All Forum Posts by: Joseph Vu

Are you paying in cash or are you getting a loan? did you purchase points? Closing costs usually range from 3-5k, so 8k is pretty high.

Turnkey is a great way to get started. I started off with 2 turnkeys but I wanted better deals, so I created my own team once I got more experience. Just make sure you do your due diligence because a lot of turnkeys like to "over-classify" a neighborhood.

For example, they might classify a C class neighborhood as B Class.

 If that is your criteria, there are also places you can take a look at. Especially in the mid-west, where it is also inexpensive and cash flow is decent.

For instance, a SFH in Indianapolis is about 150k and rents out for about 1100 or even a SFH in OKC that sells for 130k and rents for 1000. I just want to show you that you have other options.

I wouldn't ideally look into townhomes as they come with HOA restrictions. Which is another can of worms I'd rather not deal with.

 Thats awesome. It is good to have a strategy and mind. House hacking is a perfect way to start. You can always change your strategy down the road, but it is important to become an expert in one thing.

In terms of house hacking, are you talking about purchasing a duplex or a SFH and renting out rooms?

A good place to start is to contact a local property manager and ask for their opinion of what rent should be for a certain property for that area. I usually just take a look on zillow for what things are currently being rented at.

What is your current living situation? I assume you are renting? I wouldn't wait if possible.

If you don't have the funds now there are ways you can obtain a down payment. Borrow from your retirement funds, borrow from parents, live below your means, pick up a second job... you just have to get creative.

I went from having little to no savings to purchasing 3 SFH in 6 months.

Definitely shop around... you are already paying 10% which includes full service in most PM companies. By hiring a PM, I assume you want it to be as passive as possible? Him directing all phone calls to you don't seem that passive..

Why did you choose Baltimore? Do you live near there?

Your best bet is to create a list of property managers in the area and interview them. You can get a better feel for the area and gain more confidence if you find a property manager that suits your needs.

This is what I did. I found 3-4 markets that I wanted to invest in for various reasons... growing job market, stable cash flow, some appreciation, low taxes... etc, my reason may be different from yours...

Then from that list of 3-4 markets, I identified realtors, lenders, and property managers for each market. I contacted the those individuals and took note of their responses.

I wanted to find a team that was responsive and felt confident working with.

Any tips on how to find an HOA company that is connected to a certain property? I am trying to purchase an out of state rental, but a lot of them have HOAs. I want to view their CC&R's to make sure they don't have rental restrictions.

I found a list of HOA CC&Rs, but I need to know the exact HOA company.