All Forum Posts by: Jimmy Murray

Hi @Jennifer S. Welcome to BP!

I'm an active member of RIREIG and will see you at next weeks meeting for sure. 

Investing in the fringe areas in Providence may prove to be a bit of a difficult endeavor but could produce solid returns in the future. There are other areas of RI that may prove fruitful for you as well. 

I live in Rehoboth, MA myself, not sure where you live in the SouthCoast but would be open to grabbing coffee some time.

P.S. Can't believe I responded before @Anthony Thompson on a post about RI ;-). He's our local expert for all things real estate.

@Danielle Smith Welcome to BP! Sounds like you are off to a great start!

@Jerome Smith First place I would check out is Credit Karma. They will provide actionable advice to correct the deficiencies. I would start by making sure that you don't close any accounts and just continue to make on time payments. From there make sure that you are paying down your balances on any credit cards and your score should begin to rise.

Hope this is helpful!

@Brandon Owens I do not have a template but I am adding a comment to this thread to see if I can piggy back on your question.

I typically try to make a cash offer that is 15% lower than a seller finances option.

Hi @Yan Huang

I think your analysis looks pretty solid.

Maybe look to increase Vacancy cost and factor in property management  as well. At some point I would imagine that you would not be set managing.

@Eric Hrlbock Believe it or not, this happens all the time!

Did you use a condition statement upon move in?

It sounds like all the work you are doing would be valid deductions from the deposit. The only one that might be a bit touchy is the replacement of the carpet. I know in my area as long as you provide an itemized letter explaining the deductions it is very hard for the tenant to challenge said deductions.

@John Gentile Would it be helpful for an introduction to a hard money lender or are you specifically looking to leverage private capital from a single investor?

@John S Lewis Sounds like you are off to a great start!

Leveraging BP and having a savvy mentor will take you a long way to achieving your goals. 

One piece of advice I would leave you with would be to focus on 1 of the strategies your mention. Being laser focused on one strategy rather than 3 may lead to earlier success.

@Kyle Swenson Sounds like you are off to a great start financially!

I've worked with two of my cousins and a tenant who are Veterans that were looking to leverage a VA Loan. It is a great tool to help you get ahead, especially if you leverage it for a multi-family.

@Anthony Thompson Appreciate the referral!

@Luqman Shah Would love to connect to see if I could help you out.