All Forum Posts by: Matthew McKee

Hey @Matthew McKee, thank you for the reply. I would be more than willing to set up a conversation. I am not in the boise area so if there is a way to do a zoom type call I would be on board for that. I am trying to learn now and build the right team to move forward with this. I don’t know how your process works but I am willing to have a call and discuss. Thank you for your help

Sounds good, I’ll shoot you a DM

1 Vote

Idaho Falls, Idaho

These guys all hit it on the head. I'd suggest if you're fairly handy or can make phone calls to find reliable GC's to utilize that HELOC to fund a renovation as you house hack then refi when it makes sense to pay off your HELOC then rinse and repeat. Do your due diligence but don't get stuck in analysis paralysis. Even failures can make you money in this business.

1 Vote

Orlando, Florida

I just hit this in your other thread but I'm sure most would agree, house hacking is an obvious choice for where you're at. Congrats on taking the leap brotha, you're in the right place!

1 Vote

Juan, seems like you've been in the community for awhile, I'm sure you've heard of house hacking. I'm not sure what market you're in but that seems like the best place to start. have you read Scott Trench's book Set For Life? That book may give you a play-by-play of how to live the next couple of years.

2 Votes

Quote from @Cody Wageman:

Thank you for the advice Andrew. Yes we are looking relatively locally to us. Within a couple hours there are some good opportunities. We will start discussing with multiple mortgage professionals to see what are options are there. Thanks you again

Hey Cody, My Business Partner @Matt Osojnicki and I are both in Boise and he manages STR's where I'm in acquisitions. We have a podcast catered to local newbie investors and would love to sit down, listen to your goals and get you going in the right direction.

3 Votes

Idaho Falls, Idaho

Quote from @Jay G.:

Quote from @Matthew McKee:

If you want a holistic view of your returns you need to factor in appreciation which typically beats cashflow, amortization, and the ninja perk; tax advantages. There are so many more perks that are unlocked when you BRRRR instead of flip. Instant gratification v. delayed gratification.

Timing is usually important?

What is the risk of starting/holding BRRRR's into a potential correction and increasing interest rates? Lose everything?

I guess rents would have to correct, too?

How did pandemic eviction moratorium affect BRRRR investors who had little cushion?

I know someone in PA who had one tenant 12k+ behind in rent - basically 8 months. Couldn't evict.

In CA a friend of mine had all his rentals behind in payments / non-payments (Natomas area).

This is a similar issue I had last year with unexpected >2M capital gains to deal with very late in year. I was looking for opportunity zone deals but everything was so overpriced and the risk of "correction" in 2022 + (essentially) being locked in for years until 2026 to pay the tax + investing into what could be a "correcting" value of the OZ property was too much of a concern -- due to the timing of things -- and just paid the tax. Painful.

Seems like my sentiment was funneled through what I think a wise market to be in is, I meant a hold will (typically) weather better than a flip in a correction because you have an additional exit strategy but intended to cashflow until the market comes back up. Personally I follow the tax code and consider a flip as a job and disregard as an investment all together. I wouldn’t personally invest in a market where the tenant laws are such that you can go unpaid for a prolonged period without the ability to evict which is the lens I wrote my reply through. There is never going to be a strategy the works seamlessly for every market.

3 Votes

Quote from @Julian Colvard:

Quote from @Matthew McKee:

Quote from @Rick Baggenstoss:

Congratulations! Great start.

You can find hard money lenders by googling or online. Vet them a bit so you know someone who closed on time, has a reasonable draw process, and finished up/closed out the loan fine. Some lenders are less expensive but difficult to work with -- costing you more money than you saved!

Private lenders linger at REIA meetings or you might find some friends and family willing to go at-risk with you.

Congrats! What a great start! You can hunt for seller carry deals too, have you considered a BRRRR or BRSTRRR method?

I’m currently under contract on a seller carry for my personal home for a condo in West Midtown. What was your last experience like on a seller carry, and are there any terms that were in your last purchase agreement that you recommend using?

Example: “buyer does not have to exercise a balloon payment unless the appraisal is 25% more than the current loan balance.”

Congratulations man! That’s a great amendment, the last term I was really excited about was 30 year fixed at 2%

1 Vote

Atlanta, Georgia

Definitely have your Realtor set you up on a meeting with the PM and I'd look into other's who have gone through that process. Hopefully you're using a realtor who has worked with other investors of this model and is one themselves

1 Vote

Orlando, Florida

1 Vote

Talk to @Matt Osojnicki He'll provide you with a ton of value without charging you anything.

1 Vote

San Antonio, Texas

All Forum Posts by: Matthew McKee

Matthew McKee has started 1 posts and replied 164 times.

Post: Looking to start investing in STRs

Post: BRRRR Financing to start expanding

Post: What type of deal should I be looking for my zero experience?

Post: What would you do if you were me?

Post: Looking to start investing in STRs

Post: Help me undertand the profits with the BRRRR method

Post: Just Closed on a Duplex w/NACA

Post: Buy a Disney area STR with existing bookings

Post: Help me undertand the profits with the BRRRR method

Post: Looking to hire someone to help me set up my Airbnb