All Forum Posts by: Julie Coleman

@Marty Friedemann Thanks for sharing your story. What were the specs of the property? Was it a 3/2 flip? It's a good COC return, even if your holding costs were more than expected. How long did the eviction take in Burbank?

@Joshua Dawson

Did you have any luck finding a GC contractor in Sacramento? 

I am helping an investor friend in Sacramento to look for a GC to work on an addition of a single family residence in mid-town. Any recommendations would be very helpful. Thank you!

@Scott Vogeli, @Wes Blackwell @Jo-Ann Lapin - any advice is appreciated from you as well. 

@Joshua Dawson

@Kevin Schultz

Like others, I use cozy.co. Our tenants love it and have set up rent to automatically transfer from their bank account 5 days before rent is due.

In case of an eviction, the landlord has the right to stop automatic payments. This safe guards the landlord during the legal process so the tenant cannot claim that the landlord automatically received a false payment from the evicted tenant after the notice was served.

Great for record keeping, info exchange between management and tenants and its free to use. We maintain copies of their lease on their tenant portal and other documents on file.

Did this ever kick off? If so, I'd love to join. DM me with details please.

@Ian Walsh thanks for the great information. I am currently in the process of researching refinance options for my renovated duplex. I am aiming to understand all the paperwork involved and its underwriting process so I can best set up my financial statements for the next property loan.

@Max T. Thanks!

@Taylor Chiu Can you explain further the terms you were able to get for your previous HELOC loans from Penfed? What was the inventive to get a HELOC vs a home equity loan?

#cashflow #cashflowquadrant #biggerpocketspodcast @Brandon Turner @David Greene

To follow up the @BiggerPockets .com podcast last week with Ben Kinney, I want to hear your thoughts about his investment strategy breakdown below. It reminds me a lot of the assets vs liabilities discussed in Rich Dad Poor Dad's Cashflow Quadrant Book. How does it apply to your situation and what vehicles are you investing in to mimic a similar scenario?

Ben Kinney's Stategy

• 20% - Extra Cash Reserves (Emergency Savings fund)
• 20% - For Buy and Hold Real Estate
• 20% - Financial instruments (retirement and 401ks, ways to defer taxes)
• 20% - Businesses to invest in that other people run (property management properties, becoming a hard money lender, stocks)
• 20% - Charity

Below is a graphic how I currently divide my personal income and assets. I am a 30 year old who currently owns 1 owner occupied investment in California and am looking to purchase buy and hold investments using refinancing in addition to the personal financing strategy below to further build wealth.

Feel free to share your own strategy and critic mine for the better. Thanks!

From my W2 income

• Automatic deposit into a bank savings account for emergency savings funds for personal use. This account is not for emergency or capital expenses in real estate. 

• I currently house hack my only real estate investment so I pay my portion of "lost opportunity of renting the unit I occupy" back to my investment fund plus any extra money to make up 20% for future buy and hold real estate.

• I currently only pay the max amount allowed for 401K IRA. No 401k roth.

• I invest in the traditional stock market. 

• The amount I have to live on at the end of the day. I hope to give back more once systems are up and running later in my investment career. 

@Ian Walsh in your experience what information is typically provided to private lenders for proof and credibility? The current profit loss summary of their properties, references from their team members, bank statement of their business accounts?