All Forum Posts by: Chris Field

Raising any kind of money a few thousand at a time seems like a nightmare. 

If you only have a thousand bucks to invest buy a share of a REIT.

Always take money for as long as possible. If the interest rate on a 40 or a 50 year note is low take it!

You can always pay more on a loan to adjust your payoff time frame, you can never pay less during lean times.

IMHO if a rental can't pay itself off in 10-15 years its a bad deal. Now if you chose to finance it longer that's one thing. But a solid deal should be able to buy itself in a reasonable period of time.

9 now, constructing 15 more next year so I'll be at 24. I have a bunch more in the works I'd like to hit 100. 

100 at an average rent of $1,700 per unit is a nice income.

Is it the building in your profile picture? Nice looking building! 

That sounds like a wonderful deal, great way to build value on a nice high quality asset.

Who cares? You know how many times I have been called names at P&Z meetings? Couldn't care less.

Like my dad always told me growing up if you want to be loved work for the church; you get into real estate to make money not be loved.

I'm not a house person I live in a condo. 

Like the mechanics car I have zero interest in working on my personal real estate on the weekends, hence the condo. 

OTOH I built and own the complex.

All my rentals are granite, its cheap, durable, and the tenants like it.

Concrete is cool but around here not enough people do it, or if they do its in a higher end house so the price is high.

To be honest I vaguely keep track in my head I don't care a whole lot, I hate filling out the paperwork for the banks. 

I care mostly about what each property is doing and they are tracked to the cent.

Well if you went to a bank you will still have to personally guarantee the note so IMHO it doesn't really matter. 

Having said that interest rates are so low and commercial lenders are so willing to lend, I'd keep the sellers money in place just long enough to stabilize it than dump them for a nice commercial bank loan with maybe a 7 year adjust. 

Without mortgages that's not to hard.