All Forum Posts by: Rex Celle

@Mike Rutherford Form strong relations with banks, make sure to have the down payments (I.e. 25% for commercial loans). Set up a scalable business model where are you have seasoned agents on the ground who specialize in investment properties hunting for you, Property management companies to quickly on board, and closing attorneys that can close deals fast for a reasonable price. Identify a credible insurance company that deal with Investors that have real estate portfolios.

10 properties per year is a very good target, and can definitely be realistic if you want to acquire ones under $80,000. My target is five property per year, and if I miss, I carry the remainder of my goal into the following year to average out to 5 annually. My advice is to have an aggressive goal, but be a sharpshooter at the same time covering all angles above before moving on to your next acquisitions

@Bryan Larsen 2 year pay off acceleration seems a bit short But that’s OK if your plan includes either selling it or refinancing with in that timeframe. I have a few mortgages With a credit union on my properties that balloon in five years, and some in 10 years. How are the taxes looking

@Marcus RiddickI bought a property in Stockbridge, Georgia through Roofstock.com In 2017. The process was pretty smooth and the numbers are accurate. What I like about them is that they vet the properties By requiring official information regarding the homes before they post them for sale, and they make it easy for buyers to connect with Lenders and out of state property management companies. In some cases the property management rate is lower than 10% as they have an agreement with roofstock To lower their rates for customers they earn business with through their website - in my case Excalibur Homes in GA honored a 6% management fee. I have not sold yet but I would consider them once that time comes

@Jerry Swanson$20,000 is what I started with when I bought my first rental property in Stockbridge Georgia for $80,000 Which was my 25% down payment. Of course I had an additional $2500 for closing costs, but no big deal. There are otherOther opportunities where you can purchase properties below $80,000 so you can use that money to buy two or even three properties. Feel free to reach out with any questions or if you would like to brainstorm on your strategy. Good luck you’ll do great

@Sarah WadeIf you’re new to real estate investing and need a loan to acquire a property, I would approach the smaller banks or credit unions, as they will be more likely to earn your business as opposed to the major banks that have lots of red tape and obstacles to go through. Also note that if you’re doing this for business purposes and looking to accumulate a portfolio of properties, you should go for the commercial loan as opposed to residential, and be ready to put roughly 25% down. Stay away from Private lenders at this time as these guys should be leveraged for certain real estate strategies that you will have down the road as you grow your business

@Brian CameyI live in New Jersey and invest in Georgia. I have a team of professionals that I have been dealing with for two years now: lawyers, real estate agents, property management companies, etc. I rely on these guys to give me the information I need when I identify a target property And make a decision to move forward. If you are going to invest out of state, I would begin with contacting a credible real estate agent and have a good relationship with that person to introduce you to the experts you need to surround yourself with to make good investment decisions

@Yoshio SugawaraI’m two years in and have a cumulated a portfolio of rental properties. I have a pretty good business model that I can share with you over a conversation, feel free to reach out, brainstorm with me and put your ideas into action

@Vincent Finn When you begin to accumulate properties ( i.e. five or more)It would be advisable to form an LLC and separate yourself personally from the business just to make sure that your personal assets are protected legally. With or without an LLC, It is important to make sure you get good insurance coverage – Example. $1 million of liability coverage, Property damage/loss coverage to rebuild, and rental income loss coverage.

@Rashid BaileyTry a commercial lender at a federal credit union. My banker requires 25% down

@Ernesto HernandezGood alternative strategy