All Forum Posts by: Joseph Gozlan

use the BP calculator and make sure that you have at least $100-$300 net cashflow after all expeses and CapEx reserves.

@Todd Dexheimer gave you a very good list above. Depending on how much of a beginner you are that list might be a little overwhelming so here is a simple breakdown to categories of what you need to consider as an investor:

1. WHO is asking for money - do you know/trust them? Do they have enough experience doing the same thing they ask you to invest in? Do they have a good team around them?
2. WHAT are you investing in - this is where you consider the property type, condition, location, demographics, etc.
3. HOW MUCH do I need to invest and what's the return I'll get - here you look at the numbers. Keywords such as COCR, IRR, CAP Rate, DCR, Equity, Debt, Debt service, yield penalty, terms, amortization and other weird financial terms that you will need to understand to evaluate the financial strength of the deal
4. WHY should I invest with them - this is wher you define your goals and make sure the current offering match your goals. If you invest for cashflow but the deal offers no payouts in the first year, does it still make sense for you? What if you look for a long term hold and the plan is to flip in 2 years?

let's separate the question from the details.

To answer the question, you need to reach out to friends, family, investors from local meet ups or hard money lenders. Not from Internet forums where no one knows you or your track record.

To re-iterate the concerns raised above by other forum members, you can't shouldn't buy properties just based on paper statements. It's a very short path from  "it sounds great" to "sorry uncle Owen, I lost all your pension funds..."

Do your homework, put boots on the ground and trust but verify!

Thanks for the reply Marie but I'm looking for a PM in Paris, TEXAS, not Paris France :-)

was hoping I can find a referral her for a property management company that operates properties in Paris, TX.

A post here or direct PM will be highly appreciated!

My 2 cents: get a job and start your IRA today. The power of compounded interest starting at the age of 15 will blow your mind (really good book to read by the way: The compound effect).

Other than that, go to engineering school, it's a lot easier to do real estate investing when you have a 6 figures income!

Until then, educate yourself, read, listen to all the podcast, watch all the webinars, etc. When you get to college, get your first property and house-hack it. 

Lawyer should be local to where you do your business. 

CPA however should not be selected by the state they reside but by their specialty. Find a CPA that specializes in RE investors and you will be rewarded no matter where they are located. If you are looking for extra assurances then verify you are not the first customer from your state and you will know they also have experience in your state.

Either way, lawyer or CPA, get a referral and don't just google it.

 That!

I personally like the secondary and tertiary markets so if you come across a multifamily deal (10 units or more) I'd be interested.

There are buyers everywhere. Even in rural areas. 

I would highly recommend that before you spend money on marketing campaigns you identify WHO is your target market so you can target the appropriate sellers.

Rural buyers can be :

• Young couple from the same rural community (you'd need to find extra cheap properties, can probably pull off selling a "fixer upper" w/o doing any work on it.
• Mature professionals that want to leave the city hustle and live in a quite country setting. These buyers will require nicer properties with some land but not too much of it. It will probably need to be within 1-1.5 drive from the major employment areas in the metro (think Celina, Melissa, Murphy...)
• Wealthy buyers that are looking for a country house where they can spend the weekends. These buyers look for higher end properties with plenty of acreage around. Preferably near or on a lake (Lake Lavon, Lake Dallas... ) .
• and more...

Once you define your target buyer you can derive your target seller and have a laser focused marketing campaign vs. casting a wide (and expensive) net.

Good luck!