All Forum Posts by: Charles Wilkes

@Chris Youssi That was some great advice, exactly what I was looking for. I'm just trying to see what works for other people so, I can incorporate some of their ideas, that make sense to me, into my own ideas. Your reply was very helpful and I will take it all into consideration as I plan my next move. Cheers, Charlie

@Melvin List Thanks Melvin, does the property need to already be rented, and if so, how many months of rental income do they like to see? What's the best type of mortgage for rentals 30yr fixed, ARM, 15 yr fixed etc...thanks again

@Melvin List How would a portfolio loan work if you don't have any rentals yet...I don't think it would unless I'm missing something.

@Brian H. Thanks for the good advice. I had no idea what the BRRRR acronym was for, I had to look it up. It sounds like exactly what I'm looking for. I do have a day job, but a lot of write offs when flipping houses and not a lot of net income on paper. Just good credit and a little money...I'll check out the blog, thanks again any additional advice is always welcome

@Daniel Banic I may have since interest, what area is the building in?

@Thomas S. I do have day a job, just lots of write offs when flipping houses that doesn't leave a lot of net income on paper.

@Karen Rittenhouse I'm located in Maryland. I was in new home construction until the crash, started flipping in 2012 strictly using my own money. Now I want to move on the buy, fix, and rent properties for income and build a portfolio just rentals. If use my own money, I'm tapped out after a house or two. I want to build like a 15-20 house portfolio. My concern is how to get financing with having very little income over the last few years. And is there a formula to manage and buy more. Like maybe a certain percent down, finance so much, then take money out of this one to buy the next, etc...like what's the game plan to acquire and continue to build a rental portfolio? Thanks for ready, replying and your insight

Hello, I need some advice on how and where to look for financing my rental properties while still keeping them profitable with good cash flow. Me, great credit over 800, shows very little income over the last 6-7 years and has about 250k to work with. I'm trying to figure out how, and where, to finance my rental purchases with very little income on the books and how to keep my mortgage payments down so I can still make a monthly profit of each of my properties. Thank you in advance for you advice.

A little about myself, I was in new home construction until the market crashed. I held onto a few pieces of overpriced property and built on them and sold for a loss in 2012. I decided I wanted to get a regular job, so I did, none industry related making about 45k a year which wasn't enough to cover my bill's. I decided I wanted to get into flipping houses as a side gig for extra money, and I new the home construction business, so that's what I did. At first finding profitable properties was easy, I'd work my regular job, contract out most of the work, manage the project, sell repeat, all with my own money. I noticed after my first few, profitable properties were getting hard to find and I was doing more of the work myself because the margins were getting so small. The house I'm currently working on took me a year to find and I'm doing 90% of the work myself, on weekends and evenings and have zero free time working 70 hrs a week. So, I've decided I'd like to get into rentals. Now my question, thanks for sticking with this long winded post, how do I go about financing my rentals and still make a profit? I don't show much income every year, very little, my flips and income just barely get me by after expenses, I'm just existing year after year while putting no extra money away. After I sell the house I'm just back to square one which is about 200k of my own and 150k against my personal house. I still have great credit but show little yearly income. I need to know how to finance rental purchases and still get a decent monthly rental income....what's the magic sauce. Thanks for reading and responding to my lengthy post.