All Forum Posts by: Michael Kistner

@Kristian A moreno

   House hack, you might not be able to find a multi in san diego but I'd consider getting roommates or airbnb a room or two for the first couple years. Then look for an out of state market and start buying there.

By that time you could have enough equity in your personal house hack to get a HELOC. Then you can really move on deals. Good luck!

- Mike

They collect all of it yes and then direct deposit it into my account. 

@Eli M.

   My manager gets 50% of the first month he leases a property and then 10% a month after that. Tenants are late if they pay after the 5th and an extra $50 is added to the rent which we split. Then I am paid between the 10th and 15th from whatever is left after any maintenance and management fees.

   They're allowed to make repairs of $250 or less at their discretion. You really have to be on the same page as your manager with this one. I'll still get a text if there's a minor repair which I appreciate. But that's pretty much my whole arrangement.

 - Mike

@Ben M.

I own a few that were built in 1950 or before. Just make sure you get an inspection on them. If they're in a nice area and just need to be updated they've been perfect candidates for the BRRRR strategy for me.

   Good luck!

- Mike

@Erin Darby welcome to BP! You’ll find a lot of help on here. I went the more traditional route the first time around. Put 3.5% down on a triplex so I’m a little biased and recommend everyone starting out to get a 2-4 unit property if they can. 

  After that I’ve used hard money for almost every deal. Keep reading and start diving into your market; drive around see open houses, meet an agent that will send you at least monthly updates on market trends and properties they think you’d be interested in. That way when the right one does pop up you’ll know it’s a good deal and can jump on it. 

- Mike

@Giovanni Luna

  Know the market, meet with lenders that will refinance the property without a seasoning period, and make sure it get a property 70-75% of the value. Don’t feel pressured into anything else. It’s better to wait for the right deal than to reach for something that could set you back. Good luck!

- Mike

@Account Closed yes I have my license and I have a certain number in mind I’d like to have in passive income every month. As well as a certain percentage I’d like my personal residence paid down to. Just looking to see if there’s anything else someone would recommend or wish they would have done. Thank you!

@Ryan Gibson

  I think @Amanda G. is correct. I'd like to get a HELOC on it. After that move out and turn it into a rental. Now you have your new home, rental property, and funds for a future deal.

 Good luck!

- Mike

Don’t over extend yourself and don’t sell your properties. You’ll be fine. Look to get deals undervalued that way if there’s a crash and it loses value you’re still ahead. 

@Samone Johnson

   I've also just purchase that book and will be reading it after The Big Leap. I'd be interested in a BP Book Club. I'm always looking for new books business, real estate, or self development.

 - Mike