I went back to Oregon with my tail between my legs no way to compete.. then took our 54 home portfolio and sold it to these same companies 18 months later for better than 50% COC return.. but they still got good buys.. it was bound to happen.. coming out of the GFC.homes were selling for as little as 25% of replacement costs.. now at least they are back up to about replacement costs.the mid west though existing inventory that gets recycled to buy hold investors is still selling at below replacement costs.

What happens when there is a lot of capital chasing a sponsor and it is continuously being recycled is that the pursuit costs and timing are minimized such that the lag between when capital is put to use and when it is raised is rather short; so short that it makes more sense to just raise it in a fund. 

The brownie, a quart of chocolate milk, a 5th of Kahlua.

Each house has one trash can and one recycle can. 

After day 1 of our multi-day negotiation, my counterpart had just started pumping milk towards the end as she was a new mother, followed by the owner introducing me to all the extended family within the organization I'd never met before, and capped off by physically walking me through to meet the employees that he had personally hired from his church groups.

However, this is not a good strategy to recycle capital for another investment in the near future. 

@Dennis Yang I honestly think rather than trying to open up a chain of HELOCs with variable rates and interest only payments you're better of using the delayed financing refi option to convert your rental into a conventional 30yr fixed rate mortgaged asset which will give you back your original HELOC funds which you can then recycle and use for another cash purchase. 

The modern composite materials IMO are 100% recycled plastic and there's little wood in it.

The modern composite materials IMO are 100% recycled plastic and there's little wood in it.

Call a metal recycle if they remove abandoned vehicles.