All Forum Posts by: Suzie Remilien

I'll be there.

How much money do you set aside for contingencies (i.e.bankruptcy, unpaid taxes, evictions) when purchasing notes?

Also, how long should such contingency funds be held and should they bear interest? 

@Gordon Owen@Bob Malecki

 Thanks for the info. Unfortunately, I cannot make the meetup next Tuesday. I'll try to make the next one.

Has anyone bought performing notes from JW Warr's American Note Warehouse web site? Please share your opinions. 

@Aaron Ramm Welcome. Looking forward to seeing you at the REI meetings.

@Anil Sharma 

Welcome! I recommend you check your local REI club if you haven't done so already.

I'm a buy and hold investor focusing on finding multifamily in south Snohomish County and south King County. You're right, it's difficult to cash flow with prices in Seattle area. My plan is to save for my down payments and be patient. At this stage it's more important for me to buy right than to buy fast out of fear. I'm also looking into investing in the Fort Lauderdale, FL market where I have family and a property manager in place.

@Gonzalo Baraybar I'm not a seller, but one of my goals is to buy a multifamily for rental in Broward County within the next 5 years. I live in Seattle now, but Fort Lauderdale is my hometown. Good luck!

I bought my first rental (condo) last month, and my number one priority now is to build my reserves to cover 3 months of repairs and 3 months vacancy. I've been saving as @Kimberly T. suggested by living below my means. Every extra dollar goes into this dedicated bank savings account. As I see it, the sooner I have the reserves in place, the sooner I can start saving the down payment for my next property. 

I'm about half way to meeting the reserves goal, so it's great to get this confirmation from @Cal C.  and others.

@Joe Villeneuve Alas, that's not an option for me. Thanks for the explanation and for all you give to fellow BPers.

@Joe Villeneuve 

O3 - Buy all cash, then refinancing to get all your cash back out within 6 months.

I don't quite understand this option. Are you buying with all cash from a hard money lender? If so, the cost of borrowing may be too high for someone seeking to avoid debt.