All Forum Posts by: David Lund

@David Lund first off, never use the agent that listed the property. They must work in the sellers best interest.

The best way to find a realtor is searching on zillow for realtors with a lot of reviews and choosing a few of them to call. Once you are on the phone you want to ask them if they have any investing experience and if they have worked with investors in the past and how many.

Hope this helps

@David Lund Already some great feedback given on here regarding your concern. 

Something I would add to doing what has already been stated is see if you can specifically identify realtors that are Owners of, or, directly invloved with a property management company. Since you'll be doing some research to compile a list of people to call, this could be an extra layer of long-term team & relationship building, if you will be hiring professional property management for your portfolio.

I chose this model when I was seeking these members for my team and have loved the trustworthy relationships that have been built from it. Essentially, the person selling you the property has longer-term accountability when they have skin in the game on the PM side of things as well. 

If you just end up wanting a dedicated realtor and that is it, I would recommend seeking one that at least invests in real estate and/or primarily deals with investors. The more aligned their thought process is with what your expectations are when looking for deals will help both of you scan the market effectively and maybe, turn up off-market opportunities as well.

It depends.

If you make enough money....and can still stack up......having a property that does not cashflow, MIGHT WORK. BUT....I wouldnt do it.

I like properties that will cashflow at least $500, AND...have potential to go much higher.

This last property I got.....has about 7 rooms in it, and will have 4 bathrooms when Im done. PI=$1100, T=$250, I=$250....and I plan to rent these rooms for $500 each min. There are issues with this, however. But point is, if I rent out 3 rooms here, Ill take care of my PITI.

This is what you should focus on! There are many markets where house hacking won't cash flow until you move out. I am about to buy a duplex and I will have to pay up to $2000 a month for the first year. I travel for work so will STR my unit while out of town for work but I am budgeting for the $2000 a month payment to be safe, that's after renting the other side for $2000 a month too, but a duplex in Denver costs $600k or higher. You need to have your plan laid out, I know I have to swallow $2000 a month for 12 months. But after that I will move out and buy another duplex. Then the first duplex will be bringing in enough cash to potentially cash flow $500 a month (maybe more with midterm rentals). While that's not a ton, it is on top of equity, appreciation and the forced equity I plan on getting with redone kitchens and bathrooms. THEN lets be generous to rates staying high and say 5-7 years down the line I refinance to a lower rate, and I am potentially cashflowing $1000-$1500. I tell you this because you have to have the big plan in mind, a year of paying out of pocket will lead to solid cash flow and a great asset. The bottom line is you start, get the first property and then watch the doors of opportunity open! good luck!

I'd look more at whether it cashflows when you move out. Even if it's not cashflowing with you living there, odds are it's cheaper than renting and you're building equity. And it's definitely cheaper than paying a mortgage by yourself.

I would spend your time reading books, listening to podcasts, studying the market, improving credit, saving money, and developing a plan of action. When it's time to buy, you will already be familiar with the market. All you'll need to do is get approved by the lender and find a REALTOR to start the process.