All Forum Posts by: Phillip Beatty

Update on current plans:

8-plex Purchase price $400,000

Down payment $80,000

Seller finance the $80,000 with the following terms,

$80,000 7 year note amortized over 15-20 years at 5% with a ballon at the end of 7 years no early pre payment penalty.

Banker loans $320k sellers carry a second mortgage for the $80k

Nothing down on my part.

 I found out that I won't have to refinance at all. Exactly like you said, I will be able to pay down the loan and take cash out. No refinance required, OR a $2000 commercial appraisal.

Even then, I will probably only use it to help pay off a mortgage for a home that I actually live in. I plan on using my VA loan with nothing down.

Who knows though, I really enjoy the thought of continuing to use my regular paycheck to pay off my personal residence and using all rental income for more rentals. Still though, 20 to 30 rentals seems like a good place to stop purchasing more and just pay off rental mortgages. I might be able to split the income and do both at that time, but I don't like the idea of making payments to pay off mortgages unless it's a significant amount each month ($5,000 minimum).

It's kind of hard to assess what is more profitable at that point, but I also like the idea of using that income to improve properties I already own (making $750/month units $1000/month units)

Many options, which is why I started this account on bigger pockets. Lots of experience here.

I don't plan on using any of it for income until I have at least ten more units to rent.

I close on the sale of the duplex Monday, and I would also like to sell the house.

The triplex is money though, and I plan on refinancing it (I have to if I sell the house since all three were under the same mortgage). I should have enough equity to put 20% down on an 8-plex I've found, plus some. 

I also want to sell the condo in Hampton, VA, since it's all the way across the country from me.. also, I pay $205 in condo fees on it besides the mortgage, so it's not a huge cash generator, even though the renters are paying my mortgage for me.

Hi, I bought my first property in March of 2005, while I was in the military. Since then I was fortunate enough to purchase an estate of three properties (6 rental units) under one mortgage. These properties have more than paid their dues, but now it's time to start shifting properties around and buying larger multi-family housing properties with the equity.

It would be awesome to get some feedback on my portfolio. I have listed enough information to give you a good idea of where I'm at.

Thanks to everyone that takes the time!