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Updated over 10 years ago on . Most recent reply
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New member from Hawaii
Hi all, I have been learning a ton by listening to BP podcasts and reading up on the forums!
I am a buy and hold investor looking to invest into small multi family units out of state. I eventually would like to invest in my local market but haven't come across anything passing the 1% rule and within my current financial means. I am in search of markets, perhaps in the mid west where I notice some investors meet their criteria for the 2% rule. Being a buy and hold investor, my main goal is cash flow overtime: minimum $300+ per door. I still need to learn how to analyze a property...looking forward to utilizing the BP calc and learning from those engaged on BP.
Also, I am in the process of getting a heloc from my primary to fund my initial investment. I have a few questions for seasoned investors:
1). On top of getting a heloc, should I be trying to get pre-approved for financing given the fact that I plan to invest remotely? If yes, what type of lender should I be looking for: national, local (hawaii), lender in target market?
I notice that some people pay cash upfront and cash out refi...is that more advantageous than financing from the start with a 20-30% down payment?
2) what is the best way(s) (or major things to consider) to analyze an out of state Rental market?
After looking at properties, my main concern is vetting a property manager, tenants and others on the ground level. My goal is to invest in my first rental property by summer 2015 and add 1-3 properties every year with higher cash flow producing properties as I continue to learn.
Any info is much appreciated.
thanks!
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