All Forum Posts by: Matt Motil

Don't get emotional in a hot market. You're an investor potentially competing with an owner occupant looking for a "deal" on their retirement home. You have to know your numbers and costs and stick to your offer knowing its the max you can pay to net you what you want out of the deal. If an owner occ comes in and out bids you but 15k, they are still getting a "deal" but can afford to pay more because they are going to live there and aren't trying to turn a profit in a short period of time. 

I like to cover the largest cap-ex item at any given time. Example: One of my rentals the roof replacement would be about 10k, furnace $2500, Driveway $6000. I just replaced the roof, so I shouldn't have to worry about that for 50 years (50-year shingle). I know that the driveway is far out, so I am carrying $2500 on the property. This is a good reserve to cover anything that comes up, including the furnace dying in the dead of winter and needing to be replaced. If I need to dip into it for $300 for something miscellaneous, I use replace those funds next month when rent is collected. 

Get a partner/mentor willing to bring you in on their next deal. Experience in this manner is way better than a book. 

I agree, it's market dependent. In markets where you don't have "winter" it's easier to lease up units. Any lease that would have the term ending around November, I would extend to at least February. Leasing up units between Thanksgiving and New Years can be brutal. 

Couple options, but they basically involve refinancing the debt into a commercial product ie blanket loan, where you put multiple properties under an umbrella of one loan product. This reduces the quantity of mortgages, allowing you to go back to the conventional well, so to speak. 

Welcome to BP @Chris Marsh! You're in the right place! Best of luck to you! 

Welcome to BP @Farris Roach III! I love the attitude, it's awesome! Time to take some action! Best of luck to you

Welcome to BP @Jordan Duvall! I lived in Gilbert back in the day when I was in the valley. I was in Power Ranch. Small World! Best of luck to you on your REI journey!

Welcome to BP @Jeffrey Corpstein! I built quite a few bridges down in Cincy before using REI to retire from the construction industry 3 years ago! Best of luck to you!

Welcome to BP @Suzan Hailey and Todd! Good luck in your REI journey!