All Forum Posts by: Matthew Roberts

Hi Everyone, 

I'm new to BP and I've recently decided to get more active in REI. My wife and I have been managing a 30 unit apartment complex in San Diego, California for the past 3 years. We've seen a lot of the work that has gone into it, but also the profit the owner has made. I have a full-time job in marketing, but I'm looking to supplement and eventually replace office work with investing.

My main motivation is being tired of working a status-quo job and not being ready for retirement. I have 2 kids and 1 on the way. I've realized that REI is probably my best bet to obtain financial freedom and security for my retirement and for my families prosperity.

I'm looking for as much help and guidance as I can get. I'd like to get an investment property before this year is over. I'm looking here locally in San Diego, but also Utah, Idaho, Texas, Nevada, Arizona, and Colorado. I'd love to get a small multi-family property or a single family home. 

I'm looking forward to connecting with some experienced investors in my area to learn the science and ins and outs of REI.

@Account Closed the financing is through Fundwise Capital. Thanks for the feedback!

@Ashley Cote Awesome. thanks for the tip!

@Account Closed So in the post I said I'm not sure what the rate will be "after" the 15 month period. There will be a rate, and I'm assuming it will be high. Sorry, my post was kind of confusing.

Does anyone have any experience financing with Fundwise Capital? I recently applied for a line of credit, but I've read some poor reviews and wanted to see if anyone has had any dealings with them. Looking to use them for BRRR or fixer uppers. Thanks!

Is there a particular strategy that makes more sense if you're going to finance through Hard Money or Lines of Credit with a high interest rate? 

Current situation is possibility to get up to $200k of financing with 0% interest for the first 15 months. I'm not sure if there's a fee to start this or what the rate will be after the 15 month grace period, but assuming its high I feel like it doesn't make sense to continue with this line of credit unless you refinance into a long term loan or if you're flipping. It seems like the best strategies are BRRR, Fix & Flip, and maybe wholesale. I'm very new so any help would be appreciated. Thanks!

@Robert Clifford I've thought about that a lot. We have to be near a peak. My thought is that if I'm holding a property as a rental I don't think the rental rates would drop as low as the home value. Even if I had to break even during a potential drop in the market I wouldn't mind that with the potential for upside. 

@Aaron K. I've been looking up there a little bit, but I'll check it out. I've also been looking in La Mesa and east county. Any thoughts there?

@Kirky Galt Thanks for the feedback. I'll reach out. 

Is there a resource on BP with a list of all the expenses a multi-family owner can expect? Taxes, all the different insurance types, maintenance, etc... I have what I think to be at least 95% of the expenses covered, but its hard to know what you don't know. I've used the calculators, but there are general buckets. I'm looking for a comprehensive list to check off to see actual expenses, especially for San Diego and California where earthquakes and fires can be an issue.