All Forum Posts by: Judd Campbell

My brother lives in Juneau Alaska and rents a place!  do you have a few rentals there? 

I call FSBO signs when I drive by them, I get on wholesaler lists, if I see a house I want to know more about I research who the owner is and I reach out with a phone call.

 see the last post, I was "between Porsche's" for just over a year. First world problems!

@Andrew Meyer, if you have equity in your primary residence you can start with that. I did that back in 2010 to get my first duplex. use the cashflow to pay back down the HELOC.

Oh yeah, and the profits bought me this 2 weeks ago. 

If cash gets short I will sell it and buy another property! 

I moved my handyman into the new SFH and he is doing the repairs while living there for a reduced rent. So that is up and going right away.

In July I partnered with a guy on a duplex which is rented and going well. 3 bed / 1 bath per side (it was turnkey)

I then went out and bought two more 4-plex buildings in August. 

four units are 2 bed / 1 bath, four are 1 bed / 1 bath

in summary I have 20 units and monthly revenue of just over $10k. I hope to triple this in the next 8-10 years.  

If you are still following along at home I have Bought, Rehabbed, & Rented the two units.  Next step was to Refinance then Repeat the process. 

I contacted a local lender to get a portfolio loan on the two properties.  The lender sent an appraiser out to visit the properties. 

The two project costs break down to the below:

Townhome: Purchase $14.5k, Rehab ~$17k including materials and labor (but not including mine), annual insurance of ~$650, Annual taxes of ~$350 rents for $750

Appraised for $58k

SFH: Purchase $26k, Rehab ~$20k including materials and labor (but not including mine), annual insurance of ~$700, Annual taxes of ~$300 rents for $775

Appraised for $72k

I paid cash for everything except around $4k on a HD credit card so that I got )% interest for 6 months. 

My lender was able to do a commercial loan of up to 75% LTV. The terms I got was 5% for 7 years on a 20 year amortization. This makes minimum payments of $508/ month but if I pay 1000/month I will have the loan paid off in just under 8 years. The two units monthly rent is $1525 so I just continue to save the $525 each month which covers repairs, taxes, and insurance. (plus continues to grow) I asked for only $75k as that is in the ballpark of what I spent over the 9 months between the two projects.

I took the $75k and paid my HELOC down, paid off they HD credit card, and went shopping!

I bought this SFH for 26.5k

Now it was ready to rent (April was my first month)