#20 rental was purchased today

58 Replies

Originally posted by @George P. :

i recommend whatever gets  you more properties. i still feel i know little about this business, i just make it fit my "mold" as i go. no set rules. probably not the best way, but this is what i know.

i have no problem if you hijack the thread. others are welcome to share their way too. i can learn something

 I think the first part of this quote is very well said

Congrats @George P. ! I agree with @Adam Anderson , that LOC is a game changer. How did you find the bank that gave it to you? I would love to find something like this in my area, yet after approaching dozens of banks and credit unions over the years I still haven't found it.

Originally posted by @Rumen Mladenov :

Congrats @George P.! I agree with @Adam Anderson , that LOC is a game changer. How did you find the bank that gave it to you? I would love to find something like this in my area, yet after approaching dozens of banks and credit unions over the years I still haven't found it.

 hi rumen, long time no talk!

dozens isn't enough. i called 53 or 55 banks one afternoon. two in my area do it. i have referred them to a few BP investors and they have been happy as well.

btw, in the OP i said the rent will be around 1,050 (hoping). the way it's updated, we listed it for $1,075 and our phones/email has been off the hook. 

it's not the greatest area (C), but as long as the income requirements are satisfied, we are happy.

in addition, i have a thread somewhere with #22, so this thread (#20) is old. i just brought it up to give an update and post some pics.

Hey @George P. Thanks for sharing. Sounds like prices paid and potential rents are pretty similar between Louisville Ky and Livonia Michigan. I'm at 7 units now and looking to pick up a couple more in the next few months if I can find the right deals. How long did it take you to get to 20? 

Originally posted by @Dan Close :

Hey @George P. Thanks for sharing. Sounds like prices paid and potential rents are pretty similar between Louisville Ky and Livonia Michigan. I'm at 7 units now and looking to pick up a couple more in the next few months if I can find the right deals. How long did it take you to get to 20? 

 hey dan, this thread is from about a year ago. it took about 5 yrs to get to 20. i am actually up to 34 at the moment. here's the latest thread - https://www.biggerpockets.com/forums/223/topics/38...

buy while you can. buy and hold is the way to go.

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