All Forum Posts by: Roderick Smith

i would like to know what kind of lenders that would lend on deals under $50k purchase price and 60% debt to income ratio?

@Mark Bloom are you guys in the Alabama market?

funding for my deals is my biggest frustration. I can not find a lender that will lend under $50k for some of my buy, fix, & hold deals. Also trying to use my credit cards to do those kinds of deals has my debt to income ratio higher than i would like. If can find a private individual i can work with long term i would share ownership or equity to get the deal done and buy them out later.

I plan to loose 50 pounds, do 5 flips, and acquire 5 rentals in 2019. I try to set attainable goals first then once i achieve those i move on to more challenging goals. I have a blueprint to hold myself accountable to those goals and not waver. My wife also helps keep me on track. Gotta have a teammate who gets it.

yes i usually try to get a GC that can do everything. They have to have a crew and those crew members have to have individual things they specialize in (i.e. roofing, flooring, painting, etc...) This way my financial backers can have one check to write and the contractor disburses the funds to those crew members. Also make sure that they sign a waiver of liability once the work is done so they can't put a lien on your property for non payment if you paid the GC.

i started when i was 34 i am now 40. I have acquired a few rentals, i have done a few flips, and gained a wealth of knowledge from people in my local rei group and here on this platform. I don't think its ever to late to start investing. I started with the intent on leaving my children something to own and grow. So even if i don't get to see it grow beyond what it is now I have been teaching them the business so they can continue in my footsteps and create generational wealth. 

I use Jeremy Parker Law and Members Title. Both pretty reasonable on price but Jeremy is faster lol

it just depends on where you go avondale, five points south, downtown, lakeview etc.. are areas that things come to life at night. especially on the weekends. this week is magic city classic so there are events all week. 

@Brittany Thompson I usually do direct mail to out of state buyers for the area i have a property under contract in. It has been working for me more so than local buyers. Hope this helps.

@Adrienne McCloud i use erentpayments.com they handle my rental payments for me and i pay them $3 per property transaction.