All Forum Posts by: Shawn Ackerman

@John Thedford I do...As I said, I just wanted to do it for the heck of it. Didn't really invest all of my time and energy into this. I'm running two business, one is the expansion of my rental portfolio and the other is working with new investors to teach them about how to obtain financial freedom through Real Estate. Here I am at my last REI networking event in Brooklyn NY. I'm definitely spreading the word. If you happen to be in NY on Wednesday, Please feel free to come out and enlighten the group on what your doing in REI. If not I'd like to invite you to do a remote skype talk with the group.

Link to Upcoming Investors Group!  http://meetu.ps/e/BYGc0/xvqjy/f

@John Thedford Your preaching to the choir.... In the NY market where I put this deal together the purchase price of this SFR was 200k yielding $2,325 per month in gross rents. The taxes on the property was 8k per annum. This doesn't quite fit into my business model especially since with my conventional lender I would have had to fork over 50k+ of my own money into the deal. In the market where I invest I purchased a 3 unit for 50k cash which yields $1475 per month in gross rent and nets a little over 7k annualy. Also I did a cash out refi on this property and got a check from my lender for 42.5k(property appraised at 63k) So you do the math. In 12 months I'll be into the property for $0 making infinite returns. With that said I will reinvest this 6k into a 25k SFR which rents for $850 per month netting a little under 4k annually. This is my business model.

@Conrad Metzenberg as @Louise A. has said, I'd go the HELOC route so that as Louise mentioned when an opportunity arises you'll be in position to act. Unless you already have a few 100K tucked to the side...The money is cheap and I'm not sure what Huntington's terms are but Capital One does sub 90% LTV @ sub 5%, 30 Amort, initial 10 years are interest only and last 20 years P&I. Don't see how you can go wrong with a deal like that. It will cost you a hard inquiry on your credit report is all. Once you have the funds ready let me introduce you to the Mid-West where a 20%+ return on investment is not uncommon.

LOL!!! @John Thedford you definitely have it figured out my friend.  Keep the encouragement coming.  I'm loving it!  However I will add that your photo of the blue sunny Florida sky is not fair.  I'm here in NYC and the weather doesn't know what it want's to do LOL.  Family is the greatest asset as you already seem to realize.  Again, As I have told @Jay Hinrichs when I read you guys posts and understand your stories, it just tells me that I'm not hustling hard enough.  Looks like I will meet you at the top as well Sir!  Lastly, Please excuse my sarcastic response to your question in the top of the thread as I through talking with you more I realize that your sentiment is coming from a good place.

@Don Daniels I think this can be argued both ways, that's why I'm feeling our the community.  My portfolio is in Wisconsin which is also landlord friendly.  I purchase low cost property so the holding costs per month are about 25% of the gross rents.  With that said losing a non-paying tenant for me is really no sweat.  One of the reasons why I chose this market all things considered.  I just think as a business owner we have to look at things from all perspectives in order to make a sound business decision.  Looks like you and I are on the same page.

@John Thedford Thanks for the input.  It sounds like your point as is @Jay Hinrichs is to think bigger?  I get it!  It's kind of like the Raiders(NFL Football Team) celebrating a win in the pre-season when the purpose of playing in the NFL is to win a championship.  

I own a rental portfolio John and looking to scale steadily over time. I fully understand the benefits of passive income. However in real estate there are so many avenues to travel so I'm really just throwing bologna at the wall to see what sticks. All while remaining deeply rooted in the expansion of my rental property portfolio. How are you enjoying the HML side real estate? any interests in buying NPN?

@Jay Hinrichs Ok got you Jay.  Thanks for the encouragement!  I'll meet you at the TOP!

@Don Daniels I see where your coming from. However should I be concerned about any possible fall out this may cause? The tenant will know that the E word will be in play at that point. In my market, although I have never done an eviction the turn around time is about 30 days. If the tenant decides not to pay then we are talking Sept/Oct without rent plus the cost of eviction. The only consolation in this case scenario would be the pro-rated rents on the HUD-1 statement which is basically paper money. Do I have it right on this assessment?

@Jay Hinrichs "I can't complain" says the guy with 100+ projects in play LOL!!! Not mad at you at all Jay.  When I read posts like that it just tells me that I need to turn my hustle up another notch.  I have a small portfolio in Milwaukee WI so if your ever looking do some business in the Mill I'd be happy to sit with you and put something together.  Keep in touch Jay.  Just sent you a request.

@Jailen Holt It really feels like you are now looking at things from another perspective which is important.  I think that as per @John P. the bar must be set, but I really want to take the money!!  It's like the good angel is on the right shoulder and the bad angel is on the left saying "take that, take that." like P.Diddy lol!