All Forum Posts by: Bryan C.

Hello! I am currently looking for small multifamily deals (3-8 units) in San Antonio area, $300-$600k. I have financials in place and ready to take on my first multi! Please keep me in mind and feel free to add me to any wholesale list. Thanks!

I am working through some of the intricacies of establishing my new business. I am working with professionals to set myself up for a strong 2016 but have some interesting questions I am thinking about. I do not need income from my business and want to add funds throughout 2016 and beyond until I build it into a sustainable model. I plan to move my current 100% owned rental into an LLC, add some funds, leverage both to purchase more, and create a good "story" on paper throughout next year to attract more investment money.

My question is this- Has anyone looked into moving their primary residence into the business and renting it out themselves personally? In my situation it would create a much larger asset line and profitability statement as a new investor. Am I missing something?

Thanks for the reply, I am obviously struggling with my own thoughts and need to just make the jump on my second purchase!

My first REAL post, be nice and thanks in advance for any opinions!

I currently have a 3/2 that I own outright and rent for $1700 per month.  Taxes are $4k per year and Insurance/hoa/maintenance is at around $1100 per year.  This gives me cash flow of about $1275 per month.  Not bad for my first accidental landlord deal!  I started renting this house when my wife and I chose to upgrade to our current house, in 2008.

I have been putting most money into retirement accounts and stock markets and vowed to not pull it out.  I am now looking heavily at stopping my contributions to those (aside from making sure I get my 401k match maxed) and focusing on Real Estate with the goal of replacing my salary at some point.

Here's where my thoughts are at the moment: Take out a loan for second property with minimum down, 20% max.  Take a loan on the equity in my first rental to finance rehab costs.  I am really interested in value-add investing, not just buy and hold turn-key.  It's just in my nature to take current things and make them much better or more profitable.  Then, rent second property for new market rent value, refinance to consolidate and remove the liability from my first house, and add both rent incomes to pay down loan.  I would also continue to pay more on top with my salary to accelerate my equity in my Real Estate holdings.

Sounds simple, right?  Well, here's my dilemma.  I really like the additional cash flow by not having a mortgage as well as the ZERO stress factor by not owing anyone for anything.  It will be stepping out of my comfort zone to have a mortgage on a property.  So, my plan is to do the get rich slow scheme and play more conservatively.  I am thinking to set a system and plan for myself to buy property, add value through rehab, rent, and pay down mortgage to 50% of value before purchasing next property. Rinse and repeat.  Is that a terrible idea?  Should I be more open to leveraging more debt?  Anyone else start out this way and become more "ok" with being more aggressive?

Thank you all for the warm welcome. I am sad I was unable to attend that last meet-up and will try to join those as time allows.  

Hello New Friends,

My name is Bryan Carter and I have been a subscribed member of Bigger Pockets for about a year now and am just now ready to going all in.  I am an accidental landlord since my family decided to take advantage of a lower market in 2010 and rented out our first home while upgrading to a larger residence.  

During the day, I work in IT for a local company.  I love my job and have made great connections in the local community.  At night, I study anything that interests me, including Real Estate.  I once ran a successful Apartment Locating company and was an active broker.  I am looking to set myself up for a strong 2016 and want to leverage financing to purchase more buy and hold properties, specifically small multi-families if possible.  I am a genuine and passionate person who will do whatever possible to fulfill my obligations to investors and lenders.  I feel that my experience in managing IT projects/teams and past Real Estate exposure will help give me an edge in my endeavors.  

Thank you all for the information I have learned from this community already and I look forward to giving back as I learn more!