All Forum Posts by: Vincent Plant

My wife and I have been working as a team to acquire single fam properties over the last 2 years.

We have built up a portfolio of 4 rentals which nets us a cash flow of about $2k/m.

Now, my wife it at a place with her full time $60k/y job where she has had it. She wants out badly.

The $2k/month in cash flow is nice but it’s not nearly enough to replace her income. But listen, we have no kids, very little revolving debt, a big cushion of savings and capital, and Id like to think a firm grasp of know how on the industry (I’m a residential realtor).

She wants to jump in with both feet in real estate investing. I’m just stuck with how to make it sustainable and consistent as opposed to the “pick up a deal here and there to add to the portfolio.”

Has anyone else found a successful, systematic approach to launching full time? What strategy did you use, did you aim to build cash flow or did you stick to flips for steady income?

Open to all ideas. Thanks BP.

@Don Konipol

Thanks for the reply.

But how would I even find all of this out without first approaching him about it. Of course if I go to him with al of these questions he will likely be suspicious and shut it down right away.

I brrrr’d a house several months ago. It worked out great. The street it’s on presents tons of opportunity so I want to get another.

I got word that the neighbor next door is in distress and possibly in foreclosure (it showed up on Zillow as pre foreclosure).

I’ve talked to this guy before, I have his cell, and I know from him that he inherited the house from his father (he told me). If he’s in danger of losing the house I want to approach him and propose a win win strategy where I help him financially, and I end up with the house free and clear, or with him as a tenant, and me and the owner in the long run.

I just don’t know how to go about approaching him or how to structure a proposal. The guy does not see me as a friend (long story but the house I own was previously his baby mommas house), I don’t know anything else about his personal circumstances, and I don’t know exactly what he would need.

I was thinking something like, I’ll pay off all/any liens, and give you $5k cash in hand to walk away from the house and sign the deed over to me. House as is. I’m just not sure if that’s best way.

Suggestions?

So, I’ve acquired 4 rentals over the last 2 years. Including my primary residence I now hold 5 mortgages. How many is too many? I want to grow exponentially but I’m hesitant to keep buying with 20% down conventional loans (which is what all of my properties were bought with).

What say you?

So, I’ve acquired 4 rentals over the last 2 years. Including my primary residence I now hold 5 mortgages. How many is too many? I want to grow exponentially but I’m hesitant to keep buying with 20% down conventional loans (which is what all of my properties were bought with).

What say you?

I'm in the process of putting together a deal where I am buying 2 twin properties. Its one building but two separate homes side by side and I'm buying them both simultaneously. They are both tenant occupied, and I will be inheriting the tenants. Its a great deal but the seller just told me as we are putting together the contract that he wants in writing that he will not have to transfer the security deposits over to me at closing. 

So basically if either of the tenant's decide to leave (on good terms) I will be responsible to return their deposit out of my own pocket. 

Not a horrible concession to give up but I don't really want to. I really don't want to lose the deal because its a cash flow cow, but I'm not happy about this arrangement. Should I drop it and just cave? Anyone have any creative suggestions to possibly reach a compromise? 

I am about to take on a rental and have a verbal agreement from the owner who says he's fine with me using it as an Air BnB. I just want to be sure when we get going on this the landlord isn't able to just tell me "oh never mind, you can't do that anymore." Does anyone have a sample addendum or provision I can add to the lease that will protect me and ensure that I will be protected to maintain my short term term rental throughout the course of the lease? 

@JOSE BATISTA ABIKARRAM

Yea the place is tenant occupied and I have zero interest in living there. House hacking is out. Rehabbing is out.

I just want to buy it and collect immediate cash flow. If there is a way to maneuver the financing so I don’t need to drop 25% and closing costs I’m all ears.

What would you say is the best way to finance a multi unit?

In the past I’ve bought with just 20% down conventional financing. I now have my sights set on a duplex but in order to lock down a conventional loan we need to put down 25%.

It’s priced higher and I really down want to burn all that money on acquiring the house. My intent is to buy and hold.

So, I was made aware that a homeowner who lives next to one of my properties in default and possibly going to go into foreclosure shortly. The house is a mess and I know I could rehab it cheap and increase the value by a ton (because I just did it with the house next door). 

Anyway I have heard of investors taking advantage of situations like this. Approaching the owner, paying off their debt, giving them like $10K in a cash payout and having them sign the deed over to you. I just don't know how exactly this gets set up, or if that even makes any sense. 

Is there another piece to this move? Anyone have experience doing this? Suggestions on executing something like this?