All Forum Posts by: Ben Dao

I like the buying a cash flow property out of state option. Some people feel weird if they never been to house. But I have done it and it's not a big deal. It would just be a regular modest home. If you can buy a house in the $50k range and cash flow $500 net , I think that's good. Of course you should get a property manager. But do the research on the neighborhood of the foreign market. Try to not be in a super bad area. You probably want a working class blue collar neighborhood with a decent school district. You should be able to pay it off quickly then buy the next one.

Have your property manager screen all the prospects . When one is interested then I like to talk to them over the phone. It gives me a better idea of their situation. If you choose them , I would recommend meeting them with your property manager. It helps give a face to the name.

If you have good photos, receipts and all that , there is a good chance you will not have to pay them back. Your house did not come in the condition so you have the right to use the deposit to make those repairs.

I think about 30 minutes away is good. You might try to lease option further properties so you can have your tenants manage repairs. That helps :)

Some cash flow markets to look into are Kansas City, St Louis, Milwaukee , Memphis, Pittsburgh , Baltimore , Indianapolis. Under 5Ok homes are usually lower grade neighborhoods so be sure to do your diligence . Good Luck!

You can do a cash advance but it it's usually around a 2% fee. I would suggest you do not do this strategy unless you can pay it all back within your 12 months 0 % period.

I do believe St Louis is one of the cash flow / rental markets in America. You can buy a house from $10k on up with good rents. Of course the lower price the worst the neighborhood. But evictions do take about 3 weeks for a court date and maybe 2 weeks more if you need the Sheiff . 

I would definitely do a Honda or Toyota . Hopefully an Accord or Camry. It would at least 10 years old and have around 100k milage. But as far as bang for your buck, these should give you 6-10 years or more of reliable, good gas milage driving, and most importantly no car payment .

White cabinets do usually brighten up your kitchen. It is very popular and I think gets you a bit more perceived value than a wood. Of course it does depend on your current house design and color scheme. Most white cabinets have a glossy finish which does help clean them from smudges pretty easily.

I actually do like managing to a certain degree. When I have great tenants I like the feeling of helping them solve a problem. I tend to think of the issue at home and cannot wait get it done. Of course for bad tenant issues , like eviction or clogs are not always so fun . But I look at it like running my own business instead of working a 9 to 5 job. That helps me enjoy managing a bit more.