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Any good ETFs to invest Roth into?
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anyone get their stimulus checks yet?
How are you spending your weekend?
I had an interview w/ the Hiring Manager at Boston Consulting Group for a position and it went so well that the HM said on the spot I was going to be moving onto the next round. Its been weeks since that interview & I've had to follow up w/ the recruiter 3x asking for an update. I mentioned interviewing elsewhere but prioritizing BCG. He finally responded to that saying he was going to debrief with the HM and get back to me but nothing... what gives?
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Healthy leverage is how you build scale. Don’t worry about the debt if you have strong fundamental economics. If you’re banking on all appreciation, that’s another story
I have 4 mortgages. It’s very nice having people pay off my debt for me I want as many as I can get. I love it
4 mortgages here too. If you got them at a good rate, let other people pay it and invest your money else where
4 mortgages, 1 HELOC, and no it does not. Part of the reason I have them. Plan to continue growing it and hoping to have at least 10 in the next few years.
Same
21 units on one commercial mortgage, payments are roughly double my base pay. Doesn’t stress me out at all. I acquired the properties slowly over time after knowing that even with vacancies and repairs the properties I already had were cash flowing before buying the next. Tenants are paying down my principal every single month and putting cash in the bank, nothing stressful about that.
Nice, how much was the mortgage and DP if you don’t mind disclosing? And what made you choose a commercial property over residential?
I have 8 properties wrapped up into 1 large portfolio loan. I was able to negotiate .5% lower rate with my current bank by doing this. That also put the rate .5% lower than their competitors wanted. It is a very good option and any good local bank will also work with you if you want to sell a property.
Mine only requires whatever the current loan to value % is, from the proceeds of the sale, needs to go into the loan principle. They will also lower the loan payment with a new amortization schedule without the need to redo the loan.
I am not stressing about any of it, because the exits are easy and available if something happens.
When it's a commercial loan, they look at the rents coming in and the total values of the property as the primary factors.
Commercial loans back a couple years ago when I refinanced, where running about 1% higher than residential. Talking to my banker now, she has informed me that commercial loans are typical running under residential.
How difficult is it to get multiple mortgages? Any additional hurdles when getting the 2nd?
Up to a manageable amount, you should be able to get a mortgage per property, especially at reasonable LTVs. I haven't hit the limit yet.
7 mortgages and usually, no. Only time it was stressful was when I didn’t have reserves built up so that was on me. Does it stress you out to pay your bills when you have income coming in? Same concept.
Wow I need tips from everyone here. Only have 1 and looking to get more. How do I get approved for another loan?
Also have 4 mortgages, soon to be 5! While it is in the back of my mind that I am on the hook for all of these, I only purchase multi unit properties so that in the case that one tenant isn’t paying I have another tenant who could cover the mortgage. Makes me sleep better at night knowing the probability is much less that 2 tenants won’t be paying at the same time.
Coach
Three mortgages and 1 family loan. The first loan after our primary home mortgage definitely stressed me out because it was twice our home mortgage. But once the revenue started flowing and equity went through the roof, I calmed down. Now my stress tolerance is much higher ☺️.
Thanks for sharing these insights, everyone. How many of you use a property manager vs managing the properties yourselves?
Coach
Manage myself.
Subject Expert
3 mortgages and technically a 4th thru a multi-family syndication. Exploring a 5th deal now.
Doesn’t stress me out because I’m coming out way ahead. I recently had some vacancy at a property, and having multiple other streams of revenue helped ease the tension (despite having reserves). Now that I have a new tenant in there, I’m actually cashflowing more now because rent went up with the turnover.
6 mortgages across 21 units. It’s better having more because if you have a vacancy or issue you have more to pay for it
All long term. Easier for pm and I to manage
9 single family mortgages between spouse and I. Don’t stress because there is so much equity due to the run up of housing last few years. Cash flow is decent (was better before crazy tax increases).
We generally have a pretty good reserve. We did run pretty short last few months due to some other major investments we made. Of course this month 3 of our tenants paid late (which is a first for all of them). That caused a bit of stress from cash flow perspective. We many sell one off to provide us a bit more liquidity but just hate the idea of taking the tax hit without using a 1031.
4 mortgages and looking for more properties. Plan on getting atleast 3 more
Do you all have realtor license?
Coach
No