All Forum Posts by: Donnie N.

@Bob Green Thanks Bob!

How quickly...that's relative. My original goal was to acquire 2-3 SFH/yr for the first 2-3 years. (I'm about ~1.5 yr in to this venture) Then move in multi-units. However, now I'm starting to rethink that plan. I'm starting to think that maybe start moving in to a multi-unit sooner. The SFH was a good start but the multi-units stills to be more attractive for a few other reasons. (e.g. easier to rent out, etc.)

Love to hear about how what route you took to scale up and at what pace. Happy to give you a ring later this week or weekend to dive deeper if it's easier to talk over the phone. 

Thanks again Bob! Looking forward to hearing your advice. 

Donnie

Thanks @George Despotopoulos!

1 of them I had for over 1 yr. The 2nd one for about 5months. The 3rd is brand new. That's what I thought, that I would need to season them for a bit first. I'll start researching for the local/community banks. Any nationwide lender that you would recommend?

I'm leaning toward the LOC for now to speed up the acquisition/deal process. But a conventional would also work, it'll all depend on what I can get.

Hi,

I'm still relatively new to REI. I looking for some advise/opinions on financing/funding for my next deal. I'm looking to grow my portfolio.

Some base info:

1) I own 3 SFH in the midwest. (~$45k-$50k each)

2) I’m an out of state investor. (located in California)

3) The 3 properties paid for…no loans on them.

Questions:

1) What’s the best way to pull or leverage the equity from my 3 units? local bank?

2) If local bank…would it be in California or in the same area where my properties are located?

3) Is it possible to set it up as a line of credit vs. a conventional loan? Or should I ReFi them?

4) If ReFi…would I do it one at a time or is it possible to package them up?

5) Or should I take out a conventional loan and just let the cash flow from the 3 units pay off the loan? Can I qualify for a Fannie Mae for investment properties?

Thanks in advance for any advise.

Donnie

Hi @Allen Harris, would you mind sending me that info as well? Thanks!

Hi @Hank Keller, would you mind PM'ing me with the info as well? Love to see what other providers are out there. I'm looking for my next deal around the area. Thanks. 

Hi,

I'm looking for a wholesaler or turnkey provider in the Planos or McKinney, TX. Any recommendations?

Donnie

Yes, Tyler, thank you so much for starting this thread and keeping everyone posted. I’m sure many will agree that this has been tremendously helpful and very interesting to follow. Please keep it up and let us know how it goes. It sounds like you’re starting down a great path. There are a lot of helpful people on here. Don’t let the “know it alls” and “ that ain’t going to work” types distract you. Cause how many times does someone need to state the same “point” before they feel validated? Maybe that’s something for them and their Facebook therapist to workout. : )

Thanks again Tyler! Looking forward to the next update. 

Thanks @Jeremy Jackson

Hi,

A few questions on section 8 property. (hoping the kind folks on here can point me in the right directions) I have one now in Illinois. Acquired it earlier in the year. The questions are:

1) It needs an inspection every year correct? If so, where do I go to find more info on this? On HUD?

2) How long does the inspection take? When should I conduct it? The lease is up in October.

3) Do I have to be there or can I just have my property manager there?

4) How do I adjust it to the fair market value? I think it’s lower than what it should be based on my research.

Thank you in advance for any advise.

Donnie

Thanks @Michael Perry

good point @Justin Sheley