All Forum Posts by: Arpan Patel

As far as how to know you are getting a great deal on the MLS, the question is more do you know enough about your market to know a deal instantly? I'd say, you have a bit more to learn about your local market before you start to submit offers. Try and analyze 50 deals in your area and you'll know a good deal when you see it. Good Luck!

Definitely try and keep money separate. I save 50% of what ever I earn away (from my salary from my company). As far as paying down the principle, I don't think that is the best use of capital. If you are bad with finances then maybe as a forced savings account but honestly, why not keep that extra money and get yet another cash flowing property? With interest rates so low, keep them going and go out and get more leverage. We are trying to get to 5M in debt and make money off the difference in interest rate over time. That is what we are thinking about at least.

Not really. maybe try hanging out at the grocery store and ask people up and down the aisle or asking the waitress at a local restaurant. Random people always know more than you think.

Probably want to find a deal first though. In my experience, the money tends to flow along with the deal so if you get the deal, you'll figure out the money pretty quickly. Good Luck!

So it looks really nice and you did a great job with the overall market analysis but the specifics are missing a bunch. Have you tried following the BP calcs for rental properties and copied in all the expenses they factor in? I think that would help round out your analysis so make a great prospectus. Good Luck!

Then start there I say!! Have you tried looking into house hacking for your first deal? I think it is a great way to get started. Try to stick with a property ready to move in and doesn't need any repairs. management can be a bear and when you are beginning, just try and learn one skill set at a time. Good Luck!!!

A little bit of give and take really. Some things are minor and you probably don't mind them not being completed. Others, you can leverage to get a credit and still others are things you may want to let them handle. Anything with the systems or the roof, let them handle. Smaller stuff you can negotiate a credit while sacrificing the smallest items. Good Luck!

Na, you are probably going to have to super impose multiple sets of data. For sure worth it though - I did that in college and helped me to pick a path (or a couple really) to walk down. Also might be useful to graph metro data as well.

Work, save, build up credit, get that house hack maybe and then cautiously enter the game. The best path seems the one where you enter in slowly with a toe in the water before you cannon ball. I learned that one the hard way. Good Luck!

Yea Quickbooks works well and every accountant is used to working with it so you should also be good on that front. Your accountant should be able to walk you through how to put information in and what format. Plus, if you decide to have other businesses, you won't get pegged down in a real estate specific platform. Good Luck!