All Forum Posts by: Joe Doman

A great way to get started is with small multifamily properties where you live in one of the units. You can do an Fha loan at 3.5% down and low interest rate. Then move out after a year and look for the next property. It definitely helps ease you into understanding the property management business.

That's how I got started!

Oh, and if you are looking for a good community bank, check out Level One Bank. I have heard of folks getting portfolio loans there. Might be worth a call.

I had great luck with lake michigan credit union. I've done a lot of shopping for best rates and closing cost and they were by far the best that I have seen. They do 15% down on sfr rentals . I would check them out! 

I would second the sears outlets. they have a huge selection and cheap. Good luck!

@Stephen Stamper, I think the issue for me was I did not fall under the conventional loan standards  because my wife changed to a part time job. I was glad just to qualify and the cash flow woks with those terms so it worked for me!  Also, I know for sfr, they offered 15% down. For 2-4 units , they required 25%... So it depends on what you are looking to buy.

If you are looking for a consumer financing for an investment property, I would recomend lake michigan credit union. I called multiple banks/credit unions and was denied because my wife transitioned to a new part time job. Lcmu approved 30 yr at 4.5%, 25% down on a  non owner occupied 2 unit property with 1,200 in lender credits. I am not sure if they offer loans for businesses .i.e. LLCs. I can forward a contact if you would like.

Welcome! Sounds like you're in the right place. There's a ton of stuff to learn here.

Hi @Michael Dunn 

Yes, I currently have a 100% HELOC on my primary residence. Like @Amy E. mentioned, you will have better luck with credit unions... or community banks.

You will pay for it though. My rate is 7.25%. I use it like a sweep account and pair it up with credit cards with promotion balance transfers.

Here is what i did: I needed 50K down on a property i used 25K cash and 25K in the HELOC. After we closed i signed up for two cards with 0 promo balance transfer fee and 15 months interest free. I moved the 25K in HELOCs to the cards and now i have 15 months interest free. I am trying to pay off the 25K in 15 months but if not, i can just transfer to another card.

Of course with this strategy you need to be very organized and disciplined or you can get yourself in trouble. Hope it helps! 

You can always go on a site like listsource.com and buy a list. I am not the best person to talk to about this... I tried it once. I bought a list for about $100. I thought i filtered for only single family but 90%  were condos. I was refunded and have not tried ever since.

@Chad Rider as far as the mailing list.. Every now and then when my kids are overly fussy, I will pack em up and go for a drive... I'll drive neighborhoods around my area. I jot down the addresses of any property that look distressed or if they interest me in anyway.