All Forum Posts by: Mihir Bhimaraju

@Curtis Robbins I've been where you're at right now. There are a lot of unanswered questions and ambiguities. You can either invest your time in building a team (lender, agent, PM, wholesaler, handymen etc) and try to go after bigger projects Or get started small, figure out the details in fixing it up, getting it rented and get a feel for what you're getting to and see who's a good fit to be on your team ( which you'll need eventually). I started small, SFH with 10K rehab and upside potential. It got me familiar with a lot of things and I felt comfortable scaling to multi units soon after.

Feel free to reach out and connect if you have questions or concerns. 

@Karim Z. It depends whether you have a team in place that'll look after your investment. If you're new to the area, I recommend looking into Irvington (left of your circle) or other lower crime areas.

@Paul Singer @Jason Foster @Kathryn Dunnivant @Luis Alvarez @Zach Graham you can try reaching out to Jeff Kolp from state farm. They provide insurance as well as mortgage. I found they have pretty low rates when shopping around for mortgage. They also do insurance. 

@Mike Garrett welcome! I'm a local investor and I found the local REIAs to be a great resource to get me started. I highly recommend you check them out no matter the market you decide to choose. Feel free to connect if you need help with my local market. Good luck!

@Brook Rieman I'm sure they'd want to vet you guys out as much as you'd want to vet them. Meeting them face to face and talking through a possible deal and discuss numbers would be the best. Also, have you attended any local meetups in btown? I attended a couple of them a year ago and I found great value. There were quite a few flippers and if you let them know what you're wanting to do, they might be open to partnering up on deals and maybe even show you the ropes. Good luck!

@Soulo Zample that doesn't sound completely accurate. I can connect you with an agent and lender who's well versed with FHA. Feel free to reach out.

@Joan-Marie Pagan I'm a local investor and I come across rent ready properties.Feel free to connect. If you decide to use a company- be sure to vet them out and run realistic numbers. It's important to have an agent or boots on the ground assistance to help you stay away from bad parts of the city.

@Josh Frank welcome! I'm a local investor. Feel free to reach out and connect! We have a ton of local folks on here that'll add value and be sure to attend meetups to meet like minded folks. Good luck!

@Arturo Colmenero Crime maps are a good place to start as well as the neighborhood map. It gives a good general idea of the market. However, in order to get the street by street knowledge, it's important to have your team look out for you. Once you have a team established, they should be able to steer you away from bad areas. I highly recommend taking a trip over a weekend to get a feel for what you're signing up for. 

1) As most of them suggested, I recommend QuickBooks. This comes with a fee but it's the most widely used s/w. You can also try using MINT and connect it to your checking account. This will help you keep track of your expenses and you can categorize them by the property as they show up.  I've also come across Stessa, I haven't used it to the full extent where it even shows cash flow, but I've tried using the free version and it gives an overview of your portfolio. I find that cool. If you're using the same PM for all your properties, find out if their software can provide a property wise view of all the expenses. You can also hire a bookkeeper to export those expenses.

2) Just be sure to not mingle personal and business funds. A CPA has better authority to answer this question.

3) As long as you're making the payments, banks should be okay with you transferring the title. A lot of investors already do this. 

4) If you personally don't want to deal with tracking expenses, then you can hire a bookeeper.  I've typically found they use quickbooks as well. You can also look up income/expense template online and start working out of that. It's pretty simple once you get the hang of it and willing to spend time every month.