All Forum Posts by: Michael Wentzel

We went from zero to over fifty rental properties in about 10 years. Overall real estate investing has been a very good business for us in the form of cash flow and equity. But it is time to scale back to give us more time to focus on our family and some other projects.

So now we are in the process of selling 9 properties in Colorado and 7 properties in Ohio. We have listed them with real estate agents we like and have used other transactions. But I wonder if I should also list them on loopnet or crexi. Is that worth it? Can I do that as an owner? Or are there other strategies to get the properties in front of investors?

Mike

We went from zero to over fifty rental properties in about 10 years. Overall real estate investing has been a very good business for us in the form of cash flow and equity. But it is time to scale back to give us more time to focus on our family and some other projects.

The portfolio is 7 properties including a fourplex, two triplexes, three duplexes and one single-family properties. We have a good property manager and the units are partially occupied. The properties are in and around the Akron-Canton area. If you're interested in some or all of the properties, reach out to us and we will put you in touch with our realtor.

Mike

We went from zero to over fifty rental properties in about 10 years. Overall real estate investing has been a very good business for us in the form of cash flow and equity. But it is time to scale back to give us more time to focus on our family and some other projects.

The portfolio is 9 properties including a fourplex, triplex, two duplex and five single-family properties. Two of the properties are vacant, the others are all leased out. We have a great property manager and the properties are well-maintained. If you're interested in some or all of the properties, reach out to us and we will put you in touch with our realtor.

Mike

 I've never gotten a 30-year fixed mortgage on a commercial loan, but maybe they are out there.

@Bradley Rieger

That's great that the owner might be willing to finance some of the property for you. If he or she will take a down payment and hold a note for the rest, that is ideal, like @Stephanie P. shared.

If not, I would start looking for local banks in the community that work with real estate investors. It might take 10 or 12 phone calls, but if you're calling the smaller banks you will usually find a few that will consider working with you.

If you know other investors in the area, you could also ask for recommendations for a lender.

@Iris Olivas

We have financed single-family homes that were under $100k and we have also bundled some of these sub $100K properties together for commcerical loans. It takes a lot of phone calls and asking around, but you can normally find a local or regional bank that is willing to work with investors on these types of properties.

Mike

@Christina V.

We manage rentals in Colorado and Ohio from the other side of the world. The property manager is key, maybe even more important than your Realtor or contractor or banker. We haven't gone the turnkey route and have heard mixed feedback from those who did. We mainly employed the BRRRR method and started with relatively cheap properties since we didn't have much money. This strategy has allowed us to learn and make a ton of mistakes while staying in the game and slowly building up 38 properties with over 60 units.

@Jeff Neikrie

Hello Jeff. I'll send you a couple possibilities in PM. I've used both of them in the past for commercial real estate loans in the Akron area, but I haven't processed anything with them in the last 12 months.

Mike

@Tiffany Onwudinanti I believe we used the BRRRR strategy on all 19 of our properties in Pueblo, but they were purchased between 2013 an 2017. It was a different market.

@Jenny Bayless is giving good advice. BRRRR is always a good strategy, but with the market slowing you can't rely on appreciation and time to make every property to work as a BRRRR. I would be more cautious in this market and try to make your money when you purchase. Renovations and appraisals are variables that rarely work in the investors favor, especially with price growth slowing or retreating. So give yourself plenty of margin on the purchase and even if you leave some money in the property when you refinance, you should have a cash-flowing and occupied rental property in a good community with less than 20% percent down.

Mike

We have been in the Pueblo market for about 10 years with 25 units. They are mostly C-class rentals. We have had a few stories of terrible tenants, but we had a few stories of terrible tenants when we had B-class rentals in Colorado Springs. We love the community and have been extremely happy with our rental properties. Send me a private message if you need a property manager recommendation.

Mike