Young investor: seeking expert opinion/advice

[Stan T.]

Working abroad with a high-paying job in the oilfield. Stashing significant capital. Looking to invest near Kansas City area. - the catch? - after we close the Great Deal, operation needs to be pretty much 100% hands-off while I'm overseas.

My pockets are willingly deep - meaning I can make a substantial initial payment AND don't require cash flow (for my survival). I'm looking for growth, growth, growth, and investment cash-flow ;)

Just need an action plan:
1st Step: Qualify for financing to see exactly where I stand, and determine the kind of leverage (if any) I would be willing to put into a deal.


What do you think? - thoughts, opinions, advice all appreciated.

[Stan T.]

@Marco Santarelli
@Ali Boone
@Chris Music

KC is my hometown :)

Basically it is the most sensible place for me to get my feet wet. There are some up-and-coming yet classic neighborhoods on the MO side where property is CHEAP and returns are GOOD. My family is there as well, and I will return to visit a few to several times a year.

Any tips on looking for a “good” broker/banker for attaining a mortgage? A good friend’s father is seasoned in RE in Minneapolis, so I’ll pick his brain along with my employer’s credit union. In your experience, do use big banks, local brokers, or just shop around until you find the BEST deal rates. Right now, I’m simply looking to get sized up, and see HOW MUCH I can qualify for, and at WHAT RATES.

ps – Marco, I liked your article, especially “10. Leverage Your Investment Capital.…As long as you have positive cash-flow and your tenants are paying off your mortgage for you, it would be foolish not to borrow as much as possible to buy more income property.” This is profoundly powerful, but I wonder: Suppose you have the Ability to pay-off a property Quickly, would you still rather take-on a much larger and longer-term debt for a few hundred extra dollars per month?..

Thanks for the replies.