ll do a deep dive on those and determine which one sticks out the best!