All Forum Posts by: John Leake

@Troy Ronald house hacking is the best in my opinion and the safest! Buying something you can live in and offset your expenses while learning to work with a tenant!

@Patrick Orah I also self manage and am looking into software solutions to try and help make my life easier! I hope to wait until I have enough to have some negotiation power when the time comes. They will likely work with you more if you have volume I’m guessing smaller number of units is going to be a disadvantage so I would want to know what volume discounts look like going on so you have benchmarks to aim for!

I'm also interested in this! Bigger pockets has a page with the following: https://www.biggerpockets.com/... I have been looking for one that will also work well with storage units but think any one of these could work well for just regular rentals!

I would agree with Tim on my first property I just purchased it in my name and got a good liability policy to protect myself. I do recommend a separate checking account for all business related items as well it will make doing your accounting far easier!

I typically figure a little higher for vacancy. I think most of the banks I use plan for 25% for rural areas and 15% in town. You'll also want to take into account any immediate upgrades you'll need to make right away after your purchase. I never plan to cashflow the first year. I make my repairs take my write off and start the next year fresh. You are early enough in the year though that you will likely not have to worry about this. My typical purchase cycle is usually June or later in the year.  Another item that is worth considering is appreciation. Are you in the "path of progress"? If you think that the area will bring in people upgrading the buildings and improving the area a lower cashflow deal can be worth it the paydown on the property and appreciation are your true wealth generators!

The report looks good ! Do you have a maintenance person lined up or planning to do it yourself? Is there a lot of renovations that need to be done? If so you will want to plan for some holding costs in the beginning as well. Where did you get your rent amount you are using is it an educated guess or is that what the market is actually paying? https://www.rentometer.com/ has been mentioned on the podcasts and is an ok way to test your rates! Regardless its looking promising!

A lot of times you can call into the utility provider in your area for that information or get it from the seller as part of your due diligence!

@Josh Green I would try loop net with your zip code and look for agents in your area. I also agree with Joe you may find a lender in a larger city near you that is on here to work with! I prefer to be proactive though and not wait for things to come to me!

@Josh Green

Actually you could reach out to a commercial broker and see if they have a recommendation as well they are more likely to know one than a regular agent.

@Josh Green

I usually call it can be a lot of work up front but hopefully you only ever need one! Try your local credit union we have CEFCU here that I really like.