All Forum Posts by: Travis Beehler

Congratulations!  The first one is always the scariest.  I remember my first purchase, as I had just walked out of the title company's offices with signed documents in hand, check handed over, and the place was mine.

My only thought was: "Crap!  What did I get myself into!"

That feeling went away by the time I got home and had remembered I had researched this like crazy, did the math, and had a competent team in place of property managers, repair personnel, etc.  

Keep at it!  It gets easier! :)

It really is a "it depends".  Sometimes you'll get lucky, other times, you'll get someone to tell you to take a hike.  I wouldn't worry too much about being told "no" often.  It happens a LOT in this line of investments.  For example, I easily spoke with between 8-10 banks before I found one that worked for me.  Every single one of the others told me flat out "no".

Focus, determination, and drive will get you beyond those that tell you "no"

I can tell you in my experience, I haven't found a single commercial lender that will do less than 10% down.  Sorry buddy, but if you want this deal to happen, you're likely going to have to come up with the cash some how.  Believe me, I've had a few deals go south because of this identical situation, and it sucks. :(

Awesome!  Thanks for keeping us in the loop! :)

Hey all! I added a bit onto a spreadsheet I use that adds BRRR calculations as well as DSCR. Can someone download it and check my math when they get a free moment?

https://www.biggerpockets.com/files/user/Scine/fil...

I can't take credit for the basics of this spreadsheet.  I took the one from J Scott 

https://www.biggerpockets.com/files/user/JasonScot...

And added a few more items.  Nothing major, just some things that I found to be helpful.

Thanks in advance for all you math geeks out there!  If there's a mistake, let me know and I'll correct it and get a new one uploaded that's correct.

Is it a deluxe apartment, in the sky perhaps? :)

 Absolutely happy to help!  Just make sure you have a clear plan on what you want, and be prepared to be told "no" a LOT and make a ton of calls to banks.  In my own set of circumstances, I've had to deal with several banks, been told "no" by about 10 banks, had 3 property managers, and a tenant who's just a pain.

But, because I had a clear plan and goals on what I was trying to achieve, I'm slowly getting there.  I'm happy to say that by the end of the summer, I should have absolutely everything running butter smooth.

So, don't get discouraged, and you'll do great!

 No problem!  I will tell you this though:  Most banks, and I can't speak for the Islamic ones, want you to come to the table with some cash.  They like to see that you have some skin in the game so to speak.  I would also suggest asking friends and family to see if they want to loan you the necessary cash to start investing.

I would venture to say that it's difficult, but not impossible to invest under your particular set of circumstances.

Good luck in your search!

I like the pep talk!  Personally, I don't knock.  I prefer to kick the door in and announce I'm here. :)

Hi Mohammad,

I assume you mean an Islamic banking without interest?  If so, I believe there are a few banks in the US, however, these are VERY rare, and I'm not sure if they'll lend for investment homes.  But, couldn't hurt to search one out.  Here's what I found:

https://www.google.com/search?q=islamic+banks+in+u...