Hello from Salem

[Luke Glaze]

Hello BP community,

I wanted to introduce myself. My name is Luke. I am 28 years old and I have been a real estate investor for the past 5 years. My journey started when my wife and I moved overseas and rented our home. 2 years later the market slumped and we picked up another single family home. We did some extensive renovation, including finishing the basement and rented this out to a group of young professional bachelors.  2 weeks ago we put an offer on a triplex and we hope to close by mid September.  So far I have been purchasing owner occupied properties with conventional or fha loans and moving every couple of years. I will be able to do that potentially one more time and then I will need to go with tradition investment property financing. I am concerned that cash will be a big issue for me to continue investing. Saving 25% for down-payments will take a considerable mount of time on our limited income. 

I am interested in meeting other investors in the Willamette Valley (salem, oregon). I would love to continue learning and sharing stories with other investors. 

Look forward to hearing from all of you!

Luke

[Will Porter]

One of the big tenets you'll hear is to "leverage everything", including OPM (other people's money). You can look for a partner who has cash (or some other type of private investor), or look into portfolio loans, or open a HELOC or blanket loan on your previous properties, or hard money loans, or borrow against your own 401(k) and IRA, or borrow from other people's self-directed 401(k) or IRA, or you can flip a few smaller houses to build up more capital to get the house you really want, etc etc. This list goes on!

If you want to keep going, but you don't have the necessary cash to make it happen using your previous methods, don't give up! Remember that there are myriad ways to make these deals happen, but you will have to be open to trying new techniques to overcome the roadblocks.

A lot of people just stop at 4 properties because the big banks say that's the limit. But there's a huge world beyond the 4- and 10-property limits, and you're in the right place. The search box in the top-right corner should be your new best friend.