All Forum Posts by: Anthony Gayden

@Brook Vosler

I have life insurance. It’s a $1,000,000 term life policy. My wife and 10 month old daughter also have life insurance policies.

Life insurance is not an investment tool and I refuse to use it as such.

@Yamundow Camara

As an investor I only would buy a property for cash if I was doing a BRRRR and intended refinancing it later.

I just completed the 1031 exchange from a 4 unit property I owned into an 8 unit property. Next year my intention is to do another 1031 exchange of another 4 unit property I own and use the proceeds to buy another 8+ unit property. Down the line I want to 1031 exchange the 8 unit property into an even larger property. This is part of the strategy I am using right now. The other part involves using cash out refinances and a HELOC to purchase additional rental properties.

I personally don't do syndication or partnerships but I still wanted to expand into multi-family.

 The commercial lenders I have spoken to don't really do pre-approval letters like they do for a 1-4 unit residential loan. 

 I prefer to get properties where the units are individually metered. You can also get a property with a master meter and have it sub-metered through a third party company. I also have seen some landlords who evenly divide a utility cost among tenants, or charge a flat rate to tenants for utilities. 

 Absolutely, that is very important. In the 8 unit that I recently purchased all utilities are paid by the tenants. This can be a big added expense.

I also own a 4 plex in Phoenix, AZ and as the landlord I am responsible for the water/sewer/trash. That bill alone runs between $250-$350 a month. If your building doesn't have sufficient cash flow it can eat your profits.

I just completed an 8 unit purchase. A letter of intent wasn't necessary on these smaller deals and you can use a regular realtor and submit offers just like you can on 1-4 unit properties. You also don't need to have the experience or reputation necessary in bigger deals. 

Keep in mind that I already had experience owning multiple rental units and have done many deals over the last 6 years. My credit and financing were all in order and the only thing that was new to me was that it was more units than I had done before. 

 Welcome to Omaha.

@David White

It depends on how large you are going. I was looking at smaller deals 8-12 units and my experience in 1-4 units was respected.

@Timothy J. Cudjoe

My passion is law enforcement. I absolutely love it. I’ve worked in it for 12 years and I truly enjoy my career as a Federal Agent.

Real estate is fun too, but I see it more as a means to achieving my wealth goals. I’m passionate about it, but it isn’t the sort of thing I lose sleep over or obsess about.