All Forum Posts by: Michael Kistner

@Brynn Ungerleider

   Analyze the deal and know what you'd be willing to go up to. Find out if he will owner finance it. If he's willing to and hesitates on his rates propose your offer. I'd start out much lower than you're willing to go up to. If he accepts you'll want to have the title checked and a contract written up. I'd look for an investor friendly agent that has done similar deals in the past and see if they can handle the paperwork for a fee.

If he isn't willing to finance the deal you may be able to offer a low enough offer that hard money could make sense and BRRRR the deal. Good luck!

- Mike

@Alex Silang

   I believe in diversifying my investments. That includes stocks, index funds, real estate, and now looking into notes. I understand wanting to leave early but I wouldn't want to do it with all my eggs in one basket. Just my opinion.

- Mike

@Nicole Obregon

  What's on his credit that's spotty? If his credit was cleaned up I could probably look past the eviction, people can change after three years. But I'd probably wait for someone else. Not worth the headaches.

Good luck!

- Mike

@John Acheson

 I just closed on another property. While people are getting worried I’m taking advantage of great deals. Buy properties that you can force appreciate, come up with creative financing to minimize your exposure and you’ll be fine. But trying to predict the top or bottom of any market will cost you more in the long run. 

- Mike

@James Dainard

   Are you able to find deals that hit the 1-2% rule? If not, how far outside of Seattle do you have to go to find deals that do?

- Mike

@Michael Bacile

   It's all about your personal comfort with the risk associated with it. I've heard of investors comfortable with as little as $1K a door while others keeping $25k a door. Personally I won't go below $5K a door in reserves while I try to scale.

   Good luck and congrats!

- Mike

@Courtney M.

I'm looking for properties that need kitchen and bathrooms remodeled. I feel like those are the two areas that add the most value and then I throw in offers and 70-75% of the ARV. I'm using hard money for my BRRRR properties.

Find lenders before hand that will refinance the properties without a seasoning period. Good luck!

- Mike

You need your real estate license.

@Luke Mccandless

  I think that's a great way to get started especially in the bay area! With interest rates going up you might not want to refinance it in a couple years, what you get now might be as low as it gets for a while. I'd move on it, save reserves and start looking out of state. Good luck!

- Mike

@Todd Powell

  Thanks for the advice! I'm going to check with the city first and see what it would take and then after that if it seems worth it throw out some low offers.

@Andrew S.

At this point they'll all go under my LLC anyway so it wouldn't be for liability issues. I've found a lender that will give me a business line of credit on the combined equity of my properties. So if I upped the NOI and the valuation went up I'd be able to get a bigger line of credit. At least that is the plan.

 I'll follow back up and say what the outcome of it was. Thanks everyone!