All Forum Posts by: Vaibhav Puranik

I wouldn't base any of my decisions on the presidential election or its outcome. If a deal is good, it's unlikely that it will be turned bad because of the election outcome. At least for me it will be business as usual.

Hi @Cameron Lim, as long as your net worth is increasing, banks will lend you money. The type of banks lending you money will change, but you will be able to find a bank that will lend you money.

Very big banks like Bank of America, Chase etc. won't lend you money after 4 properties. Most other smaller banks will lend you money upto 10 properties. After that you will have to go to a portfolio lenders to get money.

I would listen to almost every single Biggerpockets Real Estate Podcast (with Brandon Turner and David Green). They are very educational in my opinion. I would also read the books mentioned in the podcast. Alternatively you can also read the books in the following Biggerpockets page - https://www.biggerpockets.com/blog/wp-content/uploads/2018/11/Best-Real-Estate-Books-Ever.pdf

I would say spend enough time in grinding the axe before you start chopping the tree.  

Getting umbrella insurance is also an option. Many people simply get an $2M or $5M umbrella insurance instead of forming LLCs. 

Same advice here as well. I would focus on Single Families (or detached houses). I have had a very bad experience with HOAs, especially the smaller HOAs. If it's a professionally managed bigger HOA (100s of units) then you would be fine in my opinion.

In my opinion, new construction will be expensive. You should try to find the newest old house if that makes sense! Or an old house with roof and HVAC replaced recently. That will reduce your capital expenditure. 

Hi Sam,

I would first find a city and then find out contractors on BiggerPockets who are replying to other people. Every city has trustworthy people. Choose your location first and you will find quality people on Biggerpockets. 

To find a market or a city, I would start with some of the following Biggerpockets videos:

Brandon Turner's 7 Metros with the biggest rent growth - https://www.youtube.com/watch?v=Nwm59x40J78

Paul Moore's Best Real Estate Markets in every region of the US - https://www.youtube.com/watch?v=6lZfpw6r33M 

@Celma Khan You will also need to update your title insurance. You will have to notify your title company about the change and they will charge you a small fee to update the title insurance. Otherwise the title insurance will be void too. 

If you can buy umbrella insurance, that would be the safest option. 

@Daniel Gordon I think it's actually an investor who can do creative transactions (out of the ordinary) in real estate. That's what I gathered from the following links:

https://creativerealestateinvestingguide.com/tag/transaction-engineer/

https://www.strategicrealestatecoach.com/2018/08/29/how-to-become-a-real-estate-engineer/

I have done this twice in my life. Twice I have moved to a bigger house and kept the older houses as rental. It works well in your case as it's an appreciating asset that's cash flow positive. If you can afford to buy the Duplex without needing to sell this house, then it's worth keeping it. If you don't have other houses, this house will also give you some property management experience. It's always great to know the house well when you are doing property management yourself.

What state is your collateral property located?