All Forum Posts by: Frank Houpt

Thanks a bunch Neil, thats exactly the kind of response I was looking for. Your the man.

-Frank

Hey,

I am interested in learning more about the possibilities of finding some multi-family property out of state. Does anyone have any tips on  how to best farm an area from a distance?

Thanks Amanda, I've been building my credit using a card. I buy everything on it and pay it off each month. At last glance my credit was in the mid 700's but I've only had my card about a year. Am I going to run into issues because of my short history?

Dana thanks for such thorough info! I am planning to do some small renovations to a duplex I plan to hold as a rental.

Kind of a broad topic I am bringing up here, but any advise would be very helpful. I'm going to visit a few banks this week and see what kind of loans I can pre-qualify for. I have a few questions on how to go in prepared. 

What kind of information I should bring in with me, tax forms, pay stubs, VanGuard portfolio, credit report? 

What types of questions should I be asking the bank?

Do I need to have a certain amount in mind?

Is it necessary to have a detailed business plan?

Can I get pre-qualified letters from multiple banks?

What am I not thinking of?

Thanks for any input you can throw my way.

Awesome, thanks Trevor. Having everything in one place will make it much easier to keep track of.

My fiancé and I recently opened up a couple of joint accounts at our local bank, a savings and a checking. We both still have our separate accounts open, hers at the same bank as our joint accounts, and mine is with another bank. We want to be able to get separate loans on property so that we can maximize the amount of conventional loans available between us. Is it important that we keep those separate accounts? Or can we consolidate and just use the joints? How will having joint accounts vs. separate accounts effect our credit? Any thoughts on the matter will be greatly appreciated. 

Thanks

Hey Pete, Welcome to BP. I am in a similar place that you are. Having some start up capital is great, but I am trying to be as thorough as I can with my research. In my opinion, the worst thing to do would be to jump in without a detailed plan and lose my nest egg. I currently live about 3 hours west of Denver, near Glenwood Springs. I'm struggling with some of the same questions you are. There are so many areas to get into. The best advice I've gotten lately, is to decide on a niche and become a pro. I think it's good to learn a little about different strategies, like buy and hold, flipping, or wholesaling, but I've found it to be overwhelming trying to dig too deep into all of them. So I guess my suggestion would be to try not to focus on too many different strategies, but decide on one that you think will fit your lifestyle and get you closer to your end goals. Good luck and congratulations on moving to an incredible state.

Hey great thread Scott!

I'm with @Jeff L. it would be awesome to put together some kind of meet up with everyone. I do not have any properties of my own right now, but am definitely serious about moving forward this year. The area I live in now is a bit too expensive for me right now, so I have been looking at areas north and south of Denver. I am three hours outside of the Denver area, but would be more than happy to travel down there to share ideas with people. Let me know if anyone reading this thread has any desire to get together some day soon. 

Hey welcome to BP!