All Forum Posts by: Zach A.

Thank you all! I think that was the whole reason I made this post in the first place, I felt my debt was getting a little high and I think I just wanted to hear someone else say it as well haha.

That is most likely what I'm going to end up doing her on out is pay off more and more month by month and only purchase other condos that are too good to pass up.

To answer you question, Travis I've been using bridgewater bank, they are strictly a commercial real estate & entrepreneurial bank with offices in the Shorewood, Excelsior, and a new office in downtown Minneapolis.

I also have a loan through tradition capital bank in edina as well. I haven't had any good luck with huge banks such as wells fargo or us bank, they are just to strict on who they lend to.

Thanks

I'm brand new to this website and just happen to find it over the weekend searching/reading articles on the internet and it seems like an awesome website and form, so I'm looking for some general advice. This is my first post so I hope it is in the right section.

I just turned 24 recently (a month a go) and started investing in real estate 2 years ago, next month. I currently own 7 individual condos between 3 different condo associations/complexes, all in one suburban city of Minneapolis, and then I am also closing on a townhouse actually this Friday that I'm finally going to be moving into (I've been living at home).

All seven condos are 100% occupied and cash flow very nicely after I pay all my regular monthly bills such as insurance, taxes, mortgages, association dues, and etc I have extra $2k a month or so (that $2k does not include spontaneous maintenance or turnover expenses) .

I've been able to afford all of these condos through a unsecured credit line, so yes I have been borrowing all the down payments at 20% loan to value and then getting an 5 year amortized mortgage on the remaining 80% , (expect the town house that I'm moving into, that is on a 30 year fix).

My dilemma is that I can keep going and purchase say another 8-10 more single unit condos before there is nothing left on my credit line, should I starting paying off some of my debt, keep purchasing and wait till the appreciation catches up to the loans? My credit line balloons in July 2015 and I have a verbal agreement from the bank that they will re issue that loan adjusted to what ever interest rates are at.

Also maintenance and renting out all of these condos is not an issue for me as I work for an apartment rental company.

Let me know if think what I am doing is bad, good?; Feel free to ask me any questions, I would love to here what everyone thoughts are, thank you!