All Forum Posts by: Nick V.

Send me a Pm if your still looking for a coach or simply information on investing in real estate 

Thanks,

Id like to hear from those in my position and how it it worked out. nonetheless, If i don't do it, then when will I?

 Thanks,

Its been a long hard road, its not easy. its not oh just buy some houses and rent it out like a lot on here would understand. 

My main concern is interest rates. even though we have great cash flow on all of our properties and we have all fixed mortgages, there is still that concern. I am thinking that I should reach 150% of my income 1st, in case that happens then i have room to play with if needed... but I am having people come to me and wanting to partner and buy houses so I can technically go buy a bunch of properties but then the time that's evolved, and working full time and my kids and family. Something has to give soon...

 She is full time, will be going to 4 days a week, 9-4 vs 9-5. She will still have benefits yes, not as good with me because im employed with a local municipality, but still good coverage. I would say when we are nearing the point for her to stop working (and assist more with real estate) we would want to have 1-2 more properties simply to cover a private benefit package as with kids i defiantly want coverage. 

- Income replaced? CHECK

- Health insurance covered? CHECK

- Emergency funds in place for your business? (What if you get a wave of expenses, non-payments, whatever?) - I have "savings" but more is always better to be safe.

- Access to cash for acquisitions? (Yours or someone's) - Yes, private funds as well as working with multiple new JV Partners

- Qualification for mortgages in place? You can definitely get commercial mortgages and your W2 income and debt-to-income ratio may play a large role in that. Have you spoken with a mortgage broker and presented your plan. Either commercial lending, JV Partners who qualify, or private money. I have spoken with multiple mortgage people.

- Being able to work independently without outside structure? What do you mean here?

- Goals written out? Yes

- Pros/Cons written out? Yes

Another main drive for me is my kids, I'm sure im not the only one but I not only want to be there with them more, but have the luxury to afford stuff for them.

So, I bought my first property in 2013, my first rental (duplex) in 2015. Fast forward, we just closed on our 10th property today. We did a couple flips in the mix for some capital but now im focusing on building my portfolio and increase our passive income.

We have reached the point that our monthly cash flow + my wife working Part Time is a bit more then us simply both working full time (not including my full time work income) which has me thinking  it may be best for me to stop working and focus on real estate "full/my time" 

At this point, my employment doesn't help us to get more mortgages, so other then the income (which I don't really need anymore) Benefits (which my wife has) and pension (which is what my real estate is now for) I don't really need my job any more.... but the leap to actually do it is a different story. We have a family/kids etc. but I believe I can increase not only our income but our wealth faster and less stressful by not working my day job anymore. We originally planned for my wife to stay at home with kids but now we are thinking it may be best for her to work part time and i do real estate full time until we reach the point for her not to need a job. 

As we cant get anymore "conventional" mortgages, we have figured other avenues to continue to build our real estate portfolio, income and wealth, so i am thinking my job is more of a waste of time then anything, I make a average income etc but the reason we are buying houses is to get away from needing a job.

Id like to hear some of you who are either in my position and on the fence to make the leap or those who have done it and how its been, also those who didn't do it....

Thanks!

Well if anyone cares.. lol to update this, We bought another its a sfh and plan to add a second storey, its a brrrr i guess you can say but plan to sell in 5-7 years after this area is done developing and market is hot again.

kinda which is odd for me.. we recently moved and it's hunting season lol I actually was thinking of doing two houses at once this time if possible a flip and another rental. But also want advice from people who has been at my stage. I need to be able to qualify for more in the near future but how.. I think I'm getting to the point of our max..

The last house we bought was in March 2017. We are in the process of refinancing a duplex and get finances sorted out but lately I have fealt that I have not been putting much effort into wanting more even though we do and know we need to if we want to keep moving forward.. currently we have 4 duplex and with being married a 15m old son, soon to have another on the way it's been busy with life though I know I need and want more houses. 

Number 3 was our best house. We converted it into a large duplex and cash flow is great. I'd like to do it again however it's a lot of work for basically only me when I should be at home with my family.. it's a catch 22. I know I can pay people to do it tho difficult to have the funds to do it.. 

The market I typically invest in has slowed down and the time to buy is now. I am always looking however not being able to find the right one so I think.. while trying to grow our portfolio I'm trying to get funds from different sources (ppl wanting to invest in or with me) or partners etc. Also always looking and trying to find private deals to beat market sales. 

I have always wanted to flip a house, buy a SFH house, and do a BRRR. So I have been working with a new real estate agent who has funds and wanting to partner with me. I figure a flip or a large multi unit house with good cash flow would be best to partner on as sfh or small duplex arnt enough cash flow.

I have looked at a few small cheap sfh which would provide decent cash flow for a sfh tho don't want to settle just because it's available.. before I'd buy almost anything but now I have been a little more reserved... as this is our 5th rental, we have reached our first goal to suplement my wife's income with rental income therefore she can stay home with the kids.. tho we agreed she will try to get a part time job while kids are at day car once or twice a week for some extra spending money. As soon as she goes part time (in a year and a half approx) our qualifying for mortgages will drop significantly which will make it harder to buy more and reach our second goal of me quitting my full time job. 

Hoping I can get some info from people who have been where I am..should I hold off until I find that high cash flow property, buy a house that I can convert to a high cash flow property though will require a lot of work, should I buy a cheap easy sfh that still provides decent cash flow but will be simple and quick... in the meantime I'm always willing to leverage other ppl with money who wants to work with me or looking at ways to get more money..I have always planned to buy a house knowing how to buy the next one before buying the one before so I don't get in a spot where I can't move forward.

thanks I'm advance, and hopefully this is posted in the correct section..

Nick 

 Good idea, though we converted property into a duplex so wonder if taxes would go up vs down lol