All Forum Posts by: Cody Neumann

@Alexander Jimenez You could use the same method as you used on the first one. Buy the multi family with an fha loan. Rent it out/fix it up. Live in it for a full year. Then refi out of the existing loan if you have the equity.

@Garrett Hollenbach They can be great from time to time but can also be very dangerous and at that a deal killer. You could be cash flowing one month then losing money every month the next.

@Jody Sperling The 6 hard pulls and also the new lines of credit are likely what had caused your credit score to drop. You could try talking to a credit repair specialist to see if there is any way to raise it but at this point you may have to wait until those hard pulls drop and your lines of credit are more seasoned

I am looking to start marketing for flips/rentals within the next month after my current flip sells. This will be my first time starting marketing.

Does anybody have a recommendation on what service to use for sending out post cards as well as what to have on the post card along with making the message pop?

I have heard from various sources on the subject and some say it doesn’t matter what you put on the postcard because if you send it enough they will eventually get back to you and some others say it does matter to stand out.

Any help would be greatly appreciated.

Thanks in advance!

@Jessica McKinney If you type ‘Houston Texas REIA' in google you can check into that. Some of those meetups are in person and some are virtual. May be worth checking out.

@Alana Bates as a realtor I personally wouldn’t advise a client to get a pre inspection. Sure you could have a better chance of getting your offer accepted but it’s still not a guarantee so you could just end up short that inspection fee without actually buying the deal. Do you plan to rehab the property or is it a turnkey investment?

@Nick Symon it is a great way to get you feet wet in investing along with having a little extra cash at the end of every month. The biggest thing I would say is you NEED to make sure you get a good tenant in place. A lot of people in your situation will just let anyone rent and it will go downhill from there. Make sure you do a background check and credit check if you feel the need to. I would suggest you read the book on managing rental properties by Brandon turner. It is a huge help!!!

@Stephen Jones I don’t have experience with apartments so this may be different but in my area houses and small multi family are typically built in the early 1900s. What I typically look out for is the bigger ticket items such as wiring, roof condition, HVAC, etc. Depending on the condition of these you may have to factor in a little bit more for capx or repairs such as 10% for each but if they are well maintained you could account for less.

@Nabeel Qureshi I would say wait to replace it until it needs to be replaced so you can get some more life out of it. As long as it’s not a safety hazard or sounds like it is going to blow up it shouldn’t be a problem. Tenants typically aren’t too picky unless the units don’t work.

Hope this helps

@Jon S. I would say your best bet would be to go with a local bank/credit union.

They are typically a lot more lenient especially if they are able to do a portfolio loan