All Forum Posts by: Mike F.

I've read some of the books on the BiggerPockets reading list; but I want to know if there are any specific books that deal with managing your properties when you're out of state? Thanks!

@Walter Hammond @Tyler Weaver @DL Martin - What are your thoughts about Cheviot, OH - west of Cincy past Camp Washington & Westwood? I'm looking to purchase a property there and the numbers look good to me.

Thanks!

What's a typical procedure for shopping loans after landing a contract? I want to shop local banks in the area but also want other lenders to see if they can beat the rate and the quickness of closing. I've also heard stories of banks raising the deposits before closing technically ruining the deal. I'd like to have a backup funding source. How would I approach the lenders?

@Cody L. When you place a contract on a property do you usually go in with a lower asking price? Whats your rule of thumb? Do you go in asking maybe 10% less? I'd be getting about a 7% cap rate. Do your C class properties in Houston justify anything under a 10% return?

@David Faulkner we all have to start somewhere!

Also there is no where in Houston I can find an 11 unit complex for under 300k which is why I'm investing out of state.

@Andrew Johnson, thank you for your insight. Yes; I am planning to just go for the weekend. Tickets are only $173 and I have family there as well.

I myself could not buy something I haven't seen with my own two eyes. Just trying to justify my concerns!

@Russell Brazil, good to know, thanks!

Also I've ran the cash flow analysis with the bigger pockets calculator; I'm getting about a 7.3% cap rate, 8.83% CoC roi

@Sam Shueh, how would I position that to my current realtor? I'm having another realtor look at the property before I put a contract down with you?

@Russell Brazil, I wouldn't mind putting a $500 or $1000 EMD. Do you think that would work?