All Forum Posts by: Rudy Portillo

The number of loans will depend on the type of financing you are pursuing and whether or not the bank will sell the loan on a secondary market (Fannie/Freddie).  Have you talked to any bankers/broker in your area so you understand their needs?

I live in NoVa also and I understand the price challenge.  Richmond may seem smart.  In a lower cost area you can spread your risk over more property rather then a few in NoVa but it is a difficult commute.   I assume you would turn over management to a local prop manager and build a team in that area.  

Why limit yourself to Richmond if that is the case?  There is the same challenge if you were 3 or 4 hrs (Pittsburgh, Philadelphia, Hampton Roads or any other multitude of locations) the investment of time and energy is extensive to get to a remote location, even geographically close like Richmond because of our traffic, regularly.  The first step, with all that said, should be to building a team in the area of your choice so your time is well spent.

You have two major advantages: youth and money. At your age you should be taking risks. Calculated risks, of course. But buying a property all cash is far too conservative. One of the biggest advantages of using real estate to build wealth is that you can leverage your money. It's hard to give specifics, but my piece of advice is to do your homework and leverage your $250k into a bigger property (or multiple properties).

How far would you need to go to do multi-family?

Any market?