All Forum Posts by: Brandon Hicks

@Account Closed

Keep in mind that these types of lenders like to lend mostly on properties that are local to them. Your best bet to find a portfolio lender is start visiting/calling small local banks in the area you are investing in.

Yeah....run away from this deal for sure.

$100 a door after PITI with a 20% down is like buying a ticket on the Titanic!

Not to toot my own horn but read through some of my old posts on land contracts. Ive done a bunch of land contracts totally 24 units over the last 3 years with mostly no cash down. Ive laid out the buying process and so forth in other responses.

Decent properties that cash flow on 20 year amortization or less with nothing down is what I look for. I use commercial financing to refi so 20 year amortization is the norm.

when buying a new property I install new locks the 1st time a unit is vacant. I always buy the same lock sets and then I'm able to rotate them with spares when I have a vacancy. It works great on some properties where everything matches up. For example I have a triplex where each unit has 2 locks each. I have 4 sets for that building and just swap out the spare when I have a vacancy. This works out great because all I to swap is the knob part. The rest can stay in the door since they're all the same brand. If my spare set at home doesn't match up with a newly vacant property I can have each lock rekeyed for $5 a piece at my local hardware.

Small local banks and credit unions. If you want build a decent sized rental business you'll find that mortgage brokers are pretty much useless to you. You'll quickly outgrow the box they need you to fit in.

So you're putting 20% down, there's a 5 year balloon AND you're paying an extra $30k for the experience?? If you're going to pay a premium you should be getting a financing package with terms that you can't get from the bank. For example: NO cash down, 30yr amm, 5.0% fixed and no balloon and maybe a year or two of interest only payments or something....

I've bought quite a few properties using seller financing and have always looked from the same point of view as you do. From day one, they're mine just as if I'd paid cash.

I'm on my phone other wise I'd do some copy and pasting for you. Check out some of my previous posts on buying with no down/low down payments using land contracts. I can make $4k go a long way!

Can you recap your success thus far?

Deals?

I agree that this place is awesome and so welcoming to new people and vets alike. I was reminded of that this weekend while asking some questions on a pro painting forum!

13 of my 28 units are one bedroom apartments in 2 and 3 unit buildings. I've had some long term tenants including one that's been there since 1996! To be honest with you I think I prefer one beds over bigger units. They're super easy to rent in my area and I actually have a serious wait list right now. They're cheaper and faster to rehab when necessary too. Typically you'll have less wear and tear since it's normally just one or two people in the unit.

I installed some Tarkett wood laminate in a couple of properties a few years back and have experienced it coming apart on the short side in a couple of places in both properties.

I've also seen this in many other properties from just looking at deals.

Is this due to improper installation? If so, what exactly is the issue?

Are there other brands where this never seems to occur?