All Forum Posts by: Pierre M.

Try World Savings, which is Wachovia's portfolio division.

There are several lenders out there that do no have a limit on the amount of investment properties you own. You just have to find them. If I can find any of them, I will post it here for you.

Scott,

Being that I am in the mortgage business, maybe I can help answer that question for you.

The 10 property limit is set by Fannie Mae. If you are obtaining financing outside of Fannie Mae, some lenders will allow investors to own more than 10 properties. There are several Alt-A lenders that will allow you to do this. Off the top of my head, I believe Citi Mortgage currently allows to 15 properties under the Alt-A program.

Pierre

Thanks for your answers Mike and Scott.

I think I know where to go from here. My first objective is to find a CPA with a strong knowledge of Real Estate. Start my LLC and start looking for REO's with a positive cash flow when I purchase them.

Any suggestions as to how many properties to acquire within a certain period of time? I don't know if there is a rule of thumb for something like that. Again, I don't want to stretch myself too thin too quickly.

Thanks again. You guys are great!

I live in Florida (Tampa Bay Area). I believe this is a V market and I want to make sure I have my foot in the door when it starts back up.

I am actually working on your suggestion and currently I am trying to build my network. I want to make sure I am being taught by someone who knows what they are doing rather than learn mistakes so I am careful as to which Realtor I partner with.

Thanks for your help. Any other suggestions or comments you have are greatly appreciated.

Dear Mentors,

I do not have any investment properties and I really want to become an investor. Other than the usual fear, lack of cash and uncertainty of how to start investing, I want to start ASAP. I know ... I know ... Just DO SOMETHING NOW. Before I can do that I figure I can ask, get educated, and reduce my risk of making a stupid mistake during these hard times. I am in the mortgage business. I am not really a handyman or know much about the labor involved in fixing properties. I am more of a numbers guy and making deals work.

I plan on purchasing Bank REO's.

Here are several questions I have to mentors:

1) What types of properties would you suggest purchasing as a first time investment? (SFR, Multi-family, Condo, Townhome)
2) Are there certain properties that you stay away from? (wood construction homes, mobile homes, etc.)
3) Would you suggest hiring a management company or manage the properties yourself in the beginning? If there are tenant problems I want to learn how to resolve those issues. Is it better to hire a management company or learn on my own.
4) What areas should I focus on? (section 8, low income, mid income)
5) Should I start an LLC before I start purchasing properties?
6) Where should I look to learn more about real estate law to protect myself or become aware of potential nightmares?

I afford to make costly mistakes in the beginning and I just want to get advice as to how to start. I, like most of the other new people here, am building a "team". I have assembled a appraiser, Realtor, title company, and lender. I am still looking for the missing pieces.

Thanks in advance for your advice,