All Forum Posts by: Teho Kim

I'm nearly complete assembling my team in Indianapolis as an out of state investor. I've been preapproved by a place called MJW LLC, however am not seeing a mention of rates. Is this something I ask now, or will I be told what my rate is later down the road when purchasing the house?

On that note, I am not very educated on mortgages. Should I be going w/ an LLC? Would going to a big bank be better? Am I even limited to local banks or can I look outside of Indianapolis? And can somebody please educate me or point me in the right direction on what mortgage terms are good to see for an investor? Basically what am I looking for in a good mortgage contract?

I know this is alot and thank you for your answers!

@Ross Denman : I've finished that book and am in that facebook group! Both amazing recommendations. 

@Frank Wong : Thank you for your reply. I know there are two sides to every coin and I appreciate you looking out for me. I have a strong resolve in making this happen, though. And I feel like I've absorbed enough information that I can do this at a level that doesn't hurt me financially.

My time abroad will be over three years. That's just too long for me to sit on the sidelines. I feel like inaction would be more detrimental than even poor action.

Hello!

I'm a beginner investor that is going to go overseas soon. So not only will I be out of state, but also out of country. Before I leave though, I am trying to buy my first investment property. Specifically I am looking for a multifamily home <$200,000. I am currently only in contact with 1 RE agent and have been pre-approved by one local bank. 

I'm trying to get recommendations on who/what BP members think are the best:

source of deals - (agents, wholesalers, etc)

banks - lowest rates

property managers

Thank you for helping this newbie out!

My research has led me to deciding on long distance investing in either Indianapolis or Fort Wayne (am open to any other decently populated Indiana/midwest cities).

I am leaning towards Indianapolis b/c the price to rent ratios seem better. Alongside, since it's a bigger city I figure that the quality of property managers, RE agents, etc will be better. I am worried however, that because of the much bigger population deals will go quickly and I will have to compete with other investors.

What are your thoughts? Suggestions? Any insights are greatly appreciated!

I'll actually be leaving Texas by the end of the month, and leaving the country in September. 

I'm about halfway done with David Greene's long distance REI book. The book doesn't cover on how to pick the city you want to invest in.

I'm leaning towards Florida, particularly the area in between and including Orlando and Tampa. This is really just a whim however, based on that I could see myself retiring there; and a small chance that my work can take me there in several years time. Is this enough justification to just go with it?

How should I go about picking a city? Appreciate any and all insights.

I'm really loving the Lakeland idea. It seems like there are alot of affordable houses in the city. Not quite as sold on Plant City but definitely a better possibility budget wise than the bigger cities I was eyeing earlier.

After a cursory glance on Zillow, though, I do have some concerns (just things I noticed, may not necessarily be an issue). It seems that these cities are relatively high in short sales. And it also seems like alot of the houses for sale are geared towards investors; ie: a lot of the listings contain the words "great investment property." On the other hand, most the listing I've seen until now seemed to be geared toward normal homebuyers.

What should I make of this, if at all?

Thanks everyone for the great insights.

@Jeff Copeland - Ok did not know that about the 25% down. Thanks for pointing that out.

And thanks for the Lakeland suggestion. Are there any other cities in between Tampa and Orlando you'd recommend? There just seems to be a nonstop array of buildings along that route and I don't know where to begin.

@Jason D. As a beginner I think my best option is, like you mentioned, a turnkey duplex. So looks like I'm going to need 40k just alone for the downpayment. Newbie question, but how much more is required in acquiring a property? I would guess things like closing costs and other misc items, something like 10k more would be a good buffer?

I feel like if I need to save up 50k, I'm going have to adjust my roadmap and goals in getting into real estate this year...

So what would be an appropriate amount of money to have in order to be a player in the area? Like you said, I'm stepping back and realizing I can't be rushing. But at the same time I'm feeling motivated.