All Forum Posts by: Joshua Hollandsworth

@Ryan Cox Understood. Thank you! @Harjeet Bhatti They will finance (3) 33k properties? Could you purchase all 3 in 1 transaction? Would it be a commercial loan, or residential?

Will banks finance package deals? I assume portfolio lenders would, but not sure about big banks. For example: 3 Multi Family properties for sale at, say, 100k. Would a bank finance this even though each specific mortgage is too low? Would this have to be a commercial loan? General Advice would be highly appreciated.

@Christopher Makestas @Amy Beth thanks for the replies. I thought about Turo. I heard very bad things about their insurance policies. Thanks for the insight!

@Steven Gesis I appreciate the feedback. I sent you a message. My question is, would you invest in this neighborhood? Thanks again.

I did not read the entire post, my apologies. I do not think purchasing 50k properties CASH and rehabbing would be a good venture. Unless, of course, the ARV is very high. I am talking about homes VALUED at 50k. I would take the cash, and purchase 3 turn-key duplexes. Hands down. Good luck to you!

@Kyle Jenkins Yes. Personally, I would NOT worry about forming an LLC yet. Contact your City. Also, be sure to get a Tax I.D. number so you can claim your rental income. VA loans are government-backed loans, so contact your lender to make sure you aren't breaking any rules.

@Victoria Gambardella I do agree, however, that you should not buy 50k homes in a market you don't understand. Everything looks better on paper. I am not sure exactly what YOU should do. I would hate to guide you in the wrong direction. From my experience, 50k markets can be extremely lucrative when it comes to cash flow. Its very easy to purchase a duplex in this neighborhood and cash flow $600-$800 on a duplex. But, it is also easy to find horrible, horrible, tenants. Please feel free to PM me if you have any further questions.

@Victoria Gambardella I purchase 50k rentals. I usually try to spend no more than 60k. Keep in mind, most lenders don't like financing anything less than 50k. If the property needs a complete rehab, banks may not want to finance it at all. I would personally stick to Multi-Family. I am located In Cleveland, Ohio. Purchasing in bad neighborhoods can be quite risky.

@Elizabeth Enlow "He who owns the most land wins." I would personally buy as many cash flowing rentals as I can.

@Daniel Pichardo Also, those expenses seem very low. However, I know almost nothing about your market. Vacancy, CapEx, Repairs, Maintenance, should tally up to about 30%. Keep in mind, if you plan to keep buying rental properties, banks will only count 75% of your rental income when applying for a new mortgage. You say the property has a 20% ROI. That is almost always a good deal, to me. Just make sure all of your numbers line up, and your estimates are conservative. Feel free to PM me if you have any further questions and I will try to help where I can.