All Forum Posts by: George Shetler

I am currently looking for a mortgage on my first rental property and I don't want to put any of my own money into it at all. Whereas I would love to cover the rest of the 20% with a partners investment, I found out that some banks will lend 97% LTV with PMI and I was wondering what your thoughts are on this. Also I would plan to refinance into another bank ASAP hoping to wipe the PMI raising my cashflow if that is even possible. Again this is my first investment property and I just want to get started. Thanks in advance for any info!

PS I plan on renting by the room so my ROI and monthly cashflow will be pretty insane. Pretty excited about that.

-George

@Joel Calkins this 100% helped. Would you mind if I sent you a pm with some more specific questions?

Does anyone here rent by the room and just pay the utilities yourself? It seems to me that if you lived by a college this would be the way to go as you could room for example 4 tenants together at $400 each. I have done some research into it but i'm not sure how property management would work later on and how bringing in a new tenant if 1 chooses to leave when their lease is up. Any and all information is much appreciated!!!

What is the best way to get good comparables to get an ARV on a property in a non disclosure state like Montana? I know real estate agents have access to the MLS but zillow and realtor.com both just show blanks or dashes for previous purchase price. TIA

I live in montana which is a non disclosure state. Which means when you sell your home you dont need to post how much you sold it for, which it seems no one does. This makes it very difficult to run analysis for offers due to me having no idea what the ARV will be as well as the sellers asking price compared to the guy next door. My question specifically is this. Where can I find these prices for the homes besides the MLS? Also, if the MLS is the only reliable source how can I use it without bothering my real estate agent everytime I run numbers on a deal? Thanks in advance. I'm sure this is really basic but I can't seem to wrap my head around it.

I keep hearing people are using direct mail marketing and sending out anywhere between 1k-3k mail a month depending on how big their market budget is and how many responses they want.

My question is. How do you send this much mail? Are you using an online mailing service where you give them the template message and a list of people you want them to send to and leave them to it?

If so who do you recommend?

If not then what are you doing?

Thanks in advance for any help/advice!

Anyone in the Great Falls Montana area or nearby interested in setting up a REI meet? I havent found a club or anything and I have only found 2 other investors. I want to meet more but I don't know where you are all hiding out at.

@Bryan C. Right now I'm just trying to do my first deal. Do you have any good contractors lenders and title companies you had worked with you could refer me to?

@Anthoney Hanks thanks for the tips! I currently have a mentor I'm working with and have been annoying my wife with the amount of podcasts I have been listening too.

I'm specifically interested in wholesaling due to low capital but once I do a few deals I plan on rolling into fix and flips while still wholesaling. I have done a lot of learning thus far but am unfortunately stuck in the dreaded analysis paralysis stage and trying to break out. Thanks for all replies and I look forward to talking with you!