All Forum Posts by: Kyle Scholnick

That money is going to go really quick, I would just study and save a little more to get some deeper pockets. Anything you do is going to require a good cash reserve. You could look into properties in your area of Tampa that sell for 50-60k, but 10-15k down and rent it out, or live there and rent out to ease transition a bit

What is the best way to find out the crime rates of certain areas in a city?

Certainly doesn't hurt, but I think you should know something about what you are looking at and trying to analyze. You don't want to aimlessly wonder at 50 houses and not know what you are trying to gain, that is prob not efficient. So try learning a little about rehab or analysis first so you have a better idea.

You could just practice gauging what properties in a certain area go for though, that could def be useful.

I can understand the idea of not wanting credit for some people so I wouldn't rule them out as long as they passed all the other potential screening tools. I would look for:

Tenant must earn 3x what the monthly rent will be

Have good references from employers/previous landlords

No evictions, clean background check, no broken leases or judgements

They give employer/job information, proof of a paycheck

Use your gut in terms of their appearance, attitude, how clean their vehicle looks, punctuality, how they are dressed

Cash flow is most important to me at least, the beauty of real estate is the use of leverage to increase returns, take advantage, but don't go over your head and get 50 rentals with huge loans on them. If all of a sudden you have vacancies on 6 of them at once, that is a huge blow to your cash flow and you need to be able to cover that yourself, so have big reserves for each property as well.

Welcome to the site, love to see some people relatively close to our area

Anyone have any tips on how to determine if a certain area is good to have a rental property? I am just outside of DC so in order to find affordable rental options I need to go more into the deep suburbs/rural area in places like b/w Culpepper, VA and Richmond, VA. But since these areas are less populated and not near a major city, how do I determine if it will produce consistent renters or if vacancy will be high?

Might want to start with the Ultimate Beginner's Guide

You can find it at biggerpockets.com/UBG

Nice easy read, gives you a good 40,000 foot overview and you will start to see the big picture and the next steps you need to take.

Yes, due for a crash in 2016 in my opinion

Welcome! Do you know of any good turnkey companies out there?