Rental Property Investor · Fort Walton Beach, FL · Member since 2017 · 14 posts · 3 votes
Hey everyone!
I am posting today because I am looking to start networking. I have a goal of building a team and trust with as many people as I can. my current focus right now is hard money lenders or fellow investors. Let me give a bit of background on myself first. I am 26 years old and currently own 3 properties. 2 are rented out and I live in the third. I work full time for the government as a Federal Firefighter for Eglin AFB florida. I have saved up a nice chuck of money around 50k that I want to invest in my next property. My good friend is a wholesaler and I'm also starting to get into myself but only for acquisition reasons I really don't care about the 5 to 10k commission. my focus is more on building an empire as well as flipping. If anyone has any connections or some advice it would be greatly appreciated. I also am now working on my Florida real estate license so when we do sell we can avoid that 6% cutting into our profit margin. I look forward to hearing for you guys thanks!
@Brian Lasserre You can actually have up to 10 conventional mortgages. It's just that after #4 it gets harder to qualify. If your lender says you can only do 4 find another one.
hello! Congrats on the properties, im also looking to network with investors. Ive studied for 5 years, currently 22 yrs old with 6 houses. Going to build an empire with apartments!
Congratulation and welcome Vincent. I am curious if you have actively figured out your ability to borrow bank money? Access to credit can be a key asset in building your empire and with a solid employment outlook and reserves, banks should like you. I am not a lender, but an active borrower of good debt and it has made a big difference in our returns and ability to build the portfolio.
Hey guys yes I also want to build an empire. and I have done 3 loans from a bank so far so yes I do have some experience with regular banks. if you guys would ever like to work together feel free to contact me I'm always looking for fellow investors.
Hey Vincent Migliorino nice to see a fellow firefighter on the forums! Let's connect and I'll fill you in to what I've been investing in to maybe provide some ideas of the opportunities out there.
Bank will not lend to a borrower with 4 mortgages already. Private loans are available for investors no matter how many mortgages you have. Also distressed properties are OK.
@Brian Lasserre You can actually have up to 10 conventional mortgages. It's just that after #4 it gets harder to qualify. If your lender says you can only do 4 find another one.
It's good that you are looking to network with hard money lenders, because as some other people above mention, it gets harder to qualify for new mortgages after the 4th one. For hard money lenders the most important factor is if you have found a good deal to flip. So I would suggest looking up HML members on BiggerPockets' database for Florida, and reaching out to all of them to start networking! We don't operate in Florida yet, but I am happy to connect too, for advice, and to see where your story takes you.
@Vincent Migliorino just one comment on saving 6% as a licensed agent. Remember, if you want to sell your properties fast you need to cooperate with fellow agents which means paying them 3% also remember that as an agent you would want to keep your business as an agent and your business as an investor separate that would involve paying yourself a commission on the sale or purchase of your own properties. There is also this small issue of your brokerage (you'll need one to practice) which will require a percentage of your commission.