All Forum Posts by: Alexander A.

Good stuff!

@Ryan Koehler

Well the way I would do it is contact at least 2 different lending institutions.  It can be a credit union, local bank or big bank like wells fargo.  Talk to each one and tell them you want to see if you can get pre-qualified for purchasing an investment property and for them to tell you how much you can qualify for.   Once you know the answer to this, you can move on the next step of finding a reputable agent/seller/provider to start looking at properties.  But you can cross that bridge once you get to it.

The reason you should contact 2 lenders is because getting a mortgage is just like shopping anywhere else.  You dont want to buy that product at JC Penny if you can find the same thing but cheaper at Wal Mart.  Same concept.   Get the numbers from both banks and choose the one that is better for your.  One could have a better rate and terms which is what youre looking for.

If you need a lender recommendation, PM me and ill send you my guy.  He specializes in working with investors so he knows his stuff.  Or just ask around locally.

The reason why its super important to do this step first is because if you find out you can not qualify for financing, then this changes the way you need to think about investing in real estate.  Your new options will either be clean up your finances, start saving like crazy or try and figure out a super creative way to buy real estate with no money.  Which is very difficult.

Hey Ryan,

I agree with some of the posters on here, you should probably try and house hack. But a duplex with that 20k, rent one side out and have the tenants pay for your mortgage. Or at least most of it.

If you do not want to do that and want to just buy an investment property, the very first step before you waste any more time is find out if you can even qualify for financing.  The outcome will change your game plan.

What kind of properties are you looking for, residential or commercial? And what state do you plan on buying in?

I about to purchase my 3rd turnkey and I have not hit a year on any of them yet but I am tracking all of it so when I hit that mark, ill be sure to give you an update at least on my personal experiences.  As long as the property management team is good and the house is not in a high crime area, i dont see why it wouldnt continue to perform.

Rich dad was the book that started my journey to financial freedom.  Great book, doesnt provide step by step on investing in real estate or anything but its more of a mind set thing.  It changed the way I think about finances.

As for flipping books, there is one that is sold right here on bigger pockets that I purchased and thought it was a great read.  Its called "The book of flipping houses".

You should definitely at least be working with 2 different lenders.  Work with wells fargo then work with another one so you have something to compare to.  There is no obligation to proceed with any of them.  Its in your best interest to do this trust me.

I have a great lender that I use for all my investment properties, no minimum loan amount and hes licensed in 48 states.  PM me if you want his contact info.  Would be more then happy to provide this to you.

You definitely want to stay away from companies like that.  There are plenty of good providers out there you just need to talk to as many as you can and see their operation first hand.  I know because ive already done this and I know its very difficult to find a good trusted provider.   

Honestly, you might just want to check out your local craigslist ads.  There are always a ton of cleaning services listed and they are cheaper then the professional customers.  I know because i have personally used them for cleaning rental properties.

Hi Sandesh,  

Just over a year ago I started purchasing turnkey properties also.  They can really be awesome but you do have to watch out for bad signs and a high crime area is a bad sign.  I have looked into maverick before and im pretty sure they are just a marketer.  They dont actually own any of the turnkey properties they sell.  I think its best if you pick a particular city you want to invest in, then start looking for the actual turnkey sellers from that city.  Each one needs to be carefully reviewed and interviewed to determine which one you want to work with.   Anyhow, i can provide much more detail into a specific category so feel free to shoot me a PM and we can discuss.