All Forum Posts by: Liz Rogers

Hey Anthony!

Welcome!! My husband and I have bought, completely renovated, and rented a few houses. I don't consider us experts, but the biggest thing I would say is watch out for the little stuff!! Like trim, paint, garbage disposal, toilets, faucets, etc. Don't forget about these things! My husband tends to only focus on the "big" projects such as plumbing, electric, and drywall and forgets about these little things that really add up!! Also, always over estimate for time and money. You never know what is going to come up during a renovation that can totally set everything back! Good luck!!

Liz  

Hi Josh! 

No, neither one of us are at our limit. We were just talking with a fellow member and told her we were wanting to buy a duplex. She has several duplexes and single families and she told us to be prepared because it is so much more difficult to get financing for a duplex. We are just in the beginning stages of doing our due diligence for the duplex we are interested in so we haven't even talked to a bank yet. I just hadn't considered that it would be more difficult to get financing for it so I wanted to know what experiences other people had had. 

Thank you!

Liz

Thank you Drew and Kelly! This helps a lot and gives me some information I did not know! I really appreciate it!

Liz

Hey Traver!

Have you looked into any other real estate investment strategies like tax liens or mortgage notes? These may have a little more risk at first, but more research and education before you jumped in would help you evaluate that risk. With one of these strategies you could start with a lower investment, wouldn't have to deal with the 4 Ts (tenants, termites, toilets, and trash!), and you could potentially get a higher return on your investment than investing in an actual rental property. I hope this helps! Good luck!

Liz 

Hey BPers!

My husband are in Lexington, KY and recently went to a local REIA meeting (for the first time!). We were talking with a member who owns several duplexes and we are considering purchasing our first duplex. We own a few single family homes that are all cash flowing, but this member told us it was going to be very difficult to get a loan for a duplex. Has anyone else has this issue too? What can we do to prepare for the bank to not have any or minimal push back?

Thank you!

Liz

Do you own a business or LLC? Would it be possible to get a business loan for the amount you need to purchase all of the properties if you have $115K in cash?