All Forum Posts by: Nathan Eckles

Welcome to BP @John McMenamin The help you can find here is priceless. 

@Westin Hudnall , my mortgage guy said the bank could call in the loan if I do that. Is it very common that a bank would do that?

@Brandon Turner 

Thanks for the info. I guess I'm on a quest for a portfolio lender!

Am I mistaken?  I thought you were now limited to four mortgages, not ten.  

Also, I am told I can only get mortgages in my own name, and I can't title the houses to my LLC, unless I want commercial loans. If it's a sole-proprietor LLC, should that matter?

I guess I'm asking multiple things here, but they kind of build on the original question posted by @Ryan F. 

Thanks. 

@James Chipasula 

Welcome to BP.   Everyone is here to help. 

I have never dealt with land personally, but you may want to reach out to Seth Williams, from REtipster.com. 

I don't know Seth personally, but he was the interview in BP podcast #39, and his specialty is vacant land. He might have some advice for you. 

Sounds like you want to do some kind of a hybrid wholesale?  Listen (if I remember correctly) podcasts 12 & 18 on the BP podcast. They explain the process of doing a double close and not using your money in the deal. 

My only advice is just make sure you have multiple exit strategies in mind, if you can't get rid of it. You can't sit on a hard money loan for too long and make any money. You might have to refinance and become a landlord, if it doesn't sell. 

Good luck. 

I bought my personal residence (which became my third rental) at 24 with 5% down, conventional. I bought my first rental at 28 and the second six months later, both with 20% down and banks loans. I didn't stay focused, and I was 34 before I got to #4.

Friends of ours with bad credit were going to go the "rent to own" route.  They negotiated it into a seller-financed loan, which may be a better option for you. 

Just get started. Action is what makes this thing roll, and pulling the trigger on that first one seems to be the biggest hang up for most people.

After getting on BP, I hope to get from #4 to #20 much faster than I went from #1 to #4. 

Good luck. 

Looks awesome. It inspires me to move from strictly buy and hold, to try a fix and flip.  Keep it up!

I am one of those people that lives 12 miles from my nearest property, so I like to bundle appointments. I do it open-house-style twice a week, usually once in the evening during the week, and during the day on the weekend. I give a one hour window and schedule everyone that can come. 

The benefit is that you'll always get at least one person to show. (Although I do sacrifice an hour, I use the time to read forum posts, and listen to podcasts on my iPad.) 

A side benefit is usually once one person asks for an application, everyone at the showing will.  In her book, Barbara Corcoran from Shark Tank said that as an investor, you might not want the deal, but once another shark makes an offer, you question what you missed, and you want the deal too. It's a herd mentality, I guess. So that's how I've applied it to landlording.  If someone's on the fence, they get nudged toward wanting my house. 

The point is, it's an efficiency for a small-time landlord, who doesn't have very many openings at one time. Like @Aaron Wyssmann said, my approach might not work if you have 200 properties. 

I like the ideas from @Chris Martin. I think I will try that approach when I have another opening.