All Forum Posts by: Sean Lunny

@Pascal Guirand hey man! Awesome! Glad to hear you’re jumping in.

I would start with David Greene’s book “Long distance real estate investing”

Read that and then come back with questions

Best of luck!

@Christy Kupiec tough for me to give advice as I haven’t been in this exact position but I would ask - have you exhausted ALL banks/lenders in the area?

Also have you considered partnering with someone to get the deal done?

As the peeps say

“50% of something is better than 0% of nothing”

Best of luck!

@Shiloh Lundahl nicely done my man! Congrats and well deserved!

Hey Ken, this is going to be a really basic explanation so hopefully it makes sense. I will use a hypothetical example:

You (B)uy a single family for 30K

It needs 30K worth of work (total investment of 60K) and the ARV (after repair value) is 90K (this means after you put in the 30k (R) ehab, it will be worth or apprised at 90k

Once rehab is complete you (R) ent it out 

Now that is is occupied, you (R) efinance. This means you essentially get a loan that pays off your existing debt on the home /mortgage (maybe none if you paid all cash) and you get a new loan to (R) epeat this process (you take this refinance money to use it towards the next BRRRR property)

If you did this all correctly, the tenant will be paying your new monthly payment (refinance) via their rent plus some in your pocket to cashflow. 

I hope that helps and makes sense! There is obviously more nuances to it but I hope it clears it up for you!

I bought my first duplex a few years ago with a FHA loan and house hacked for about 6 months then moved out and both sides are rented and it cashflows a few hundred dollars per month. I prefer the buy and hold strategy because i am in the game for the long haul and I love the cashflow it provides. If I could have done it differently I would have searched for a better deal, I would have been more patient to increase the amount of cashflow or bought a tri/quad. In the end it worked out and is making money but I could have done better.

My advice to you would to save enough for a down payment, purchase (FHA) a tri/quad and house hack in that until you save up the money to buy another or leverage it to get the next one and keep going from there.

If you dont want to use the buy and hold strategy, or what I just said doesnt appeal to you, I would join a local REIA and network with some investors in your area to see what theyre doing and different strategies you could use.

I hope that helps!

Are you buying it 100% cash??

My pleasure Barb. Nice work on having the other business starting to take off. I can tell just by reading the post you are passionate about it! I get the fact you have a lot on your plate as of right now and understand where you are coming from. You don't want to wear yourself too thin.

That being said, if you feel like it's a great fit for you - most certainly do it - Accountability is so crucial in any goal you set for yourself and if that course/coaching is going to give it you, by all means. I have never heard of it but as long as you vetted it well and have found some references etc (from reading this I think I know the answer lol) that can vouch for the results it is supposed to bring I am sure it will be worth the money.

I haven't paid for any real estate coaching or course - my examples are from some social media influences who I've paid a lot of money to teach me how to grow a brand on instagram / youtube. I over paid for knowledge I couldve gotten for free if I did my research. Seems like youve done your homework so I am sure youll be fine!

Best of Luck!

W.I.T

Whatever It Takes

Hey Travis, looks like you're doing all the right things. Are you finding deals off market or is this strictly through MLS, Loopnet, etc? If the answer is both, just be consistent and persistent. Where are the deals falling apart? Are you getting out bid? Is the negotiation falling though some where? I would analyze your process and see where the dead end is. If its being out bid - I would just suggest you keep doing what youre doing and it will come. I myself have been out bid 4 times in the last week. It happens.

Hope that helps!

I've had a great experience with my househack *knock on wood*  This story is about my first tenant.

I had great tenants, but my first found out I was the owner and similar to my age - so he acted like I was one of his buddies, which is all good and fine but in the end, its a business. I had to draw the line at one point when he said something along the lines of "quit your bitchin'" when I had told him to make sure his driveway clear for the plows to come. 

There was also  a time when I clearly heard him having sex. Not sure if it was with another person or himself, but either way grossed me out LMAO

He ended up leaving about 6 months into his lease - which was fine with me - and I have had two awesome tenants since.

Thats really the only "horror story" I have - only other thing I'd mention was that there will be unexpected repairs (leaks, door handle repair, the proverbial clogged toilet, etc)

Hope that helps and you got a chuckle!