Can we help each other?? Looking for partners

Question

I am new to the business of real estate investing but have had a few successes with a house hack and have rehabbed a few houses while living in them and now own 2 rentals (one duplex and one airbnb rental in Park City). My wife and I have thought about doing this for a long time but were always paralyzed by the financial part because we were thinking about putting down 20% on every loan and buying 1 house every year which would just eat up all of our funds. The BRRRR process just blew our mind and we started seeing that we could do this at a much higher level but without tying up our all our funds.

We have been reading as much as we can and listening to the bigger pockets podcasts and trying to soak in as much information as we can. We have been working on direct mail marketing to a few areas around us in hope of getting things rolling. I would love to sit down with anyone in the area to swap ideas or just motivate each other.

We have been reading as much as we can and listening to the bigger pockets podcasts and trying to soak in as much information as we can. We have been working on direct mail marketing to a few areas around us in hope of getting things rolling.  I would love to sit down with anyone in the area to swap ideas or just motivate each other.

Eric Gardiner · Answer

@Monte Blunk @Jonathan Mueller We should get together sometime to talk. Im in PC and SLC everyday.

Alexander Becz · Answer

i am a total noob in this and would definitely like to get into the game. I have basic understanding, but never really got into it. Have a full time job, but would love to have few rental properties. Have about 30-40K set aside and wouldn't mind putting them to work :) ... where do i really start? Does someone need a partner perhaps? I have spoken with few people/investors, but they seemed too "shady" to make me actually invest with them. Thank you for your time and any advice that You can give me.

Account Closed · Answer

@Monte Blunk Hi Monte, as just one example, type "Subject To" into the Search feature of BP. You will find there are many ways to get to where you want to go without having to worry about 20% down and bank financing. Also, you may not be aware that most banks limit you to ten properties anyway. With "Subject To", there are no limitations. It is a *little* complex, so you may want to team up on the first few.

Donovan Wilcox · Answer

Hey Michael

I'm very new and very inexperienced as well. I'm working on finding my first deal. I also feel like I'm missing out on something but the market is not prime for investors. However I am about to launch a drive for dollars campaign and door hangers and direct mail if you want to team up on something let me know. I want an off market deal to use the BRRR method or possibly whole sale to get some cash in the bank.

As AirBnB goes PC could work or st George.

Good luck to you

Donna Maynes · Answer

I wouldn't mind talking about partnering.  I live in Las Vegas, but I have a house in St. Louis (owned for 10 years) that was getting $1300 in rent.  Renter just left in July.  I want to refinance but I am just short of getting the LTV the way the bank wants it.  I am going to re-paint and either re-carpet or put the same flooring that exists throughout the house and either re-rent or sell it.  Hopefully, that'd allow me to refinance my 80/20 into one loan with a lower payment and actually 1) if I re-rent, I'll make money (previously, it was just covering my mortgage and property management 2) it'll sell for a little more because I'll have freshened it up - but I wouldn't mind a partnership or any thoughts about what I have written here... advice, thoughts, questions.

Charles Burkeen · Answer

@Monte Blunk I am in the same boat as you. I have wanted to get into real estate since I was 18. I saved up a few times only to have life smack me down as it often does. I wish I had heard of Brrrr earlier in my life. Now I feel like not even the sky is the limit.

Monte Blunk · Answer

Hi Ray-     We are looking at local absentee owners in one list, foreclosures and pre-forclosures in another and then just walking around the neighborhoods writing down addresses of homes that look run down or in need of some help and seeing if we can find out who the owner is and where they live.   The absentee owners and pre-forclosure lists are trying to look at people who have lived in the home for > 3 years and have > 50% equity in it.

We plan to have around 3000 mailers going out for the next 3 months and see where that goes and if we need to recalculate or change course.

Do you think that is the right way to target potential sellers? We are not planning on giving up easily and want to make this work even if it takes some of our own $$ and most of our time.  Thanks for the advice you have.  I really appreciate it.  I sent you a message.

Ray Lai · Answer

Hey @Monte Blunk

Nice, what kinda people are you aiming at? Absentee, high-equity? How big is your list size. Hopefully you have at least 200+ on your list and are willing to sustain for 4+ mailings to get some solid leads. A lot of people quit way too early in the game before getting traction.

Can we help each other?? Looking for partners

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