All Forum Posts by: Brian Johnson

well I have purchased several homes.  My thoughts are. If you are not embarrassed about your offer you asked to much.

(I don't think this will apply to new construction)

This is my 2 cents from my experience.  All my real estate (5 units) are on 30 year loans. I even put 20% down on all the properties. One property I am very close of paying it off.  I only owe $30,000 on a $85,000 rental.  Right now it has been my largest focus.  The reason why it is my focus is with all the new regulations,  I can't get a loan to buy another property!  

I have been to a couple banks with my 775 credit score. $20,000 cash and I can't get a loan or even refi.!!  I don't owe anything on my vehicles and I only have like $1,200 on credit cards.  

So my view is with all the regulations in the financial market.  I feel I need to clean up my books and pay off one property.  At least pay one off and maybe sell one so I can have 2 units free and clear so I can start reinvesting.  Please give any advice on different loan tools that I can research.

Well that is good to know.  I was informed wrong on the new regulations.  

Mark,

I am in the Lexington area and have been in REI since 2003. If you have any detailed questions. To help you pull the trigger feel free to message me or you can even call.

You have posted a very tall order for your goals. I am not saying it can't be done but it will really take a strong focus on your part. 

I thought a 4plex is commercial real estate loan now? I thought that now only a 3plex or less can only go thru a residential loan.  I hope I am wrong and would love to be corrected on this statement. (Please include a link or a way to prove your statement)

Thank You

I have been trying to narrow my search area down in the Tampa/ St.Petersburg area. I pulled up the Zillow school rating map in hope to narrow the search to a area based on the higher rated school zones.  Does this sound like a good way to narrow the focus? 

We are mostly looking for small homes/townhouses. At the same time I would like to keep my eyes open for a commercial retail building but I am having hard time finding listings without paying monthly charge for loopnet. I have the free version but it is limited. Any suggestions with a better search?

i have read about RE being cheap in some northern cities like Detroit. It just worries me about the market is not at the bottom and a $40k rental falls even lower.  Real estate that low sounds like low income.  Low income is very hands on,high turnover, and high in maintenance cost.  I had a low income 4 plex and sense I sold it my stress and workload has went to almost 0!!

My other mid income properties are very low time involved investments. I'm not saying all low income investments are bad but I would not recommend it to be the first or even second purchase.

Lowell we are thinking about moving in the area but vacation rental is also a option.

hello Chris, I am not trying to hi-jack your post but I am kind of in the same boat and we are looking around the Tampa area. I hope you don't mind if I drop a few questions in on your post as well.  We will be in the Tampa area in December looking at RE.

A mentor will be a big plus if you can find one.  Have you looked to see if any landlord meeting take place in Louisville?  We have one in Lexington that meets once a month.

Good Luck