All Forum Posts by: Terry Brennan

 I thought blanket loans were a thing of the past, which banks still offer these types of loans?

I just purchased a town home for 20K, I didn't have any luck financing a loan that small so I purchased cash, My question is, what are my option for refinancing? The property is worth around 50k. I have owned it for 3 months and cash flow $1,100 after expenses.  I have the opportunity to purchase 3 more on the street in the same price range but I want to make sure there is a way to pull my money out to invest in other properties in the future. What are my options?

 I would consider this my weakness. I have hired a GC on my second flip. Very unprofessional. He did a terrible job estimating cost and estimating the time to complete the project. Both of these led to a lot of money lost. My business now involves me doing 90% of the works and subbing out only things that need to be completed by Licensed contractors. In a perfect world I would like to have a few good GC to repair the homes so I can stick to what I am good at; finding deals. 

I am still somewhat new to the landlord world. As an agent I come across deals like this often. I my initial investment strategy was in flipping, I have recently changed gears and am beginning to build my rental profile. This property was an MLS listing, which fell into auction terms.

I am looking for a group that meets regularly to share ideas and education of investing in real estate. Are there any in the South Jersey area, or would any of you fellow investors like to get together to share ideas?

I have been investing for almost 10 years. In the beginning I was extremely part time due to lack of funding, intelligence and confidence. Im growing every year but am not where I want to be. I am a full time Realtor, so finding deals, analyzing home values, and getting properties sold are my specialties. The part I struggle with most is analyzing repair cost with enough confidence to close more deals. I am looking for a good  system to put in place that I can duplicate for all future investments. 

I recently purchased a property and wanted to share some success. This was a cash deal and purchased a 3 bedroom town home for $18,500. Total reno cost was $2,700. I had the property rented within 2 weeks of purchase for $1,400 per month. My monthly expenses are $250 per month with a cash flow $1150.