My goodness, what an inspirational story. Congrats man! I'm hoping to land my first deal asap but am too scared still. Trying to find a mentor/partner has been a little rough but I know my anxiety will be kicked to the curb once I find that mentor. Good luck with your future endeavors!
@Collin Schwartz Congrats on being one of the few to take the lead into the pool of financial freedom. You seem to be doing great! I am a wholeseller in Dallas if you ever want to explore this market. Good luck on future success!
Wow what a motivation! I've been looking to jump in on my first deal and this definitely proves how attainable this lifestyle is to achieve through networking and hard work
@Brent Breitbach all the properties are in a fairly close vicinity so that I can, 1. effectively manage the units 2. So that I am familiar and comfortable with the location.
I really like the ability to see and manage my properties on a daily basis.
Best of luck with future investing!
@Collin Schwartz - Congrats on a fantastic start Collin! Truly impressive!
Any advice on starting that kind of trajectory without a HELOC available for downpayments?
Great job! Your story is surprising!
Congrats! Thanks for sharing.
@Collin Schwartz Congrats!! Why 5 years fixed and not 30?
Great Job ! Truly inspiring !
@Collin Schwartz Wow.....great story
It sounds like you have a solid plan in place and are doing well. Nice work!
@Hersh M. I use commercial lending. It allows me to purchase using an llc, often times no appraisals needed, and much quicker turnaround.
Well done! Someone asked this but i didnt see a response. You are finding that banks are allowing your down pmt to be from an HELOC? Is that commercial loans only maybe given their approval is not solely based on your credit?
If this is the case, i now have a goal similar to your accomplishment. Thx Collin!
@JT Yourinson yes, chimerical lenders will allow down payment funds to come from helocs so long as the global cash flow makes sense. i'd be happy to help you.
congrats man I'm happy for you good luck with your success and keep inspiring others
@Collin Schwartz That's an incredible start and pace, seriously impressive. Congratulations!
After getting started with one last year and one this year, I've taken a pause to try to figure out how to ramp and scale things up to exactly that sort of pace. Would love to understand more about your deal flow.
Originally posted by @Collin Schwartz :
Here is an example of my third property I purchased (duplex) I am choosing this one as the price was $100k and makes for easier math:
Purchase Price: $100,000
Rehab cost: $19,500 (remodeled one unit, roof patching, finished flooring in both units)
Closing Costs: $4,340
All financing (Mortgage and LOC) amortized over 20 yrs (4.75% int rate): $801.32
Management (I pay this to myself): 10%
Cap Rate: 10.81
Yearly Cash Flow: $3,787
Principal Paydown: $3,808
@Collin Schwartz Congrats Colin - very inspiring to hear about the results from you taking action.
Question about the taxes - I'm new to REI accounting but your taxes look high. Shouldn't all the expenses (i'm thinking depreciation especially) help reduce your effective tax rate much lower?
Updated over 3 years ago
nevermind - i think your "taxes" line prob includes both property and income taxes.
@Gavin Tam the taxes are property taxes. Also you are correct Omaha property taxes are very high!
@Collin Schwartz Great Story!! Congratulations and I hope you keep building your real state portfolio.
Thanks for the encouragement Oscar Jacome!
Thank you Luis Angel Lopez!
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