All Forum Posts by: Michael Le

There are a bunch of Internet brokers. They shouldn't be pulling your credit until you choose them and explicitly tell them you're okay and ready for them to do so. They'll all give you the lowest rate with the assumption of Excellent credit and then you just choose from there. That said, I refinanced recently and found some credit pulls that I did not authorize. Even so, as long as the pulls are done within a short period of time, it should only hit your credit once.

In case you're wondering, I got the best rate from First Internet Bank of Indiana. Not an endorsement - just who gave me the best rate and lender credit combo.

Welcome to BP, @Rabab Arastu. My advice would be to start reading blogs on here, listen to the podcasts, and ask questions on the forum. Don't spend any money quite yet. There's enough to be learned for free. You can start with this free beginner's guide.

https://www.biggerpockets.com/real-estate-investing

You could use Redfin and look at recent solds for comparison. You'll have to increase/decrease the comparison value depending on the differences between those and the one your'e trying to evaluate.

That's pretty great. Can't wait to hear the progress updates.

Welcome to BP, @Rhonda Coats. Be prepared to be overwhelmed with a lot of good information. :)

I think since you are putting so little down then you could look at it more from a cash on cash return basis. How much are you paying for that duplex? If the duplex is $500k and you are only getting $50-100 a month cash flow, even with only a 5% down, you're only getting 2.5-5% CCR. Not exactly exciting and makes you bank on appreciation instead. However if it's $250k and you put down $12500, then a potential yearly return of $1200 makes that more tenable.

However, being in an A+ location can make it so that the 8-10% vacancy you set aside is hardly ever used. And maybe the tenants are higher class so you decide to take that 10% management fee in house and manage it yourself. It might be worth it if you think the rent will increase well over time due to the location. Your debt service costs will stay the same.

Luck is when preparation and opportunity meet! You created your own luck. Congrats.

Welcome to both BP and Houston, @CJ Middleton. This is a really good community if you're wanting to learn. Listen to the podcasts, read the blogs, interact on the forums, and go to local meetups.

Hi @Nolan Merrill. Can't quite say welcome if you've been hanging around for 2 years but glad to see you finally committed and are moving forward. Don't be a fly anymore. Get involved in the discussions and go to the local Meetups in DFW. 

Good luck to you.

@Kevin Wood, Ah, I should have noticed your cell #. lol. So do you do any investing in CA or just in Houston?