All Forum Posts by: Lau Cor

@Evan Hopple thanks! We're actually now checking out Columbus. I appreciate the recommendation. Is Columbus a growing area? I've steered away from Ohio initially because it was smack dab in the middle of the rust belt. Can you help me to understand why Columbus might be a location to consider other than multiple solid 1% deals?

Quote from @Bill S.:

@Lau Cor you are probably not going to find many on market deals in Colorado Springs that you can get for 80K down (<$400,000 purchase price) that will break even with a DSCR loan. You might make it work if you can find a way to increase cash flow aside from the basic long term rental strategy.

Also as an FYI - Colorado Springs is it's own MSA and is not considered part of the "Denver Area". It is part of the Colorado front range. Boulder is in the Denver MSA but Colorado Springs, Pueblo and Fort Collins are considered separate from Denver

Hope this is helpful.

 Thank you Bill. Any recommendations for the Colorado area that may fit my budget?

Quote from @Evan Hopple:

@Lau Cor

Columbus, OH has solid 1% Rule deals with strong appreciation metrics. Wherever you invest you'll want to focus on building your Core4 team of an investor-friendly real estate agent, lender, contractor, and property manager. 

Thank you Evan I appreciate the advice.

Quote from @Jared Smith:

@Lau Cor welcome to BP! 
You are looking down a path well traveled and your criteria will be easily achieved! 

Many out of state investors look to the Midwest/midsouth to capitalize on the opportunity in these markets. 

Why a DSCR loan and not a conventional loan?

Hi Jared, I received your message and think it would be prudent to connect. The reason why I was thinking of a DSCR loan was because I was informed that it was a good option if I wanted to purchase with an LLC.

Hey guys! Newbie here on BP. I have a goal to buy my first real estate investment in 2025. I live in CA. My goal is for investing to grow my wealth and maybe replace my W2 in the future. For my first investment, I'm looking for a safer investment with a goal to at least break even in 12 months and possibly focus on learning long term cash flow and appreciation. I plan on purchasing the home with an LLC and want to use a DSCR loan. Currently, the areas that have interested me are Memphis/Nashville/Knoxville, TN, the Colorado Springs area in Denver, as well as North Carolina. I feel like I've missed the boat with Austin, Tx for the 1% rule. My budget for my first property would be somewhere from 50-80k as a down payment. Can some please help me with a game plan of where to start? I'd deeply appreciate it.

Thank you all for taking the time to answer my question. Really appreciate the golden nuggets you've all shared. I'll be creating the LLC. Just to clarify, my LLC would have to be in the state the property is located in? Would any of you recommend a certain site that specifically handles formation of LLC for rental property? Or would Legal Zoom suffice?

Hi all! New investor here on Bigger Pockets. I just wanted to see if I could be directed as to how I can get an LLC for my first rental. Should I just buy the rental first personally and then transfer it to an LLC later? Or should I create the LLC and purchase the home under that? If so, do I use my personal bank account to apply for a loan or do I need to put money in the business bank account? Is there a video that teaches how to do that somewhere? Thanks everyone.