All Forum Posts by: Raeshelle C.

Thanks for your feedback @Tom Ott. I'm looking in Birmingham Alabama, different towns in Georgia, and Florida too. I'm looking in places where the down payment would be $5K to $8K, so that I could take out a loan and put 20% down on it. The thing is, these houses cash flow to just $250 or less per month, at least in the first couple years. So I'd want to take out more loans to buy more houses so that the cash flow can be full-time cash flow; so that I can eventually also make $10K. But would the banks allow me to take out so many loans, one after another? And is that too dangerous to have so many loans anyway? If you have feedback on that I'd greatly appreciate it. 

I'm currently saving right now, but I estimate that in 3 years I will have saved $20K-$25K. I'm 27.

I want to make $10K/mo and retire early. What I'm having trouble with is, if I use that $20-25K on real estate, I need help finding out how I should begin with my investing. I know I am just saving now, but I like to create a plan. I don't know which is the best path to go down if I want to make $10K/mo within 10 years of buying my first rental. I live in MA and houses here are not cheap. What I'd like to do is buy multifamilies that are in fair/good condition (no repairs needed) using the FHA loan, but all the multifamilies around here that's cheap, near where I work, all need repairs. The cheap multifamilies that dont need work are far from my job so I can't live in them with FHA. I don't have extra money to pay for repairs, and saving extra for that would take even longer, and that would delay my wealth.

Then I was thinking, I'll just invest in out-of-state turnkey single families in places like Alabama, Georgia and Florida because down payments for those houses would be cheap, since the houses down there are cheap. But I would also be taking out one loan after another to buy these single family houses. I fear I would get rejected by the banks, like they may not allow me to have all these loans; I also fear it's too dangerous to take out so many loans too (I cant buy houses in cash). I know I'd only be making around $250/mo in cash flow after expenses too, per turnkey single family house, in the first couple years. I just really don't know what the best option is as far as real estate investing, that's doable for me. I'd only have $20-25K to start with.

Can anyone give strategies?

I'm preapproved and looking for an investment-friendly realtor in southern, MA. Can anyone recommend me someone?

I'm looking for an investment-friendly realtor in southern, MA. Can you recommend me someone?

What are good investor friendly lenders in MA? If you know the down payment percentage requirements (10% etc), please list those too?

How do you feel about taking out personal loans to buy investment properties opposed to mortgages? I'm thinking about taking out a personal loan to buy an investment property that produces good cash flow. Is taking out a personal loan less dangerous than taking out a mortgage? Just using this as an example: I went on loopnet.com and found a partial ownership property on sale for $50K in NC (I am not against out of state ownership) and the net income would be a little over $3K a month. I would own the property free and clear, and would pay the personal loan using my income from the property (or my full-time job). To reiterate my situation, I do not have 20% to put down on a house and I am currently working with an agent to buy a condo for myself to live in as I told you (I was pre-approved but didnt sign the mortgage paperwork yet). Should I cancel this with my agent and get a personal loan and go after this investment opportunity instead? Would you ever use a personal loan to buy an investment property free and clear? Does it stop you from taking out more loans in order to buy more properties down the road? If this is a stupid question, that is why I am asking. Because I do not know. 

I can live somewhere and cash flow at the same time.  And I will. You dont become wealthy by not making a move.

As far as your question, you're going to have to be more specific. I have come upon properties and ran numbers to find out what my potential cash flow could be if that's what you're asking. How would 1% down lose you money?

 I have. The multifamilies for that price are usually fixer uppers, so I'd have to pay to fix them up. I will keep looking though. There are cheaper houses in New Bedford that I can look at. Also, I'm not sure that this loan would accept a multifamily. I'll have to find out about that too.

 I live in MA. I will look into this. 

 Thanks for your response Nuhan!