All Forum Posts by: Curtis Rouse Jr

Hey @Abdul Jami,

I agree with Mike and in my experience for commercial loans, it has been more about the income producing potential of the property than your personal creditworthiness. With that being said, my lender still wanted to see my personal financial statement (assets, liabilities and net worth) vs seeing for example my previous 3 years tax returns, job history, current income, etc for a residential loan. My advice is to start talking to your smaller banks/credit unions and get a feel of what they are looking for because every lender will have different criteria. This opens the door to endless possibilities depending on how creative you want to get with your financing. I hope this helps and best of luck investing!!

Hey @Hector Casablanca,

Welcome to BP! I like the fact that you already know what your goals are in RE. That is very crucial in deciding your path and what will ultimately guide you to financial freedom. Rentals units in my opinion are the best way to go because the economies of scale that drives your bottom line. I currently have a 19 unit under contract and can't wait to get start with the rehab next year because it's a value add project with major upside.

If you want a great list of books, check on: 

biggerpocket.com/books

This will give you a great list that many member and podcast guest have recommended. My favorites is of course the Rich Dad Poor Dad and The 4 Hour Work Week by Tim Ferriss.

Feel free to contact myself or the BP community if you have any other questions Good luck!

Hey @Daryl Askew,

Does your company do work in Macon? I have a 19 unit under contract that needs renovations starting January 2017. My signature includes my cell # so please reach out if you do.

Thanks,

Curtis

Thank you @Ryan Scott Isacksen for the insight! I have already had 2 or 3 hard money lenders reach out and I'm working on the pre approvals as speak. The seller has already approved my business plan for the rehab that includes 4 creative ways to fund the deal, but I want 5, 6 or 7 options just in case. 

Hey @Ray Crook,

The advice provided above is great and I would also throw in a JV. Start networking on BP and going to your local reia and find someone who is actually doing deals and learn them. You might not have the best credit score or as much money that you would like, but you have time to learn the in and outs of the business. Start thinking of how you can find a deal and how can you finance the transaction. Once you change the mindset of your current situation, magical things start happening and that belief will lead you to that first deal. Owner financing is great and that's how I'm closing on a 19 unit at the end of December. All you have to do is ask and the worst thing the seller will say is no. There are some great podcast on this very idea, which has opened up my mind to endless possibilities.

Good luck and please let us know if you have any other questions!

Hey @Chris Jackson,

That is pretty impressive that you are investing out of state on larger MFH. Do you have boots on the ground in all locations or is your company strictly investing remotely and networking to improve your bottom line?

Welcome to BP @Whitney Payton! As @Shawn Ackerman mentioned, I would definitely start with the UBG which is great to get an overall big picture of a path you might want to follow. The podcast are my favorite and I'm on my second round of listening to them all over! They have lead to my first deal and helped me find my next deal which is an off market 19 unit by driving for dollars and being persistent.

I wish you all the luck and please reach out to myself or the BP community if you need any help. Good luck!

Hey Marcus,

I do all of my investing down in Macon, Ga. My first property I won off an auction for 12k and put another 8k in rehab and I'm cash flowing around $400 after accounting for vacancy, insurance, maintenance, taxes, management (I manage myself). I'm getting a little over a 30% cash on cash return, but it does come with more risks and work depending on your location.

Middle Georgia around Perry and Warner Robins are great areas as well with lower PP that are up and coming. I hope this helps and in the meantime educate educate educate yourself. 

If you have any other questions, please feel free to reach out. Good luck!

Hey Daniel,

I hope all is well and you had a great Thanksgiving break with family and friends. 

So to answer your question, it really depends on your market and where specifically you plan on investing. I personally started with an inexpensive single family home with the intention to learn the ends and outs so a could scale to larger commercial units. That education of managing a rehab and tenants has given me the confidence to be in the process of closing an off market 19 unit with major upside. Unless you are doing a JV with an experienced investor, then I would definitely start with that duplex, tri or quad to get your feet wet. The economies of scale with a MFH is a great way to accelerate passive long term wealth when strategically implemented.

I hope this helps with your decision and if you have any other questions, please feel free to reach out! Goodluck 

Hey @Fhanillia Menard,

The previous comments are great advice. If I were you I would begin to continue educating myself (podcasts, forums, blogs and oh yeah podcast against) because that will give you the motivation to continue being creative to start investing. If you don't have the money, no problem, find someone who does or someone who you can shadow depending on your investing strategy. Keep posting on the forums if you have questions and get out their and network by going to local reia meetings, driving for dollars (that's how I found this off market 19 unit yesterday I'm closing on at the end of the month), and telling everyone you meet/know what you do. Good luck!

Curits