All Forum Posts by: RZ Holli

I found a low cost buy that is close to rent ready. It's clean, maintained and needs a section of gutter and a water heater. Its in a calm area near schools and a massive park/equestrian facility. C because it's semi rural not overly developed area. It's not really in demand compared to other areas of town. I can exceed the 2% rule with this property but I will never gain large appreciation margins due to the size and location. This buy would be of lower risk to me and give me some training wheels for my first property. Get my LLC, my systems in place, Tax advantage, and start the clock on being a landlord in the eyes of lenders.

Only concern with the buy is that it is 2 lots over from the very edge of a flood plane ( no insurance required and my "exits". The house has had a hard time being sold because of low price. Lenders don't want to put together a loan for that price. Should I need to sell it I could be holding this thing for a long while. Unless I seller financed/rent to owned for someone.

My other option is to do a 203k loan live in a property (that will slowly appreciate) for a year then get out and rent it. This would allow me to get a property in an area I know will appreciate and generate cash flow. This will slow me down with cash flow and I may run into drama before I even get set up to rent it out.

My end game is to have a portfolio of all brick ranches from the 1950's to 1980's no basements no garages.  I'm leaning toward the idea of a series of cash flowing "pigs" until I can acquire / trade up to what I want. Just looking to the BP hive mind for some clarity. Digesting pod casts and books can turn into white noise after a bit.

Thanks to all

RZ

I'm looking for Recommendations for Louisville Lenders CU's and Local Banks. We had a thread not to long ago that I can't seem to find. People were recommending River City and Jefferson County Credit Union. Anyone have a go to person that is investor friendly?

Thanks,

Rob

@Darren Budahn  @Jacqueline Cliff  @Peter Tverdov   @Pete Perez

Thank you all for the valuable info and time from your day.

@Christopher Phillips Thank you so much for taking the time to answer my questions. Have an Amazing day.

Im an uber newb still absorbing. My current question is "How do you have multiple mortgages without over leveraging?" If I want to hit 90 units and enjoy it I need to build a portfolio with several units a year.  

When do I know its okay to get another unit? 

Do I need a war chest for CapEx and vacancy before picking up the unit it?

Thanks

RZ

Working on it now Ned.

Hello all. I'm RZ Ive lived in or near Louisville,KY my whole life. I've had the idea of REI for a few years now thanks to a Broker friend of mine. I just haven't been in the spot to do it. With a steady but stagnant career and little responsibility why not build a business for myself?

My REI education has really started over the past few weeks. I'm still getting my head wrapped around the lingo and processes that are available to me. Lotta work ahead of me and I look forward to it.

My current goals are to become financially free (comfy minimalist) and wealth build for old age.

I found Bigger Pockets on youtube and am grateful for it. Not only is it an amazing resource it has a positive flow and gives warnings about GURU's and snake oil salesmen. After burning through several podcasts a day and a few forums when I get the chance, the need to make my intro was obvious.  Looking forward to networking and helping where I can. 

Take care,

RZ