All Forum Posts by: Craig Sloan

I think the real issue for a lot of people is the capital to get started.  I had to start with very small (duplex, triplex, fourplex) to get started and then work my way up to 20-35 unit properties.  I'd like to make the move into larger properties now (100+ units but prices are so high).  I think you can get where you want starting small it will just take you longer.  If capital isn't an issue I'd say starting bigger is better but I don't know that that is a realistic approach for most investors.  

@Kiran K. finding lenders that will do a HELOC on investment properties can be difficult. I would talk to small local banks. If you can develop a relationship with them and show them that you are a good long term customer you may be able to get them to do it. If you can't get HELOC's, refinancing to something longer than your current 15 year loan may be worth it, but you are the only one that can make that decision.

@David Goldberg I would suggest watching the Sheriff's sales in your area.  Some of the larger banks have properties listed on their websites (https://foreclosures.bankofamerica.com/). Auction.com can also be a good source. You could also develop relationships with the smaller banks in your markets and deal directly with the person that handles their REO's.

Good advice from @Tchaka Owen.  You've tried to work with her but it sounds like you're working harder than she is.  I would give her the standard grace period (whatever is dictated by lease) and then let her know that she is late and you will pursue whatever remedies you have at your disposal.  At some point the Covid -19 restrictions will end and she will either have burned her bridge and have to move on/be evicted or she'll find a way to get caught up.  I have a fairly long term tenant playing this same game and my hunch is that when push comes to shove they will get caught up.  Good luck.     

@Byron W. you're losing money each day you don't have the unit rented.  If the first prospective tenant that comes along meets your criteria, rent him/her the unit and cancel your ad.  

I'm with @Mike McCarthy.  Use the cash as a down payment to finance several deals instead of pouring it all into one deal.  You'll build your asset base more quickly and maybe end up with more cashflow too.  

@Bryan Otero I think it is pretty tough to do without walking the property.  There are a lot of things that won't show up in pictures and most sellers/agents won't take pics of the things that really need to be done.  IMHO trying to estimate the costs site unseen is a risky proposition.  

@Cong Dinh definitely use the cashflow for a down payment on another property and then do the same thing with the next one.  Keep repeating the process and build your empire.

@David Jesse are you thinking small claims you would pursue yourself or are you speaking of hiring an attorney?  The size of the judgment you are seeking may help decide that issue.  I would seek legal counsel and find out what your options are.

Good advice from @George W.  Work hard at a good paying W-2 job for a few years and save and invest everything you can to build your real estate empire!  Build good cashflow to the point that you can quit your job and still have plenty of money to live off of and invest.  If you quit the job too soon and live off your cashflow you'll starve your investing business of cashflow.  I know it's hard but be patient, prudent and purposeful!