All Forum Posts by: Maurice Smith

Depends how your fiances are set up. will you be paying cash or will you be financing? i would work on getting pre qualified for a loan first and formost imo. if your using cash, then do the numbers on your selections and study your market and laws ( landlord friendly or tenant friendly ) thats key for me. 

 Your response still doesn’t justify your 10% fee. From what I got out of our convo , was that your charge that fee because “ 4 plex are a head ach for you” that sounds like more of a personal problem...cAlling you out? You added your input on my thread,  because I said I wasn’t looking to pay you 10% ( not just you either) .My response was based off Are conversation and what you told me you offer. I Can post it if you want , so people don’t think im “calling you out”. They can see exactly what you told me  lol,.. it’s nothing Personal  

 Have you actually used her before or justcsee her in the forms? I had a conversation with Casey I’m not to crazy about that 10%

@Bill B. I appreciate you

8% a month?   How are they when it comes to response  time? My biggest thing is response time and the contractors they deal with. i know some pm companies use over priced contractors on porpoise to make extra money. I will be sure to look them up though   

 Im sure you have heard it before, but build your credit, build your credit, build your credit.  Make sure your debt to income ratio is below 25-30%. and never miss a payment! cant stress to you how important those 3 points are. I wish I had someone tell me that at your age. spend your money wisely, learn the difference between liabilities and assets. Invest your money into anything that will potentially make you money back. Don't get 20K and use that as a down payment on a benz, or a watch, etc,  unless you'r in a position to do so. understand how to use debit to your advantage. Im sure you heard that not all debit is bad debit. Don't be afraid to make mistakes. money can buy you a education, but learning from a mistake can teach you what money cant buy. This has helped me get to were i am in life. Im only  26, in escrow on a 4 unit mfh as we speak.  The sooner you can master all of this, the better off you will be.

good luck my friend,

-Maurice

 I will be a remote landlord. I stay in a different state from  were i purchased my property. So i will have to hire a good property manager who i can trust to run ship.  @Eric Fernwood referred me to " Golden West" pm, has any body used/ heard about this company? They charge 7.5% which is the lowest i came across,  i actually flew out and met with them in person during my due diligence a couple weeks back.They seem legit and reputable, but i am getting mixed reviews on yelp. please help with any recommendations/ references.

Thanks.

@Andrew Neal I am  still currently in escrow, but my first deal is a mfh 4 plex 2 bed 2 bath all appliances included, fully occupied  monthly income before principle, taxes , insurance and all that good stuff will be $3000  . Im expected to close in feb. There will be a lot of negative feedback from people that do not even own any real estate,( let alone mfh real estate) so do your own research and weigh your options. In my opinion, a sfh home for a first time buyer might  seem easier. until your one and only tenet is behind on rent, skips rent, or even worst, they leave. then your stuck with paying the mortgage, and all expenses by your self, including hoa if applicable. There is opportunity for more cash flow in mfh if you research your market the correct way. Another upside in mfh is the financing. you can qualify for a fha loan and drop as little as 3% down as long as you live in one of the units for 12 months. you can basically get the same financing options as you would a  sfh. Best advice i got and the best advice i can give , is to do your own research and if it makes sense  to you then nothing else should matter. 

good stuff man,  congrats!