General advice on building slowly

[Adam Wigdorski]

So I’ll lay out what I’ve done so far and my goal.

My main issue is time. I’ve gotten the “brrr” down to about 4-5 months. Looking for little more speed in the process and maybe advice on how to really kick it in gear

I invest in buffalo ny.

First property

3 unit

Bought 155k va loan 0 down

Put 75k into it over 4 years.

At year 4 I took out a 110,000 heloc so I can buy more houses. At the time I lived in it and refi’d cash out before I bought my new primary house and used new va for zero down on primary residence.

Cash flow 2019 per month

2nd

2 unit

Bought 119

5 k rehab

Sold for 162

3rd

College single family

Paid 140. Dec 2018

Rehab 10k

Cash out refi’d to new loan of 152000 which covered down payment , closing, and rehab recoupment April 2019

Cash flow 619 per month

4th

2 unit

Paid 219 dec 2018

Rehab 16

Cash out refi’d to new loan of 240,000 got back down payment, rehab and little extra.

Cash flow 1280 per month.

Problems

Takes to long to close on a deal. So far I’ve been working with a local portfolio lender who does 80%ltv and provides commitment letter in about two weeks. But it takes forever for the closing to happen. Average in this area is 30-60 days

I have about 160k now for down payments. I’m trying to figure the best way to stretch the dollar and buy more without putting more down.

There are so many deals in my area that aren’t war zones that cash flow 1000+ per month. I’ve had zero luck finding any type of private lenders. I’ve even emailed and called every single law office, title company, and account office in the area.

If a bank is willing to give me many more loans because of my progress and w2 earnings would hard money even be worth it.

I retire from the police department in 10 years and military in 3 years. My goal is to hit 20,000 per month in cash flow by year 10 so my wife can quit when I retire. I’m only 35 years old.

So I can average about 1200 per duplex in cash flow. So that’s an estimated 17 properties to hit my goal. So 2 per year.

Any advice or suggestions on how to speed this up but not overkill. With two small kids I have to hire everything out. So I have to save my cash for the rehabs and reserves for the bank.

@Brandon Turner

Ps if you read this my wife and I traveled to Maui. We stayed in south kehei. It was surreal. Enjoy it man.