All Forum Posts by: Daniel Toshner

@Account Closed Mack Money! Thank you for all you do! Wouldn’t be anywhere without you

@Dan Wickland thank you sir!

@Doug Woodville hey great question as well. I had equity in my home and I did a cash out refi. Felt silly to me to not have my money making me money on a monthly basis and that’s how it started. I think it was around 80k

@Bill Regan  Great question!  Yes I felt like once I hit 10 units it was a snowball effect...  Then once I got 30 it was another snowball into more.  I never got complacent and decided this is good enough but rather want more.  

I have very big goals and want to take care of my family for generations to come so the more units I can hedge my risk with this.  Once people see you have success they want to be a part of it so instead of having to convince people to buy real estate they want to be a part of it with you.

@Gordon Cuffe awesome Gordon

@Account Closed My units are located all across states.  Seattle, Kansas City, all of Ohio, Tennessee and Wisconsin

Also hard to say because I was also saving money to put into new deals.  I will always do that.  Its just a filter into passive income at all times.

I used existing cash flow from deals to purchase more and then I took on partners to acquire bigger deals so I can acquire more units.  Just felt like the quicker I got too 100 units the less risk I had.  

These are a combo. I have all. SFR's, 4 plex and MF above 5 units.

BP!

I would have never been able to do it without the BP community!  I will be closing on my 151st unit in less than 24 months.  If you told me I would have more than a 100 units when I first started looking into real estate I would have told you that you are crazy.  The more I listened to the podcast the more my belief grew.  I just kept thinking "if this person can do it then so can I!" I'm only 32 years old and feel like I am just getting started.

Anyway, I wanted to thank @Joshua Dorkin and @Brandon Turner for creating an environment  for people like me that started from nothing to be able to move into this type of lifestyle and create passive income. The reason I started was to replace my wife's income so she could stay home with my two boys but now my whole household income has been replaced and I can continue to save my earnings for future deals and pay down debt.  

Also I wanted to thank @Sean Tarpenning and @Account Closed for being such a great resource and partner with me.  USREEB has really been like a separate family for me.  I really wish I could make the holiday party but I have my family in town for our own! Ha.  If you haven't checked them out it is a great turn key provider that can start people out right, which is exactly what it did for me!  

People always ask me, What should I do?  When should I do?  How should I do?  I always say, "In-desicion creates more loss than decision will ever."  Meaning, what was my secret to scaling so quickly?  It was just jumping in head first into it.  I knew mistakes would come and I knew failures would come but I didn't care because I saw all the wealthy individuals I knew with real estate portfolios.  I wasn't handed "a small loan of a million dollars" like our POTUS so I had to scrape and claw to get where I am today.  It sounds corny but just know where you want to get and be relentless until you get there. I've learned there is always a way if you want to get it done but you have to be flexible and understand others points of view so you can meet in the middle.  Remember there is no deal if there is no agreement.  

My portfolio is a great accomplishment thus far but I am only getting started.  I will be at 500 units before 2020 and once I get to that I will create a new goal. I just wanted to share with everyone that I got my early Christmas present!

Feel free to ask any questions as I am an open book and will try to respond as quickly as possible!  Thanks again to everyone who has helped!

BP,

Need your help and advice. I have a SFR that is worth 850k with no loan balance. This is a home I am going to be moving into for my permanent residence long term for my family or could be used as a high end rental.

After rehab, home will be worth 1.4-1.5 million.  Total rehab has been quoted from 450-550 depending on finishes etc.  My question lies in the lending options.  

I have around 200k saved for rehab so my initial thought is to do a cash out refi.  I want to pull out as much as I can so I can use the excess money pulled out for investment properties that give me cash flow on monthly basis.  Here is where my question comes on the mortgage.

I am self employed and don't show enough to qualify for a cash out refi of 80% LTV through conventional loans thus I have been drawn towards "stated income or "bank statement" loans.

I have found a few that allow up to 80% based on bank statements last 2 years which I would have no problem qualifying that way.  Terms are 30 years 5.5% with 1.5 points.  

Other option would be pull out less on loan above and get construction loan for actual rehab.

Anyhow, I would love your opinions on best way to do this with max amount of cash out in mind and long term outlook.  Not looking to sell so not interested in fix and flip hard money.  Lets here what you think BP!