All Forum Posts by: Michael Kistner

@Ankan Basak

 It really depends on your personal goal. Do you want buy and hold investments or are you more interested in flipping?

  That'll be the first question. After that you can analyze both scenarios and decide if it'd be a good buy and hold proptery or a better flip.

   Good luck!

- Mike

Hey @Kyle Marek

 I could be interested. I work in Richmond, and from time to time go to San Ramon.

- Mike

@Christopher Coleman Run all the numbers in the calculator to be safe. Get preapproved. Have Inspections done. Decide if you’d manage it yourself or get a property manager. Start interviewing some if you go that route. Those are a few of the first steps to take. But you want to know 100% that your numbers are going to work. -Mike

@Karen Lipa The things you want to look for in a rental aren’t much different than buying a home. If there isn’t any significant damage or concerns I like to look at the length of life I have with certain items; water heater, appliances, things like that just to plan ahead. Definitely start getting preapproved and lining up property managers. Line up a couple lenders and interview a handful of property managers. If it’s a SFR and you already have an account just ask if they’ve handled rentals before. I’m sure they have. If you don’t have one you’ll need one but that shouldn’t be in your top concerns. You’ll learn as you go. Everyone gets nervous until you go through it. Let me know if you have any other questions! - Mike

@Jesse Os If you’re a private lender you’ll get a significantly yield on the money you’re investing. If the borrowers default on their loan you’ll get the asset back. Just a couple of benefits. Hope that helps! - Mike

@Kevin Johnson Put simply; Pros - They’re experienced and it frees up your time to focus on future deals. Cons - you may end up with a bad property manager and deal with more issues. You can make the argument that you save money by not using one but then you lose time. So you’d have to ask how much is your time is worth. I’ve been quoted from 8-12% when interviewing managers. Some start higher and will reduce their rates after you get a certain number of properties. Hope this helps! - Mike

@Itua Agbi

 Do you have a job you’re able to save money with? 

  If not you’ll probably have to find another investor to partner with. It’ll be difficult to get a lender to approve you otherwise. 

 - Mike

@Itua Agbi I did an in class course in Florida and an online course for California. It really depends on your study habits. If you’re self motivated and enjoy working at your own pace go the online route. If you hesitate and aren’t sure if that’s you go to the in class course. Other than that read and listen to all the podcasts you can. Find a mentor. If you’re looking to buy your first property look for a multi family property. And there are a lot of people on here happy to help. Ask as many questions as you can. Good luck! - Mike

@Luis Esteban He may have had someone try to buy it with an FHA loan. Some conventional lenders won’t finance it either depending on how bad it is. If you’re really interested in it I’d get a specialist out there and quote it for you. You may be able to get a construction loan and have it done that way. Good luck! - Mike

@Ryan Behnke

  With that many doors then I refer back to my original post lol I’ve had to start looking out of state to find deals making more than $100 a door so I understand. 

  Good luck!