All Forum Posts by: Andrea Weule

I'm so honored to be featured in the latest blog by Joe Fairless!  

In the blog, they discuss my my Remote Investment Strategy. I use traditional MLS and off market strategies to find deals. After I find the deals I qualify the sellers and make my offers. From there I either keep the deal as a rental for my portfolio or I pass the deal long to another landlord or flip investor as a wholesale deal. I've been at it for over 10 years and have adapted to the ever changing market.

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I love @Brenden Mitchum's advice...budget your money.  We had a functioning personal budget for 8 years and a business budget for 6 years before I left me job to do real estate full time.  It really helped us understand where the money went.  I knew where we could cut on short months and where we needed to pad on my hearty months.

Beyond that, if you don't have time for a full commitment, I like wholesaling.  It give you flexibility and it allows you to network with a ton of people.  Beyond that you can see some pretty creative deals along the way and gain a lot of knowledge.

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I would connect with @Sunitha Rao.  She's doing some Awesome things in the Indy Market!  

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Yes, I'd try smaller local banks (3 branches or less) like @Neil Henderson recommends.  Additionally, as for the bigger banks, I've found that US Bank seems to be the most flexible or investor friendly.  Most of the time if the loan is at least $50k they'll be a bit more flexible.  

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@Percy Matsunaga None of them are in our name, they are all in the LLC. The loans & bank accounts are also in LLC's name not in our name. We have portfolio/commercial loans for our properties.

It all depends on what you get for your membership.  Is the club active right now?  If a club has remained innovative and active during covid - Awesome.  If you can promote deals or network through the membership - Awesome.  If you get additional perks like discounts at local stores, etc even better.  

If you're paying a fee to just have the right to attend a meeting, no thanks.  I can't always go, so I prefer the pay as you attend method.  If you get perks that are worthwhile to you and your business then absolutely!  

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I agree with @Cameron Tope. I have at least $5k in a reserve at all times. I shoot for 6 months of expenses. I prefer to keep my LTV at 70% or less. If a market adjusts with rentals, I'll almost never be underwater. I don't ever plan to sell, but psychologically, owing more than somethings is worth is tough. So I try to always stay 70% or less.

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Hello @Melissa Bains, We use small local banks/credit unions.  Usually banks with 3 or less branches.  They are the most flexible and hold the loans in house.  I'd be happy to make some recommendations if I know a bank or credit union where your properties are at (they often only lend in their market area).  We have had some luck with USBank for big banks.  I'd also be able to make an introduction to our contact there if you'd like.  

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Looks like a nice old property.  Would love to hear more about the numbers and your strategy/plans for it?