All Forum Posts by: Pete T.

I would kill the high rate debt and get some reserves together first.  Then determine where to buy.  Explore low down options to allow growth.  If you are just starting out, an owner occupant 4 plex could Jumpstart your investing

Thanks for the replies.  My issue with other lenders has been reliability, mistakes, and speed.  I have no interest in hard money.  other lenders have been too inflexible with rigid standards

not sure if this is the place for this, but looking to generate any good leads for commercial lending in Virginia beach.  We haven't had great experiences so far.  Pm is likely the best method to avoid solicitation all over the site.  Thanks!

yes, I absolutely understand 4 units and fewer falls into the residential side and I get some commercial brokers might not want to deal in smaller 8 to 12 unit bldgs, but what service is provided representing a field that you are not familiar with.  Looking for feedback from others on bldgs represented by agents asking for pre Qual ltrs, showing comps, etc.

Thanks guys for all the input!

Does anyone use budget software like Mint or Everydollar?  I have used a simple Excel spreadsheet and went to check one out, but not really comfortable with adding all of my bank user name and passwords just for automatic entries.  Thoughts??

It is always good to set goals for you self to hold you accountable and a way to measure what you are doing.  A refresher of a Gay keller reminded me about a simple basic framework to measure where you are at with holds that I wanted to share.  The book goes into what you can do to be successful at each "level"  First is think a million, essentially the how and why, learning and crafting the plan to take action.  Next is buy a million.  Aquiring a million in properties could be one in some areas, a ton in others, and about dozen units where I was.  At this point you are likely family with real estate and will look forward to the challenges ahead.  The next logical spot is to own a million, simply equity in excess of 1m.  For some it may not happen or take forever, whether it is continued growth, money pulled out, are staying the course with what you have.  For others it might be a step to keep going.  The last level listed make a million.  While making a million a year cash flow sounds like an enormous step from 3 to 4, it might be a goal for someone.  While none of this aligns with what I look at now, it was good reminder to look at where I was at and think about adjustments.  What measuring sticks do you use?

@Matt Horton I am not sure where you are finding building at such a cheap price, but you might want to look else where for building questions as it is something I don't see discussed or answered very often here.

I like to have a separate tab for each property so I can include repairs/improvements, their cost and date.  I would also like a further breakdown than cash flow as mentioned above.

me too