Newbie from Singapore

[Wei Hong]

Hi

My name is Hong Wei from Singapore and I managed to stumble upon this forum while surfing around. I have started to invest in USA properties and I wish I had found this site earlier. Its a great site with lots of helpful posters and there is a ton of information on this site where I have barely scratched the surface.

A little introduction on my real estate investment journey. I have just started out around a year ago and so far, have purchased 3 properties in San Antonio for the purpose of earning rental income. This was done through the help of a local property agent who manages the entire process, including property management. The properties are held by an LLC and assigned to me. My goal in commencing this journey is to achieve 8k per month in passive rental income within 10 years

Not sure if its proper protocol for newbies to fire questions immediately, but I figured I should do this here so that there is some context for the questions. Let me know if I should move them out

I would like to request the comment of experienced RE members on the 3 properties so that I know what to look out for in subsequent opportunities. Would you have proceeded with the purchases given the details below?
1) J Street (single family)
• Purchase price (inclusive of fees etc): 33k
• Monthly Rental: 695
• Yearly Insurance: 600
• Property Tax (Estimated): 1200
• Income Tax (Estimated): 15% of net rental
• Monthly Property management fee (10% of gross rental): 69.5
• Net income (Not counting repairs of which there hasn’t been any): 4300

2) Morningview Street 1 (duplex)
• Purchase price (inclusive of fees etc): 56k
• Monthly Rental: 1000
• Yearly Insurance: 600
• Property Tax (Estimated): 604
• Income Tax (Estimated): 15% of net rental
• Monthly Property management fee (10% of gross rental): 100
• Net income (Not counting repairs of which there hasn’t been any): 6900
3) Morningview Street 2 (duplex)
• Purchase price (inclusive of fees etc): 56k
• Monthly Rental: 950
• Yearly Insurance: 600
• Property Tax (Estimated): 587
• Income Tax (Estimated): 15% of net rental
• Monthly Property management fee (10% of gross rental): 95
• Net income (Not counting repairs of which there hasn’t been any): 6550

Additionally, as the properties above were purchased in cash, I am exploring if there are options to extract cash from them so that I can re-invest the cash while at the same time taking loans for the additional investment.

These are the loan terms that I am looking at. Is it doable considering I do not reside in USA and do not have a credit score
a) Loan amount of around 200k securitized by the 3 existing properties plus additional ones purchased
b) The current properties were purchased for 100+k, not sure of the actual value now.
c) 50% LTV ratio, I have cash on hand for topups to meet the LTV
d) Loan tenor of ~10 years
e) Properties purchased will probably be around the 30-50k range

The way I envision how this will work is that I am able to get a committed line that I can draw upon based on the 3 properties, so that I can proceed with the other purchases as though they were cash purchases (together with additional invested cash). Following which the first purchase will be collateral for the next purchase (together with any remaining money from commited line secured on the 3 properties) and so on

Thanks in advance for any comments or advice