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Updated over 4 years ago on . Most recent reply

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20
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Baha Acuner
  • Rental Property Investor
  • Chesterfield, VA
5
Votes |
20
Posts

Burnt out before I even start

Baha Acuner
  • Rental Property Investor
  • Chesterfield, VA
Posted

I have been renting out my property that I used to live in for two years now. It is in Richmond, VA area.

I have been pretty happy with it and been saving up to buy the second property for last year. 

Now , Covid hits, the real estate market goes insane. Almost the same level of insanity like it was in 2007. 

I want to invest in the same location as the first one, becuase I am familiar with the market. I cannot necessarily do the BRRR method , as I live overseas. Cannot deal with a contractor to get the place fixed all the way from Europe.

Cannot go to the courhouse. How am I going to get the properties for pennies on the dollar when there are cash buyers all around that can walk in and close the deal. 

So I have been shopping for houses trough Redfin and zillow but they are gone in a matter of days. 

Last week, I put an offer to a place with good income potential. It turned up being a dump after the inspection was done. 

I read people having multiple properties here. It's nice. is there a mentorship program through Bigger Pockets ? Sort of a way to show the way to the people like me, who cannot find the next deal. Tired of watching countless hours of YouTube bigger pockets and not being able to know how to approach the house hunt from overseas?

Most Popular Reply

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4,180
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3,853
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Jaron Walling
  • Rental Property Investor
  • Indianapolis, IN
3,853
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4,180
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Jaron Walling
  • Rental Property Investor
  • Indianapolis, IN
Replied

@Baha Acuner  In my opinion everything you described was an excuse. Being overseas for work doesn't make investing any easier, but maybe now is not the time to ramp up investing. I agree with @Kenneth Garrett so it's time to look outside of the box. Lets be honest nobody uses Redfin or Zillow to find investment deals. I don't know how your team is laid out but you can't weigh on inspectors to determine if a DEAL is good or bad. It's your job (or core team) to walk a property, get a million photos, and estimate the rehab before you make an offer. 

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