Goal: 4 houses this year! Possible?

[Raul Ruvalcaba]

[Donald Hendricks]

For me? Yes.

For you? I don't know. You have given no details. If you put as much effort into buying houses as you did this post, i'd have to say no.

[Bryan L.]

I bought 4 last year.

[Raul Ruvalcaba]

I'm sorry, when I put the post it was via my cellphone so somehow it erase the info I typed.

My goal is to buy 4 houses this year. It was 5, but I'm closing one deal in 2 weeks. The problem is the financing. I bought one last year with a loan of 60k. The one I'll close in a couple of week will be with a loan of 92k. So, basically my debt will be of 152k together.

I make around 50k from my job. I have no other debt besides the two mortgages which I'll pay approximately $900 per month for both. I am anxious to buy another one.

I have partner with my mother to reach this goal. However, I don't know if it's better to pursue the loans with her together or by myself. I asked the loan officer if we could both get a loan together... she has the money and credit... I have the same as well.

However, I don't know what is the max I can borrow... Or if its possible to get a big loan together with my mother or just one deal at a time deals.... I think I will just focus my interest on properties between 70-80k... with 20% down.

What would you guys do? I am really aiming for 5 rental properties by the end of the year....

Thanks a lot! And I am sorry for the 1st post.

Thank you

[Raul Ruvalcaba]

Originally posted by @Donald Hendricks:

For me? Yes.

For you? I don't know. You have given no details. If you put as much effort into buying houses as you did this post, i'd have to say no.

I typed the post via my cellphone, I don't know what happened that it erased the content, lol.

Thanks! I re-typed the initial dilemma I am going through.

[Tom Keith]

@Raul Ruvalcaba I would think that a good business plan and financial information on both of you that your loan officer could give you an answer to what and how the best strategy to fulfill your desire at 4 more rentals this year. If you are showing cash flow on the previous two loans that should go a long way. Good Luck.

[Wendell De Guzman]

Here are ideas for you to meet your goal:

1. Buy a distressed property using hard money. Then you refinance using conventional financing. If you do this right, you can get a house with effectively no money down.

2. Partner with someone who has the downpayment. Yes you won't get the whole cashflow but part of it is better than none of it.

3. Raise $ from family and friends as downpayment.

4. Use credit partners, combined with #3.

[Raul Ruvalcaba]

Originally posted by @Wendell De Guzman:

Here are ideas for you to meet your goal:
1. Buy a distressed property using hard money. Then you refinance using conventional financing. If you do this right, you can get a house with effectively no money down.

2. Partner with someone who has the downpayment. Yes you won't get the whole cashflow but part of it is better than none of it.

3. Raise $ from family and friends as downpayment.

4. Use credit partners, combined with #3.

@Wendell De Guzman thanks for the advice. I tried #3, but according to the loan officer, the funds had to be mine and couldn't be gift... Is there a way to legally borrow from friends and family?

Thanks for the help

[Raymond B.]

@Raul Ruvalcaba

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[Engelo Rumora]

Originally posted by @Raul Ruvalcaba:

Sure is

We bought and sold 33 in 2013 ;)

Looking at doing over 100 this year and holding as many as possible.

Thanks and have a great day.

[Bryan L.]

@Raul Ruvalcaba I would suggest that you consider slowing down a bit. You don't even know yet if you are having positive cash-flow on the first ones that you've bought. What if you find out that you've been making a mistake somewhere. You don't want to repeat that mistake just for the sake of trying to grow ultra fast. Take your time. It ain't going anywhere.