All Forum Posts by: Tim Bee

Robert Kiyosaki

Very high violent crime in Detroit.  Lots of strong storms.  High maintenance costs.  I know it's cheap but all these factors have to be considered.

Stick to 3bd/2bath.  Less turn over.  Stay away from the smaller dwellings.  You can loose a ton of money in too many frequent vacancies.  

Texas has pretty high property taxes compared with many other states.

Multi family properties should AT LEAST meet the 1% rule. They should actually exceed the 1% rule in my opinion. Maybe be around 1.2-1.5%. A SFR doesn't have all the community items that a multi-unit will have. With a mulit-unit you (the owner) have to pay for yard care, trash and possibly some other community items that eat away at your cash flow. On all my single families the tenant takes care of the yard, pays for the trash and of course pays all the utilities.

Don't worry about the LLC. Just get a 5mil umbrella policy and have all your properties covered. Tenants can still sue the LLC and take everything in the LLC.

If you are investing for long term buy and hold only invest where you will meet or beat the 1% rule.  Don't listen to anyone else on here who says that's not important.

Im in the medical field and have a very high stable income.  I also love real estate and read many books on it before I bought my first home.  The biggest education you will get in real estate is to actually buy a rental property and rent it out.  You don't need to be a realtor.  In many cases the biggest investors I know are not real estate agents.  

For Vegas long term rentals I haven't seen any that meet the 1% rule in a few years.

Detroit is the 5th most violent crime city in all the US.