All Forum Posts by: Michael Vu

@Mauricio Quintana I'm thinking about this same exact topic right now as I'm looking to get started with my first rental property. I've always banked with big banks, but now use an online bank. In one of the podcasts, Brandon/David talked about how they wished they had chosen one local/community bank and built that relationship with them for all their deals. I think I may explore that route as well. Keep me posted on what you decide to do!

@Mike Curry I'd recommend starting off with the book The Book on Rental Property Investing by Brandon Turner and Set For Life by Scott Trench. I think these two books are wonderful for starting off learning about getting your finances in order and investing in different types of real estate. They have step by step instructions on real estate investing. Best of luck and welcome to BiggerPockets!

@Alexander Zurn When shopping around for rates, are you just getting pre-qualified rates based off of what you tell the lender, or actually getting pre-approved to see what they can offer?

I would generally recommend going to college, but just make sure it is reasonably priced and you won't be put in extreme debt. I think you'll get a lot out of the experience and if you choose the right degree, can acquire a high-paying job that will help you save money to buy real estate in the future. I'd say maybe marketing, accounting, or finance would be good degrees if you are really interested in real estate as those are two skills that will help you in real estate investing. 

One good way to determine rents is to call Craiglists listings or For Rent sign listings for similar houses and to try to negotiate a rental price pretending like you are trying to rent. Then you can see how low they are willing to go.

Great list of books. I definitely thought The Book on Rental Property Investing and Set For Life were two key books that have motivated and taught me how to invest in real estate.

@Steven Bays I am also looking to purchase my first rental property. What areas in Cincinnati are you interested in?

@Steven Bays Welcome back to Cincinnati! Definitely would like to connect. There is a good group that meets up in Deer Park the last Tuesday of every month.

@Wes Blackwell That was a great read. It's definitely something that I've been stuck thinking about for a while now. I'm looking to purchase my first rental property in Cincinnati to house hack, and I have realized that rarely do duplexes in B neighborhoods here meet the 1% rule. I'm going to use additional calculations like cap rate and gross rent multiplier to compare similar homes to find a great deal. It'll also be hard to find a good deal on the MLS that meet these criteria so I do plan on mapping my target neighborhoods through driving for dollars and letter campaigns.

@Shaun Hatton You're right, you can't plan every scenario out. Would it be better to wait to use a FHA on a more expensive property or one that is a triplex/fourplex?