All Forum Posts by: Michael Kistner

@Kristen Trulear-Jackson Just shop around. Most lenders want two years of history but you can find someone who will do it. I had luck with local banks and credit unions. I’d start there. Good luck! - Mike

@Hayden Norris I’d double check that lease. Most leases longer than a couple years need to be notarized to stand up in court. If it’s a year lease you’ll have to honor it. You can always talk to them and see if they’d like out of the lease but if you’re just getting into real estate investing I may keep them if they’ve been good Tenants. No reason to have a turnover right away and clean and update it if they don’t have much time left. Good luck with it! - Mike

@Brenda Chen

 Are you planning on having this meetup again at a later date?

 - Mike

@Shiloh Lewis Run your numbers again. If you have a property in mind, property management lined up, and financially ready to go, run the numbers. While you can’t predict everything with rentals the numbers won’t lie. If you find a good deal all you can do is take the leap. Everyone starts where you are. Take the leap, save for a rainy day, and this time next year you’ll be happy you did. Good luck! - Mike

@Derrick Burtle If this is your agent I’d walk away. Your numbers seem right. Unless you like them personally and think you can get through to them on what you’re trying to do. Other than that I’d find an agent used to working with investors. Good luck! - Mike

I haven't purchased a property at auction so I can't answer that question. I'm sure someone on here is or you can find a realtor in your area who is. Start looking for auctions and going to them. Easiest way to meet people doing what you want to do is by doing it yourself. I've found that people who are passionate about what they're doing are happy to help.

@Ryan P. Kotschedoff

  It's nice of you to think of the agent but no they shouldn't mind! Depending on the agent and their passion for real estate they may spend some time with you and teach you some things.

   Good luck!

 - Mike

@Marc L.

  You can find some lenders on here. I've also had luck finding hard money lenders on loopnet. You'll see realtors advertise hard money lending on there.

   You may have to show them your plan since you don't have a track record with them.

   Good luck!

- Mike

@Ayne C. - I'd also ask for an itemized quote like @John Underwood recommended. I think it's smart to work directly with the contractor and I would set your expectations with the property manager.

I'd fix the items that really needs it and hold off on some of the repairs until the next turn over. Also look into if any of the damage was done by the tenants. Take it out of their deposit if so.

 Good luck!

 - Mike

@Daniel Sprague

 Welcome to BP! Have you identified any markets you'd want to invest in and do you know what type of proptery you want to invest in?

  When I search for out of state markets I look for population and job growth. Economic stability. I like areas that have colleges and hospitals near by.

  Have you read the book on out of state investing? That will go over a lot of what you need to know.

 - Mike