All Forum Posts by: Angel G.

You've definitely come to the right place to learn more about executing that BRRRR in Iowa! Congrats on the superhost status and making the most of that ADU behind your home! I'm looking to pivot into that type of strategy here soon!

Glad to have you here with us Marc! Welcome aboard!

If only I were asking these very same questions back when I was 18! Kudos to you for thinking through these things and for making this your very first post on BP!

- Aim to have enough for a down payment depending on your market it could be a whole lot or a lot less. Do a bit of research on the type of financing you'll use which can determine how much % down you're going to need. For example, FHA loans allow for a really low down payment where others required a lot more.

- It really is personal preference - everyone has their own "this is the best market." Starting out in your local market can be advantageous but can be a challenge if its an expensive market. 

- Initially, you might handle things more hands-on, but having relationships with reliable agents, contractors, and eventually a property manager can provide major peace of mind!

- The best time to start is after you've done thorough research and are financially prepared. Market conditions matter, but personal readiness is key.

Best of luck out there! 

I usually look through several places but one of the most consistent tools I've used to do a quick check on potential rental rates is Rentometer. I'll usually go there first to get a baseline and then further refine that with local listings, etc.. 

Hi @Martin Bys! The fact that you want to get started and take action is already half the battle and as a long time listener of the podcasts I'm sure you already have a good foundational understanding of the basics. Deciding between an Airbnb and a multifamily property really depends on your goals and what kind of involvement you're looking for. Airbnb can provide great cash flow, especially in high-demand areas, but it requires more hands-on management. On the other hand, a multifamily property might offer steadier income and can be a bit more hands-off, especially if you opt for property management. 

Know that you can take action towards one of the strategies and pivot later on to a different one! I've been a long time long term buy and hold (multifamily) investor and recently transitioned to Short Term due to the market that I'm currently located in!

Welcome aboard! Glad you're here with us. Starting with single-family homes or a duplex is a wise choice. It's all about laying a solid foundation, learning as much as you can from this community, and continuing to expand and enhance your knowledge all while taking action! That's the key - take action. 

Best of luck! 

Hi Joe! First off welcome to BP and congrats on taking the first step in learning more about this world of real estate investing. 

Here's what I would strongly offer apart from many of the other great suggestions made by other team members. 

1. Understand your "Why" - You're going to face challenges along the way as your grow/learn as a real estate investor and understanding "why" you're doing this is going to help you work through those challenges and keeping you working towards your goals. 

2. Choose a Strategy - When you first start out it is easy to get caught up in chasing many different strategies that will all make you money. Research what is out there (i.e. flip, house hack, long term, short term, BRRRR etc..) and then choose one and take action! You can always pivot later on into another strategy.

Best of luck! You're in the right place. 

Hi Jace! Welcome to BP!

I know the struggles all to well with those expensive markets. I was born and raised in Miami, FL and trying to kickstart my investment journey in a very expensive market, in my particular case, was a major challenge. I too looked to out of state midwest markets such as yourself! 

I'm really not trying to sell anything with what I'm about to share here, but knowing that I wanted to invest out of state I turned to David Greene's materials on Long Distance Real Estate Investing. He has a book out on the topic that helped me develop systems to do this. You can easily youtube his videos such as the one below. Best of luck!

Welcome aboard Albert - glad you're here with us! There's definitely a lot to explore with all of the resources that BP provides. 

My best advice to you as you're jumping into this real estate investment journey is to understand your "Why" and research/focus on a particular strategy to help get things started! 

All the best!

Hi Joe! First off congrats on the purchase of a 4-plex property! I like where you're going with your thought process and analysis. The way that I've always approached this depends on where I'm at with the numbers that I crunched when entering into the purchase. For example, if I bought this type of property and knew that my rents were below average for the local market, then my first phased approach would be to get aggressively try and get those rents up to where they need to be. 

I would take any and all opportunities on any turnover or vacancies in the units to help increase the rents. I've purchased properties in the past that have had some very long term, great track record/solid tenants. In this case, again my own approach, I'll very slowly raise their rents to a rate that works with my numbers. Case in point, I purchased a duplex property and had two very great tenants that were living in their units for over 15+ years. I knew coming into the deal that I wanted to keep these tenants but also get my rents up. So what did I do? I communicated with them, shared what the plan was going to be when we renewed their lease, and wanted to ensure that they knew how much I appreciated their long term tenancy in the property. 

TLDR: If I have great tenants in the property, I try not to aggressively increase rents; I capitalize on vacancies/turnovers to do that.