All Forum Posts by: Bill Goodland

@Julius L Evans nah I don’t mind, PM away man. Happy to help if I can

@Kayla Utley closing costs are definitely a concern but I would just calculate a cash on cash return of getting the loans. Strategy makes sense, but it depends what the goal is. Less leverage equals more security, more leverage usually means more growth. Up to you to find the sweet spot but one thing I always recommend is determine the return you are getting on your equity in a property and compare the opportunity cost of investing that money elsewhere

@Kayla Utley I think the refinance is great. If you have the cash, I would recommend buying distressed properties with cash and try to BRRRR them. You can most likely scale a lot faster and I would much rather fix everything up front to avoid maintenance and then capture that built equity with the refinance then rinse and repeat

@Julius L Evans first of all, I would recommend being very clear and focused on what exactly you’re looking to do whether it be flips, rentals etc. and honestly I think it can be a little bit of both. Go to meetups, get contractor, agent and lender referrals. Talk to wholesalers and say you’re looking for a deal. Once the deal comes along, reach out to those team referrals because they honestly property won’t care much until you have some business for them, but still great to get to know people

@Jordan Rhoads BRRRR works in literally any market on the planet, you just have to find a good deal, add value be all in for 75% of the ARV. If you can't find a BRRRR deal in your market you're probably not looking at enough deals or making enough offers. People BRRRR with 2 cap rate properties in NYC. Cash flow on the other hand is a different story, but if you can create equity and have any cash flow that's a win in my book. But just remember as well, even on a more expensive property, if you create 50k of equity in a more expensive property, that equity can eventually be 1031d into multifamily down the road that will give you a better return on that equity

@Jaden George do you expect to have income in college to be approved for a loan? If so I would save for a househack, if not, Roth IRA until you're out of college

@Tom Wagner there’s a couple 12 bedroom quadplexes in the Temple University area that go for like 550-600k and are at or above the 1% rule

@Autumn Whittington ROI doesn't sound bad, but what about the opportunity cost of having the place sit vacant while waiting for cabinets and cost of labor for putting it together? The improvements will definitely increase the value, but if you're not planning on recapturing that equity soon with a sale or refi I would hold off while there is still useful life in the kitchen you have left. That way, on the next turnover you can have time to plan by setting reserved aside, ordering cabinets ahead of time and lining up contractors for right after the tenants move out

@Ellie Ryan I would recommend searching your local market in the BP forums to find out which agent has been most engaged and knowledgeable about investing in your market and ask them!

@Drew Lamb honestly nobody knows. Will the economy be negatively affected by an overall decrease in GDP? Yeah probably. But there’s also been so much quantitative easing to weather this storm that I don’t expect anything cataclysmic to occur. And even if it does, if you’re buying good enough deals at below market with equity built in, you’re pretty well protected. Far more wealth has been made by understanding, mitigating and living with risk than has ever been made waiting for a crash that may never come