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Updated about 4 years ago on . Most recent reply
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Under Contract to sell properties - will have $500k need advice
Hey guys, I'm new to Bigger Pockets, but not new to Real Estate.
I have successfully bought many properties in Arizona, Eastern Illinois, Central Florida and Salt Lake City from 2010-2013 with the basic buy and hold strategy. Recently I rehabbed one property in Tempe, AZ which is now under contract closing Jan 12th (will be walking with $250k in my pocket), I am rehabbing another which will net me similar in March-ish ($250k) and will do it with a 3rd property in July (another $250k). I have managed to do it all remotely.
I'm looking to have this money go the farthest, and I am looking for any and all advice.
I'd like to BRRRR properties that meet the 1% rule, and flip properties where the market has outpaced rents. I've recently read 6 books on the subject, but seem to be re-reading over and over two books: Long Distance Real Estate Investing (Greene) and BRRRR (also by David Greene) and as they say, follow the fire.
There's a few markets that seem really intriguing to me, that I'd like to get my feet wet with BRRRRing and Flipping: San Antonio, Chicago, Cleveland, Pittsburgh, New Orleans and Louisville, KY. But I'm open to learning about any market where you can find 70% ARV deals, with limited time-on-market after repair (both for rentals and flips)
I'm looking for the best investors agents in all these areas to get in contact with, and hit the ground running in January. (I've got my guy in San Antonio who seems terrific), but need agents who grind to find deals, understand the 70% rule, and the 1% rule, can give ACCURATE ARVs and know of the best areas to accomplish these goals. Agents that can give ballpark estimates on local rehab budgets, and get me in touch with local contractors and be excited to bring me deals.
Who are your favorite agents you've ever worked with?
Most Popular Reply
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@Philip Gephardt I think @Jonatan Barbera was spot on. And I think dont it's intentional but a lot of the big wholesalers (or the people working for them dispo-ing deals) in SA don't actually invest. 70% percent deals are tough to come by and if when they do exist...people are either going to keep them for themselves or sell/wholesale them for more. Everything I do is direct to sellers and I buy pretty good deals but I still don't love rentals in San Antonio. Even when you can fully cash out of a property it's difficult to cash flow well. And our high property taxes are a big unknown that can eat into cash flow pretty quick.
Not trying to steer you away from SA cause it's an awesome city, but just know what you are getting into.