All Forum Posts by: Paul Sweetman

Thank you and you're welcome. I used to live in Vandalia so we were practically neighbors

Yes they are mostly in Lebanon and Warren county Ohio. I have 2 properties in Hamilton 1 in Lockland and 1 in Monroe all the rest in good ole Lebanon.

Self managing I've not wanted to venture too far from home. 

Let me add a few more thoughts for you if I may

What type property you start investing in is defiantly; what can you afford and find?

If you start with SFR or Non- commercial 2-4 family or jump right into 50+.

What type of a long term income stream do you want to create?

I had my own general contracting firm and I woke up every day looking for my next dollar and sifting through an endless stream of subs and workers who did not share my outlook on life.

I currently have 43 units and I make money where ever I am day or night. Now I have to work a couple days a week and as far as the infamous toilet issue get “Roto-Rootor” on speed dial.

Just buy property. Get your income streams flowing. As you've just heard from other people who've posted here. If you buy a property, make it have a positive income stream you can probably sell it relatively fast and move your investable cash into a larger complex later. Of course using the best tax free method of cash reinvestment available at the time

1) Some lenders have 2 sides to their bank; find multiple lenders who do commercial lending. They hold their own portfolio of loans. I find getting loans on the residential side of a bank tedious and time consuming and dealing with Freddie and Fannie arduous.

2) If you are going to manage the properties yourself, before buying the property ask yourself would you drive there at 11PM in January? (Most SFR require mules of this)

3) For liability reasons only structure your properties in LLC's and believe it or not commercial banks like it this way. It adds a little cost to your CPA and tax prep costs (talk to your CPA and attorney to decide what's best for you)

4) Have a plan know why you're buying a property and what you going to do with it and what you're going to do if your plan goes south. In fix and flips what do I do if I take too long to complete? What if it doesn’t sell for my needed price? Will I make regular income or passive income? How do I not pay taxes on the money I expect to make? Do I need this money to live on or grow my business?????

5) I'm 62 I bought my first rental 25 years ago I held 3 properties (7 units) for most of that time. Then about when the market went south 2013 (I think) I got a BRRR up my butt and decided to take this real-estate seriously. I now have 43 units' single family, duplexes, and 4 plexes. My point here is don't find reasons NOT to be an investor find ways to be an investor if when I bought my 1st place if I'd continued to buy at my current pace I'd have 400 units and a staff and a real business. I will say this, the MORE units you have the less work they become and the less financial stress you have.

6) I'm having the most fun I ever could have thought to have. Now there are problems and you will need to protect yourself and a good insurance person is needed too.

7) NEVER, NEVER buy a property that doesn't cash flow when and for how much your plan states. "If money doesn't work for you, you have to work for money" I think I just made an important quote. Remember NEVER buy a property that doesn't cash flow

8) It's a business STUPID they are not your friends and their problems are not your problem and don't make their problems yours. Remember the bank doesn't care they just want their payment and you need to be the same....

9) Learn the eviction process BEFORE you need to. Then get all the related form in your computer in a file marked eviction forms and BAMM you’re ready. It's amazing how quickly a tenant finds the rent money when you text and deliver them a 3 day notice.

10) Remove any obstacle from any part of the business make everything easy, at your fingertips then when a situation arises you're ready and can act. Needing to delay action at any time will cause you to add stress to your life As "Nike" says "Just do it" .

Remember luck is when preparation meets opportunity.

Talk to you soon

Paul Sweetman

• 5133831713
• http://Sweetmanpropertiesgroup.com

Edit signature

• Let me add a few more thoughts for you if I may
• What type property you start investing in is defiantly; what can you afford and find?
  
• If you start with SFR or Non- commercial 2-4 family or jump right into 50+.
  
• What type of a long term income stream do you want to create?
  
• I had my own general contracting firm and I woke up every day looking for my next dollar and sifting through an endless stream of subs and workers who did not share my outlook on life.
  
• I currently have 43 units and I make money where ever I am, day or night. Now I have to work a couple days a week and as far as the infamous toilet issue goes; get “Roto-Rootor” on speed dial.
  
• Just buy property. Get your income streams flowing. As you've just heard from other people who've posted here. If you buy a property, make it have a positive income stream you can probably sell it relatively fast and move your investable cash into a larger complex later. Of course using the best tax free method of cash reinvestment available at the time
  
• Some lenders have 2 sides to their bank; find multiple lenders who do commercial lending. They hold their own portfolio of loans. I find getting loans on the residential side of a bank tedious and time consuming and dealing with Freddie and Fannie arduous.
  
• If you are going to manage the properties yourself, before buying the property ask yourself would you drive there at 11PM in January? (Most SFR require mules of this)
  
• For liability reasons only structure your properties in LLC's and believe it or not commercial banks like it this way. It adds a little cost to your CPA and tax prep costs (talk to your CPA and attorney to decide what's best for you)
  
• Have a plan know why you're buying a property and what you going to do with it and what you're going to do if your plan goes south. In fix and flips what do I do if I take too long to complete? What if it doesn’t sell for my needed price? Will I make regular income or passive income? How do I not pay taxes on the money I expect to make? Do I need this money to live on or grow my business?????
  
