Cash Investor Looking to add to Rental Portfolio

[Warren Foster]

Hi,
I am an individual cash investor looking to increase my long term rental portfolio and am planning to purchase 6-10 properties per year over the next few years.

Key criteria:

1. SFH or MFH
2. Under $35,000. (Can go higher if the deal is right)
3. Location immaterial but no War Zones
4. Meets minimum 2% criteria
5. No more than 70% Market Value

Preference is for turn-key properties that are rented with property management in place.

I would also consider a larger package with the right owner financing.

I am the end buyer and can settle quickly for the right deal.

If you think you might have what i'm looking for, either post details in this thread or email me.

Thanks

[Phillip Gainey]

Warren,

Well, looks like you got bombarded with sales pitches. Goes with the turf when people think you have money. I was in your position once. I'll give you some advice, IGNORE THESE GUYS/GALS.

Why?

1. Owning rentals long distance, in your case intercontinentally, is a huge PITA!! Way too much trouble when you are overseas doing whatever you are doing.

2. Like someone mentioned above, low income areas touted by sales people are in rough areas. And you don't want to deal with tenants there. And you will end up "dealing with them", no matter who manages the property. The whole "key" to rentals is the tenants. When they don't pay, money dries up fast. Long after the wholesaler charlies, with their predictable sales pitches, have deposited YOUR money into THEIR account.

3. INSTEAD, you can make excellent cash flow buy purchasing the discounted mortgages of these properties likes these. Would you rather make 15% on your money collecting the mortgage payments backed by these properties, or by owning the properties and having to chase after property managers to chase after tenants to collect the rent?

4. You can make even more money by investing money directly with some of the sucessful real estate investors here who flip properties through joint ventures or direct loans. Though be careful. Gotta work with the right people.

Don't get stuck holding the bag with some low income properties in Atlanta, Detroit, Cleveland, Memphis, or whereever. Stuck at the mercy of some dim witted property manager they set you up with. Repair bills for this, and for that! Oh, sorry, Mrs. Eviction Queen didn't pay this month. We've started the eviction process. Need $1000 in legal fees. What? You're cash flow situation is bad now? Oh gee, sorry to hear that. Blah! Blah! Blah!

If you're wanting to own a rental from acrossed the pond, own it indirectly by holding the note financing the property.

That's my two cents. And NO, I don't sell discounted notes!

PG