All Forum Posts by: Alok Biswas

@Kevin Harrison I can speak to my experience. I started my first post which created this thread and bought my first property with REI several years ago. I can say my personal experience has been pretty mediocre. I bought 8 properties through REI and then bought one on my own in an area REI manages (so 9 total that REI property manages). The first year is typically good for most properties, although I've had some rough starts. Last year, on my 9 properties I had negative cash flow after accounting for mortgage payments, etc. One of those I bought on my own, but even with the other 8 I was still close to negative cash flow and they were all properties I bought for cash flow. The property management has been hit or miss. I've had a lot of large repairs in the past year that just kill the cash flow. I've also had a couple evictions/ask to vacate on properties where the tenants were constantly behind in paying. When you add up legal fees, lease fees, loss of rent, etc. it can add up. My original plan was to buy 15-20 properties with REI if things went well. I bought the 9 properties within the first 2 years, but haven't bought one since. The customer service/property management hasn't been as proactive as I thought it would be. They are paying for some repairs now after I've had several issues and a brand new tenant moved out, but I'm still paying a mortgage without any rent coming in during those months.

@Joey Samudio I would definitely recommend visiting the market you're wanting to operate in and more importantly meet the team you'll be working with. Either route you choose to go down it all comes down to the team you have and the systems and processes they have in place. If you do go the BRRR route I'd definitely recommend using a general contractor and working with a investor friendly agent.

Give Memphis a look, tons of opportunity to do it yourself and turnkey providers that have been in the game for a long time. Some are even offering interest rates as low as 4.75% for a 30 yr fixed loan. Best of luck on the journey! Give me a ring if I can be of any assistance

I like to consult Zillow when first analying. Head to the "for rent" tab, mark your general criteria (bed/bath count), and check days on market for those rental listings. Quick way to see how long vacant listings are sitting.

Once you have criteria you are looking to purchase, Zillow recently sold data is also great for starting out. You can do a comparison of Price sold to rent per sqft and get a great idea of how the market is changing or what to expect from rentals there!