All Forum Posts by: Ernest Partin

Thank you, Yes, I heard that about CT, that is why I have interest for future rental income there. The Hartford Hasl lol I will make sure to look into that. Lots of good intel, thank you again.  @Allan Smith

I love it @Brian Ellison Thank you for the reply. 

Yes, I am moving to get more bang for my buck with my living space. Boston is not fair or makes any financial sense to me personally, plus I been hear for 36yrs, it is time for something new. 

I will message you to continue connecting. 

Hello BP community, 

Hope all of you are well. 

I am gearing up to leave my comfort zone of Massachusetts (Boston). I do have a few locations on my mind. 

The only issue I have is should I move  where I seek to invest in my portfolio? I have no interest in investing in my backyard (Boston) I have interest in Hartford, CT...Charlotte, NC...Chicago, IL. I want to move to Atlanta area, is this a logic move? 

I am saving my money for a 20% down payment on a mutli-unit property (25 units) in my areas and criteria of interest. 

Yes, this will be my 1st property alone. I want to avoid the 4-unit stepping stone. All feedback is welcome. 

Thank you all. 

Hello BP friends and community, 

Hope everyone is well. I have a question that may be a bit cliché. 

I understand most HM lenders look for some kind of experience for an investor to determine the loan amount. Some do 90% if your background can speak for itself. 

My issue is I am looking to skip the 1-4 unit properties for my 1st investment and go straight to 16 units minimum. The main issue is I do not have the full 20%-30%  down payment. I also do not own any real estate yet. I know it sounds crazy or maybe not. 

I have off market deals come to me from areas I want to buy real estate from building relationships with brokers for future deals. I learned this strategy from real estate books and other experienced investors I met. I have most T's crossed and I's dotted besides having the downpayment and real estate. 

I had deals under contract and all, but investors did not keep their word or got cold feet. I offered them 10% return for 24 months. Meaning, they provide the down payment for the property and receive 10% ROI (Monthly or quarterly payments) for 2 yrs then we pull initial down payment out to return to the investor. The property will then be mine to deal with in a down or up market. The investor is safe to say.

I don't want to have a longer thread, sorry this. Question is, am I moving too fast? I honestly feel confident with the areas, numbers and myself to start above 1-4 units. I was told to get at least my 1st 4 unit alone,that will get me some credentials with a HM lender.

If I left out any key factors to help answer my question I would be happy to answer anything. Thanks for your time and good energy to you all. 

Call the owner. I am sure you are in the process of financing already. Even if not pre approved yet, make sure it's in the ball park of what you expect to get approved for. Good luck king! Sending great energy your way!

@Melanie Stephens

Hello all, 

My biggest mistake may not take the cake, but it was a lessoned learned. I met an investor at a meet up who nothing about real estate but wanted in. I layed down basically all I know about the industry along with my game plan. We agreed to partner with him as my private lender and he can make money as my portfolio grows. He loved it, I loved. I thought I found what I needed, funds that believe in me so I can reach my goal and he can gain interest on his investments. I introduced him to another lender who is a mortgage lender, who is a female by the way.  He told her everything I had planned, she loved my plan and talked him into working with her, now they are married. lol I'm still here looking for an investor who seeks passive income over the next 1/2 decade. Now, I learned something here for sure. Thanks for letting me share. 

@Soniel Estime

Thank you the post. I am on the  same boat and this post answered questions I had. May great energy go towards you and your partner. Thank you for the details. 

Thank you for the details.

@Ryan Herting @Alex Uman

@Diego Garcia @Ron Brady

Thank you for sharing.

Good luck to all and may good energy head all of your ways. 

@Cameron Guerra Welcome, good luck on your journey. You got this. 

30 years. I'd say space will have new investments for us.