All Forum Posts by: Michael Kistner

@Ryan Behnke

 If this is your first deal and it’s a 30 year loan $100 a door isn’t enough. @Dennis M. is correct. One simple call out and you’re breaking even. I should have led with that first. 

@Ryan Behnke

  I worry about my overall cash flow. I look for at least the 1% rule and if it passes that I’m good. 

  But because I don’t rely on the money from the rentals I’ve staggered my loans; 10, 15, 20, and 30 year loans. 

  The 10 and 15 year loans don’t cash flow like the 20 or 30 year loans but I’m happy with my overall cash flow each month. 

  That’s just how I’ve structured my deals. Hope that helps!

  - Mike

@Takiyah Riley Why not have both? Look for small multi family properties. 2-4 units. You can live in one unit. Reduce your mortgage and get tax write offs. After living there for a year you can go put 3.5-5% down on a primary residence if you really want to. It worked out well for me. Good luck! - Mike

@Kenny Dahill Grant Cardone is constantly talking or promoting real estate. Not everyone loves him. Fortune builders is another option. Realestateinvesting on Twitter will post different articles. And there’s no shortage of audiobooks. Just a couple of other options. - Mike

@Christi Millo I’m having the same issue. The keyboard will also get locked on Capslock and I don’t get alerts on it as fast as online. Love BP but the app needs a little more work

No problem! 

My family lives in Tampa/St. Pete area and actually lived and started out in real estate there a while ago. I know how miserable that could be out there. 

@Chris Fisher I’d start with the basics. If you don’t own real estate yet and are looking for your first deal look at small multi families. 2-4 units. Best way for anyone to get started. House hacking is a similar options but you’d have roommates. Depends on your preference. Then I’d learn about the different options real estate investing offers. Listening to all the podcasts is a great start. For books there’s always the basics; - Rich dad poor dad - landlording on autopilot I also recommend; - The Richest man in Babylon - The intelligent Investor Good luck! - Mike

@Daniel A. Abreu The tenant can have the a/c repaired and pay for it themselves. Then have it discounted from rent but they need to keep the receipts. I’d also start looking for a different place. The least they should do is communicate with them. Good luck! - Mike

@Kelly Kormos

No problem! I’d recommend interviewing multiple property managers. My first out of state property manager didn’t work out and had to switch to a different one halfway through the first year. 

Luckily I had someone else lined up. 

Two is one, one is none!

And that’s great about the utilities! I’d into a r.u.bs system (ratio utility billing system) just so you can accurately charge each tenant for their water usage. 

https://munibilling.com/utility-billing-software/water-billing-software/

Congrats on the deal!

- Mike

@Jacob Rodrigues

  Depending on where you’re looking, $250-300K should be able to get you a decent multi family. 

Use and FHA loan, put 3.5% down and if there's already tenants they'll count 70% of the rent as income.

  I’d just shop around lenders. You should be ready to go. 

  Good luck!

 - Mike