All Forum Posts by: Melissa Harris

I would reach out to Goosehead Insurance, I have always had great success with them shopping around and getting us great rates on our investments and with our clients as well. Reach out to Kendall Keil. PM if you want his information. 

I use 1st Bank here in Colorado and really like them but I also heard Credit Unions are also a great bank to open a business checking/savings account.

The biggest things that lenders look at is your credit score and how much you make. Are you able to increase your credit score or get another job to help you show you make more money?

First off, congratulations on taking the first step into getting your first rental property! Not alot of people see that as an accomplishment but most never take that step, so I applause you guys :) My biggest advice is to always live below your means and save as much money as you can for your next investment property. Live in the property for 2 years (to avoid paying capital gains, if for some reason you have to sell the home within 5 years of owning it) then use the money you have saved to buy your next property and go live in that new property, rinse and repeat. I would try to avoid doing a HELOC and over leveraging yourself. I have always been the slow and steady type of investor and it has worked out well for me. I hope this helps you a little bit on your journey! Good luck :)

@David Chappell thank you so much for sharing your story! I am at the same cross roads with just taking ACTION and submitting offers. I need to just believe in the education that I have received on here and go for it! Like you said, if it doesn't go as planned then I will learn a lot of lessons but then I know how the process works from the beginning to the end and make the other buys a lot better!

@Chris Lopez thank you so much for sharing this podcast with us! Such great information, do you mind if I share this with my sphere and clients?

@Alex Olson Thank you I appreciate the comment! Yes it was certainly a long process on finding the right one that matched what he was looking for as far as numbers go and location. It was a great feeling knowing that we found him one that fit :)

@Terrell D. I absolutely agree! It was certainly a win win situation for everyone involved! And we are happy to see our client getting one step closer to financial freedom! He is ready for his next buy next year :) Thank you for the comment!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $640,000
Cash invested: $160,000
Sale price: $640,000

This 4 plex was an off market deal. Our buyer got this 4 plex for a great price as it had appraised for over $700,000.

What made you interested in investing in this type of deal?

Our investor wanted to get out of the high cost of the Denver area and wanted better cash flow.

How did you find this deal and how did you negotiate it?

We partnered up with another agent, he had the seller and we had the buyer. Found his post on a Facebook post he did.

How did you finance this deal?

Our investor put 25% down with doing a 1031 exchange and financed the rest.

How did you add value to the deal?

He is planning on flipping each unit once tenants move out

@Steve Vaughan awesome! I didn't know anything about the contract service option, so thank you very much for sharing that information with me!