All Forum Posts by: Kyle W.

@Louis Hamric if you're trying to approach someone you've never seen in person, you could try the following techniques in this BiggerPockets article on driving for dollars https://www.biggerpockets.com/blog/2013-05-03-driving-for-dollars-bible-part-1 . Scroll down to the part about making an offer on the house.

If you do know the owner personally, then it should be fine to take the same approach, that the article above outlines, but do it in a less formal way (in person, phone call, text, etc.) - not through mail.

On the other hand, if you're looking to get better with your charisma as a whole, I would recommend checking out Charisma on Command. They have tons of videos on YouTube that are designed to help you with a wide range of social situations. They even have an online course that they sell if you were interested. Personally, I recommend watching the videos on YouTube first and seeing if that helps.

@Louis Hamric what do you mean by "when approaching owners for cash offers"? What is it that you're looking to learn more about?

@Frank Procopio

Hey Frank, I know this is a few months later, but have you considered the Rental Property Calculator that BiggerPockets provides for Pro members? I did some googling to find an answer for you only to loop back around and find that BiggerPockets provides the exact tool I think you're looking for. Check out the Rental Property Calculator here.

https://www.biggerpockets.com/investment-calculators#

There are several calculators on that page. Just look for "Rental Property Calculator".

You can also heck out Brandon Turner demonstrate the use of this calculator here -> https://www.biggerpockets.com/buy_and_hold_results/new

Let me know how this works out for you. Cheers!

@Frank Procopio

Im looking forward to the one this coming Tuesday!

@David Wolber

I don't know anyone out in CT. I'm in NY myself, but I can see if one woman I know would be willing to relocate - provided you interviewed her and she accepted ofcourse. She's a fantastic office assistant and would definitely make a great addition to any team. She used to be the property manager for the company I work for. They contract their PM work out to a different company and she was working for them onsite full-time. I believe she's looking to get out of this area at some point. Send me a DM if you're interested in having me reach out to her. I could see if she'd like to send you her resume.

As for your response pertaining to the 4-hour work week comment, I can definitely see why it's not all doom and gloom to you, haha. I myself am trying to gain more freedom, so, between you and Ricardo, it sounds like it might be best for me to try to find a good PM to leverage instead. Thanks for the advice, Dave!

@David Wolber

I would say that it sounds like you've created a job for yourself, but you've only been doing it for 6 months and had that much success in your area. Would I be right in saying you're planning to hire management to run your PM company so you can achieve that 4-hour work week?

@Louis Hamric

Great starter books:

.The Book on Rental Property Investing by Brandon Turner

.The Book on Investing in Real Estate with No and Low Money Down by Brandon Turner

.Buy, Rehab, Rent, Refinance, Repeat by David Greene (co-host of BP)

@Ricardo R.

Oof, put this on a BiggerPockets blog! Seriously, you really should consider doing that if you haven't already. I really appreciate you taking the time to explain this to me, and I hope other people will benefit from this too.

I understand your point now. It's not just a side hustle. It's something to be taken seriously - especially if my goal in real estate is more freedom. I'll continue to look into the idea of managing a business outside of rental properties and consider my options heavier. Thank you for the well written warning!!

@Ricardo R. I figured that as it grew I would switch to part time with my current company so I could give more time to my property management business. Do you think that would appropriately address the concern you're raising, or is there another aspect that you think I should consider?

@Norman T Eng

Hi Norman,

Sorry to completely fail to answer your original question with my first post. Based off all my reading, it's all but impossible to find a traditional lender, or any lender for that matter, to finance 100 percent of your property. In Brandon's Low or No Money Down book, he talks about how the max Loan to Value ratio lenders will allow you to have on your house is 90% and sometimes even less than that. After that, they stop lending based on equity. This is to protect them in case the market fluctuates among other reasons. You may be able to get 80%. I believe USAA has a 20% down payment rental property mortgage. However, it's unlikely that you'll come across a traditional lender who's willing to loan you more than 80% of the property value.