All Forum Posts by: Holly Smith

Hi all!

I have been looking at buying a few homes under 100k to rent to build portfolio and looking for steady cash flow. Aiming for 1% rule but harder than it looks! Has anyone had experience with this rental market? Any look outs? Do you prefer SFR or Multi Family? Any experience or suggestions welcome!!

This is a great point and I should have added more background to the question, but I figured it would warrant a completely separate post!

I have a really great situation where I have housing provided for me as a vineyard manager, free of charge, so I do not own a home, have never purchased one, and have been saving for the 7 years instead.  I had considered purchasing in my area of Paso Robles, Ca but the home prices have appreciated faster than I can save and simply not great dollar for dollar (it seems) for cash flow, hence why I figured out of state would be a better bet. I could be wrong but ROIC seems evident...  So, I have about 100K saved, no debt and great credit (790 ish), I just need to jump in. One other consideration I was stuck on was if I am making a mistake not utilizing first time home buyer benefits of putting less down on a house locally, calling it my primary residence, and renting it out while still living at the ranch I am employed at. Not sure if the tax benefits or being close by would outweigh the out of state cash flow opportunity? Hard to tell for someone like me just starting out, I am hesitant putting all eggs in one basket so to speak! Thank you for your time to respond, gets my wheels rolling. Thoughts? What would you do if in my situation?

@Trevor Reed  I have definitely considered Texas, primarily because from where I live in Paso Robles, Ca we have a few direct flights to Dallas, I love and appreciate the people and lifestyle of Texas as whole, and could certainly see myself relocating there full or part time one day. I was only dissuaded by the property taxes  as I considered ROIC calculations, which is why I figured focusing on the southeast would be advantageous.  I do really appreciate your perspective and did not know I even had the option to not have to have my credit pulled.  The first company I contacted in Florida made me feel very rushed into just giving them all my personal info and not just a good conversation on goals and hypotheticals to give me an idea if it would be good fit, plus they ensured me that they could lend for multiple areas and states and it seems now, it is much more limited than was lead on. And as they did pull my credit, I believe I have a two week grace period with the credit agencies to shop around?  I am not opposed to Texas if is a good fit, just hoping to build my "Freedom from W2 Portfolio" in one location!   I am very excited to finally get rollling!

Nicholas, thank you for replying!  I have primarily focused in areas such as Mobile, AL and gulf coast of Florida, but am open to most places that would fit the bill for investing for my goals and cash flow. I liked those areas for affordability and a place I would enjoy visiting in coming years I also would be open to Texas, either around the Dallas area or other towns near the gulf.  I'd imagine I would be a desire candidate to loan to (steady job that also pays for my housing, about 100K saved, no debt and perfect credit,) and just a matter of finding the right area and team for lending. Are there many lenders that also have a team of agents and property managers for people such as myself? 

Hi BP team. I am looking to invest my hard earned pennies out of state in either SFH or Multi with goal of building sufficient cash flow to allow me to leave my current W2 job. I am a younger single gal, first time home buyer and first time investor and I could really use some guidance on my journey as I am quickly learning there are many speed bumps.

First Question: How do you choose the right lender without destroying credit buy having multiple credit inquiries?