All Forum Posts by: Mitchell Go

@James Wise Thank you James! I really appreciate it.

@John Underwood Thank you for the advice. This is really helpful!

Is buying SFRs with tenants in place always a bad idea?

I'm currently focusing on SFRs and I was thinking of buying currently tenanted rentals paying below market rents in B- neighborhoods. I'm thinking if current tenants are paying slightly lower than market, I could negotiate down the price but still cash flow to cover my expenses. 

Before you even buy the property, how do you do your due diligence? 

Are rent-ready costs typically more or less expensive? 

How does this work if you want to switch to a different property manager? 

What are the typical issues that you've encountered and how do you avoid it? 

Any experiences and thoughts would be much appreciated!

Mitch

Thanks Tom I appreciate it! 

Mitch

Hello BP,

I apologize for this late introduction post!

My name is Mitchell and I'm a CPA in the Philippines and in the States. I moved to Orange, California in 2014 and currently work for a mid-sized accounting firm. I've been introduced to real estate in April of 2018 and since then I've been reading books, listening to podcasts, researching in BiggerPockets, and meeting with investors.

I've purchase my first turnkey property in Little Rock, Arkansas in June and I'm looking to start doing BRRRRs (in Kansas City) to scale and gain more experience. I'm targeting to open a HELOC by the end of next month to use the dead equity in my home. My goal is to buy 1 more unit this year, have 10 units by the end of next year, and be financially independent by year 7.

I would love to connect with like-minded people from all backgrounds!

Sincerely,

Mitch

P.S. I'm also looking to build an long-term intentional relationships with credible brokers, agents, property managers, contractors, etc. in the KC area. Referrals are also greatly appreciated!

Thank you for your responses! I just thought having two separate HELOCs would be the easiest way to resolve conflicts between my sister and I. 

Hello everyone,

I'm new to BP and just recently started my REI journey. I'm trying to be creative with my financing and will most probably tap into my home equity in the near future, but I am unsure if my thinking is possible.

If I co-own my primary residence ($250k) with my sister (mortgage with bank#1; $150k in equity), can I obtain 2 separate HELOCs (@$50k each, instead of 1 HELOC@100k) if both are with bank#2? (separation of HELOCs for administrative purposes between my and my sister)

[numbers used are examples only]

I've tried looking online, but all scenarios lead to it being with 3 different banks (with one having less claim over the property). I was thinking if it was with the same bank, technically, the bank shouldn't have any problem since 2nd and 3rd claim are within the same bank?

Has anyone gone through this? Any comments/feedback would be appreciated!

Thanks,

Mitch