All Forum Posts by: Account Closed

Hi Michel!

If you're interested in multi-family, you might like Ken McElroy's books: The ABCs of Real Estate Investing and The Advanced Guide to Real Estate Investing. Ken is one of the Rich Dad Advisors and I find that his books are really interesting and easy to read!

Also, if you haven't discovered it yet, the Bigger Pockets podcast has over 200 episodes filled with ideas and inspiration!

Good luck on your real estate journey!

We use Corporate Direct for forming our LLCs. Garrett Sutton is one of the Rich Dad Advisors. I'd recommend reading Garrett Sutton's, "How to Start Your Own Corporation" as a way to start gathering info on what you need to know. Sounds boring, but it's actually a pretty quick and easy read. :-)

My lender just has me send the latest statement from my HELOC to show POF. Once they even let me send a screen shot from my bank's online app to show a transaction I'd just made because there wasn't time to wait for the next statement to be cut.

Forgot to say that's assuming that I've got an 80/20 mortgage. :-)

I look for AT LEAST $200 cash-flow per month and that's after accounting for PM fees plus 5% vacancy and 5% maintenance.

If you're thinking of forming LLCs, we've used Corporate Direct. Garrett Sutton is one of the Rich Dad Advisors. You can check out his book, "How to Start Your Own Corporation" to get a feel for what they recommend, how they operate and what they offer.

Good luck! :-)

Not sure specifically what kind of deals you're doing, but we do turn-key buy-and-holds and closed on our first two in the same month, actually. We just happened to have a windfall and were able to sign a second purchase agreement shortly after the first. I will say it was confusing trying to keep the properties straight--what was going on with the appraisals, rehabs, inspections, but it all worked out in the end. We used conventional mortgages which was super easy because our lender already had all our info so that part was really streamlined.

Good luck! :-)

Not sure if she's a reader but, if she is, maybe she'd be interested in Kim Kiyosaki's books, "Rich Woman" and "It's Rising Time" (Kim is married to Robert Kiyosaki of Rich Dad Poor Dad). I really liked them since they were written from a woman's perspective, which is pretty unusual in the real estate space...

Hi Tony,

If you're going into multi-family, if you haven't read Ken McElroy's books, "The ABCs of Real Estate Investing" and "The Advanced Guide to Real Estate Investing", you will want to run out and get them right now! :-) Many consider them to be the "bibles" of multi-family investing.

Good luck on your journey!

We close on our 4th buy-and-hold at the end of this month. We invest out-of-state since we do not live in a market with good cash-flow (prices are too high for what we can get in rent), so it is not an option for us to not use property management.

We did rent out our primary home for one year a number of years ago and did not use a property manager--we just called the city to find out what we needed to do legally--but if we do that again, we will absolutely use a property manager even though it's local.