All Forum Posts by: Anthony Bowe

@Zachery Ryan Pippins I would recommend continuing your education with reading books, and join the free webinars that BP continually posts.  Especially the ones that Brandon do on buying your first rental property.  There is also plenty of free content on YouTube if you watch the BiggerPockets channel.

As far as locally I would search to see if there are any types of REI groups that meet regularly so you can begin to network. If not and you have other friends/co-workers that are interested you could start your own like I did here locally.

Also check out the How to Analyze a Property video.  It walks you through how to use the tools that are available on here to figure out if you found a good deal!

Hope this helps and good luck!

Following to see what others have to say as I am in a similar situation except I am using owner financing which makes it a bit different.

However I also opened up business accounts/cards and am currently using them to help build business creditworthiness with the bank to facilitate future deals.

@Adrian Orgill thanks for the advice, I have read about wholesaling before and pretty much glazed over those sections since it was not something I was too interested in.  But this would be a great way to create a win-win situation for everyone!

@Caleb Brown yes, I have a buddy from work who is also a REI and we meet weekly to discuss deals, financing and partnership actually. We were going to go 50/50 on a quad but after finding out the seller turned it into a rooming house we cancelled and put our funds into separate deals. Not because the potential to cash flow wasn't there but more of we are not experienced enough to deal with a rooming house yet. Eventually the plan will be to team up on another multi-family unit.

@Salvatore Lentini yes my goal is to continue to buy and hold properties until I am eligible for retirement in 7 years and evaluate from there. Even on the SFR the tenants have been renting there for 13 years and have already discussed the option to buy in the future which I am very open to.

My W2 job along with watch investing/trading is keeping me from even needing to pull out any of the cash flow which has been great. I haven't paid myself a dime ever since I started collecting rents since I figured I would keep throwing it into the reserve accounts until I have enough to cover the next down payment without dipping too deeply into it.  Doing it this way I can slowly continue to grow my portfolio without needing outside assistance.  The idea of being able to buy more properties now though is very tempting considering I have already analyzed them all though lol

Nathan G. yes I have looked into HML but the interest rate is crazy and most do not seem intended for buy and hold.

I am looking into portfolio loans, especially if I can get a loan for $108,400 that will gross $5,105 in rents across 5 different properties.

Returns have been fantastic - $11.6k down on the duplex is netting me $576 CF and $5k down on the SFR is at $357 CF monthly

Relatives and friends are out of the question right now due to various reasons.

I understand me not being known because I have not been on this forum for long but all my ducks are in a row and I have had some learning curves but I do already have boots on the ground.  In the process of doing all this I also have a handyman that has been managing everything from fixing leaky toilets, repairing roofs, helping locked out tenants, collecting rents, handling evictions, and helping with leases where needed.  The plan is to switch to a professional team when I hit about 4-5 properties to turn this venture a bit more passive then active.  But until then my process is working.

This has definitely not been a cake walk but having a team that I more or less inherited and I have already done interviews using advice from books I have read but I appreciate your feedback!

So I decided to make the jump into rental properties and in less than a year I am already at 3 doors in MD (1 SFR, 1 duplex). I learned how to self-manage out of state while also being full-time Active Duty Air Force and the seller is looking at selling me more properties all with owner financing (Win!) Problem is I would like to buy a little faster since all I need to do is keep providing down payments to keep building my portfolio but a bit cash strapped.

I created a LLC, opened up a Business CC and Checking account and pretty much doing all the right stuff but the lack of money is killing my momentum. I have even looked into business loans and personal loans just to keep adding to my portfolio but I don't think its smart to keep leveraging my own credit to do so. Also getting business loans is tough when the LLC is not even a year old even though I am already cash flowing. Are there any private lenders/investors willing to work a few deals with me? The seller has at least 50 properties and as long as the down payments are strong enough we are working everything off-market through a title company. I've already analyzed the next 5 properties but willing to share this great opportunity with those interested!

That the agent is a investor themselves.  I have talked to both types of agents where one has no experience and treats every potential investment I am looking at as my next personal home which doesn't go well.  The other where we are looking at it in terms of potential cash flow for a buy and hold.  The agent that is also a investor has always been more helpful in my searches for the next property!

@Alyxandria Welch Lots and lots of education!  About 6 months ago when I decided to get into this I read through books, read articles, joined webinars and even talked to a wholesaler and hard money lender to gain more advice.  This way when I was ready to finally make my first offer I was well informed and although I had never done a investment deal, the seller I purchased from also agreed to become a mentor for me.  The best experience is when you feel comfortable enough to stop sticking your big toe in and just jump in the pool!

@Shane Ussery Yes everything went through a attorney/title company and I had an appraisal done as well which came in a little bit above the purchase price.  Asked to see the rent roll prior, one tenant had been in for 5 years and another had just signed a one year lease so we very confident this would continue to cash flow.  Current strategy is to buy and hold while saving up for next properties.  Seller owned the house outright, bought it for around 35-40 back then, rehabbed then rented out.  

I had been researching, reading books for about 6 months before finally looking to buy and this was a great first start!