I have a decent amount of cash available but have never done RE investing before. Having now read material I am very keen on starting. I have a few questions:
- Is it possible to do this business without finding/dealing with tenants and maintenance on a day-to
day basis (I absolutely do not want to do this)? Hire Property Mgmt for all of this?
- I would rather invest in Multi-family but the spouse insists we should start with Single Family homes
to “get our feet wet” (I don’t want to make $100/mo. I would rather plunk down more initial
investment and make higher cash flow from a Multi-family).
- If I have excellent credit (790+), good outside income, and am willing to put 15-20% down, what are
the chances that a lender will lend me the balance to buy an apartment complex (lets says $1M
- What is the minimum no. of units I should have before I can hire a really good Property
- What are the things the Mgmt. Co will do (everything? finding and managing tenants etc?)
- Should I look at condos (like 15-20 of them in one location)? In this case I would have to find/deal
- Do lenders routinely allow one to take the loan in personal name and then transfer the property to
one’s LLC at closing (to get a better loan rate)?
Any help on these questions will be greatly appreciated.