All Forum Posts by: Eric Burch

I started at 32, 10 years ago and this year my  team will close 325 transactions and do over $50,000,000 in volume. Your at the perfect age to hit it hard and serve like no one else. Your not  so young you have no experience but also not to old to learn and create new habits. Please know that I worked 50-60 hours a week for the first 2 years until my business was up and running but today I have about 4 hours a week of commitments and send the other part of my day on our rental and construction divisions. You truly get out of this what you put into so the sky is the limit if your willing to pay the price. 

We currently have around 60 properties with well over $2,000,000 in equity based of a recent appraisal. We are buying properties each month as well as building as well. I think I would rather have a LOC and not have to go through the loan process 2 or 3 times a month. I would like to save the appraisal fees and some of the other CC that are associated with a in house bank loan.

Appreciate the feedback.

We have found that finding land and building apartments is a good way to create consistent cash flow. Our challenge is finding land zoned for apartments. What is the best way to find the property that we are looking for?

We deal with this on a regular basis. We have an application process we send everyone thru and to date...we have never had one of our contractors pass the application process. They have no reason to get mad at us now because of course its not our fault they don't have the greatest credit.

Dominic, We have a real estate brokerage, construction company and holding company. The real estate company pays the bills and we use the construction company and holding company to build our wealth. If you can take $70,000 and turn it to $120,000-$150,000 I would be lining those up as quick as possible. You may look at holding every other one for now to develop some cash flow and put off paying the taxes for now. Once you get a nice portfolio built up you could leverage it or cash out and purchase something larger.

We have 45 single family, a couple duplexes and 3 four plexes. The multi family are great when it comes to returns and we are looking for a 50-100 unit complex now. The single family are the bread and butter for us and generate a great cash flow with very little head ache.

We sometimes write the offer for more then the asking price and ask the seller to give it back as a concession to update the property. With the spread you have and cash in the bank you should be good on the project.

Following...

Great Story!

Hard $ can eat up your profit very quick so as its already been stated, make sure you have all your ducks in a row before you pull the trigger. Make sure your also hunting for your exit plan and have a buyer lined up so you can get out asap. I do love the thought of seeking all other financing options before you go hard $ unless you know its a quick, quick project.

You can always ask the bank to waive or lower the OC. Wondering why your paying pest inspection, we usually have seller cover that and include a 1 year warranty. Closing protection letter is usually $25 in our area. Settlement fee to title service of $562, wondering what that is about.