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Updated over 10 years ago on . Most recent reply

User Stats

48
Posts
10
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Kahanu Noa
  • Investor
  • Maui, HI
10
Votes |
48
Posts

New member from Hawaii

Kahanu Noa
  • Investor
  • Maui, HI
Posted

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!

  • Kahanu Noa
  • Most Popular Reply

    User Stats

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    James Wise#5 All Forums Contributor
    • Real Estate Broker
    • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
    19,293
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    28,281
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    James Wise#5 All Forums Contributor
    • Real Estate Broker
    • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
    Replied

    @Kahanu Noa 

    welcome to the site.

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