• I'm 62 I bought my first rental 25 years ago I held 3 properties (7 units) for most of that time. Then about when the market went south 2013 (I think) I got a BRRR up my butt and decided to take this real-estate seriously. I now have 43 units' single family, duplexes, and 4 plexes. My point here is don't find reasons NOT to be an investor find ways to be an investor if when I bought my 1st place if I'd continued to buy at my current pace I'd have 400 units and a staff and a real business. I will say this, the MORE units you have the less work they become and the less financial stress you have.
  
• I'm having the most fun I ever could have thought to have. Now there are problems and you will need to protect yourself and a good insurance person is needed too.
  
• NEVER, NEVER buy a property that doesn't cash flow when and for how much your plan states. "If money doesn't work for you, you have to work for money" I think I just made an important quote. Remember NEVER buy a property that doesn't cash flow
  
• It's a business STUPID they are not your friends and their problems are not your problem and don't make their problems yours. Remember the bank doesn't care they just want their payment and you need to be the same....
  
• Learn the eviction process BEFORE you need to. Then get all the related form in your computer in a file marked eviction forms and BAMM you’re ready. It's amazing how quickly a tenant finds the rent money when you text and deliver them a 3 day notice.
  
• Remove any obstacle from any part of the business make everything easy, at your fingertips then when a situation arises you're ready and can act. Needing to delay action at any time will cause you to add stress to your life As "Nike" says "Just do it" .
  
• Remember luck is when preparation meets opportunity.
  Talk to you soon
  Paul Sweetman
  
  • 5133831713
  • http://Sweetmanpropertiesgroup.com
  Edit signature

Let me add a few more thoughts for you.

1) find multiple lenders who do commertial lending. hold their own portfolio of loans.

I find getting loans on the residential side of a bank tedious and time consuming. And dealing with Freddie and Fannie arduous. 

2) If you are going to manage the properties yourself, brefore buying the property ask yourself would you drive there at 11PM in January?

3) For liability reasons only structure your properties in LLC's and believe it or not commertial banks like that. It adds a little cost to your CPA and taxeprep costs (talk to your CPA and attorney to decide whats best for you)

4) Have a plan know why you're buying a property and what you going to do with it and what you're going to do if your plan goes south. In fix and flips what do I do if I take too long to complete? What if it dosent sell for my needed price? will I make regular income or passive income? How do I not pay taxes on the money I expect to make? Do I need this money to live on or grow my businaess?????

5) I'm 62 I bought my first rental 25 years ago I held 3 properties (7 units) for most of that time. Then about when the market went south 2013 (I think) I got a BRRR up my butt and desided to take this realestate seriously. I now have 43 units single family ,duplexes, and 4 plexes. My point here is don't find reasons NOT to be an investor find ways to be an inverstor if when I bought my 1st place if I'd continud to buy at my current pace I'd have 400 units and a staff and a real business. I will say this the MORE units you have the less work they become and the less financial stress you have.

6) I'm having the most fun I ever could have thought to have. Now there are problems and you need to protect yourself and a good insurance person is needed too.

7) NEVER, NEVER buy a property that doesn't cash flow when and for how much your plan states. "If money doesn't work for you, you have to work for money" I think I just made an importanr quote. remember NEVER buy a property that doesn't cash flow

8) It's a business STUPID they are not your friends and their problems are not your problem and don't make their problems yours. Remember the bank doesn't care they just want their payment and you need to be the same....

9) learn the eviction process BEFORE you need to. Then get all the related form in your computer in a file marked eviction forms and BAMM your ready. It's amaizing how quickly a tenent finds the rent money when you text and deliver them a 3 day notice. 

10) Remove any obstical from any part of the business make everything easy, at your fingertips then when a situation arises you're readty and can act. Needing to delay action at any time will cause you to add stress to your life As "Nike" says "Just do it" .

Remember luck is when preperation meets oppertunity.

Talk to you soon

If you are going to be in Cincinnati you need to go to and maybe join CREIA.

 https://www.cincinnatireia.com/

Keep reading and be busy in bigger pockets but multiple outlets and inputs of information is great

good luck

First first congratulations on wanting to move forward. If you worried about money you'll never move forward in this business. Find a deal the money will come. I know that sounds hard to believe. My last two properties I bought, no money down I used the same technique on both. Here's the technique I asked the homeowner if they could carry the financing for 6 months. I then rehabbed the property it was difficult but I rehabbed the property out of my pocket budget. The properties are now at a higher value than I was buying them for, so when I went to the bank to get an 80% loan the property covered it I finance the property paid off the current owner who also was the current bank and I now own two more properties.After refi I even got some of my rehab cash back. Awesome..

One property was a two-family the other property was a for family. May also look around your neighborhood to find hard money lenders who are just retired folks who have money they want to make better than Bank rates on. I have one hard money lender who lends me money anytime I asking because he knows me personally he knows I'm good for it. Good luck I hope this helps.

The process can only go as fast as your paperwork.

1) Get your 3 day notice to the tenant.

2) get your 1st clause filed on the 4th day.

3) wait for your court day 

4) set them out on the day the court says you can.

Fortunately my evictions in Hamilton County have been few and far between and if you are a corp. LLC or operating under a business name you must use an attorney.

I hope this helps

I'm succesfull in buying small multi family properties I can basically average a unit a month. But I'd like to enter the mid range complex 20 unit and greater. Looking for a mentor.

Or at leastlet me buy you dinner...

Where is your property I may be interested in buying it ?