All Forum Posts by: Michael Shea

@Allan Smith thanks for the reply. The first issue I’m thinking about is the number of loans. I’ve read that lenders will only allow an individual to have at most anywhere from 5 to 10 loans (that limit can vary depending on the lender) and if I’m taking a loan out for each property doesn’t this limit the number of single family homes I can acquire?

The second issue I anticipate is DTI. I can see that each rental will provide income but the cash flow annually seems disproportionate to the loan and the overall impact to the DTI ratio?

Am I missing something or do I fundamentally lack an understanding of how this works?

I'm looking to build a rental portfolio of single family homes. My plan is to finance each single family rental with 20% down. I've done research in my market and have a good understanding of the geographies and price points that cash flow. My challenge is now that I've begun I'm going to run into lending issues and DTI ratios that will be a road block once I've acquired 5 to 10 properties (depending on the lender) and won't be able to sustain this strategy. Can anyone offer advice on execution or creative finance strategies that would solve/avoid this problem? Thank you in advance for anyone that takes the time to reply to this post.

@Chris T. Hi Chris, missed this alert but would like to come to the next event. Let me know when you have details for date/time/location. Thank you!

@Don Harris Hi Don, would mind sending me that contact info as well? I appreciate it!

@Levi Bennett Hobby Millionaires is having their monthly meeting tonight in Charlotte. They have a deal board and you could market the property there tonight. Just a FYI. Hope this helps. Good luck!

Looking for an investor friendly real estate broker/agent in North Charlotte up to Mooresville, NC that specializes in investments.  Any/all suggestions are welcome!  Thank you!  

@Josh Stack Thanks Josh!  I live in Matthews and have been concentrating my search on Southeast Charlotte and as far north as the University area.  @Don Harris and @Brian Orr have both been nice enough to reach out to offer help as well.  If interests change I will certainly reach out for your expertise!  Welcome to 2018 and good luck this year!

@David Wales I would like to attend this event. I’m following the discussion now but are you planning to confirm closer to the 7th? Thank you for coordinating this!

Cassidy Burns Thank you!

@Eric Taylor Thanks for the response!  I have not identified a source for financing.  This is merely an assumption based on current rate environment.  Identifying lenders, pre-approval, starting to walk properties are part of my plan but I'm thinking of starting after I complete the 90 Day Challenge to better familiarize myself with analyzing deals as part of my learning process.

If there are better ways to plan or different ways I should think about this I'm all ears!

Thanks again!