All Forum Posts by: Amadeus Hladun

Hey everyone, my name is Amadeus. I have been very passionate about real estate ever since I have stumbled upon it and spent quite awhile just building up my knowledge and a successful mindset and after I felt comfortable enough started to use the rental property calculator and found a property that I liked. The property worked so me and my wife took the leap and so we bought our first rental property just about a year ago.

But where the problem lies is that I purchased this property before I ever seen the BRRRR strategy where I would be able to go on to the next property MUCH quicker. So as of right now my property is still a liability (which I don't like) hahaha but it wouldn't be if I could rent out the basement that me and my wife are currently living in then it would be cash flow positive. But I can't buy another property yet because we do not have a bunch of money saved up because we just got married this year and we didn't use the BRRRR method so we can't refinance and pull equity out... I guess what I am trying to get at is I am wanting to know how to get into my next property the fastest, because my goals are moving a lot slower than I know they could be right now and it is sort of frustrating. So if you have any pointers or insight it would be GREATLY appreciated! :)

Hello everyone, I just have a question regarding my suited property. Both of the units are on 1 duct plan and I want to know if it is at all viable to split that up and install another furnace and AC? 

I would be deal hunting for lightly used furnace and AC units so it wouldn't be much of an issue but the one thing I don't know about is how much of a nightmare it would be to install new ducts or manipulate current ducts and how much it would cost?

Thanks in advance!

PS know know and understand the whole play to your strengths thing and outsource your weaknesses which is my plan eventually but not with my first property because  want as much profit coming back to me at this time because as it is am living in the basement suite which takes away from the limited cash flow already get.  

I currently have a full time job and a busy life in general but real estate is my passion and so I just purchased my first rental property about a year ago and am itching for another very soon but what I have come to realize is I am absolutely terrible at the tenant screening process... now obviously that poses quite a big issue seeing as screening is the most important thing. But I would also like to avoid a property manager so I am trying to figure out a way to make the whole process so I don't have to try and answer a thousand and one people from 3 different sources and try to remember and keep everyone and everything straight.

Since I realized that I was in fact bad at this whole process of going through potential tenants I have created a tenant questionnaire in with Google Forms in which no one would have my contact info but instead have a form for them to fill out that in which they would give ME their contact info and obviously an overview about them also. But so they give me their contact info so that I can contact them all from 1 source so it will be easier to track. BUT that is as far as I have gotten with stream lining my system so FINALLY to my question, what tools and tricks of the trades have you guys used to streamline and simplify your tenant acquisition and screening process? And it can be anything sort of like the Google forms thing so even third party software or something maybe?

Thanks in advance :)

I am not that old or experienced but what I have learned in my short time is you become like the 5 people you are closest to so if they are the people you want to end up like then hang out with them and keep talking to them about it(which clearly is not the case). So I wouldn't say shut them out or ignore them because they are your family and friends obviously but that doesn't mean you have to hang around and take their advice career wise. So instead find 5 people you want to be more like and start to go out for coffee with them and pick their brain.

I would also say obviously don't take advice from someone who hasn't done it before, because I find everyone always seems to have advice on something that they have never done but the funny thing is it always happens to turn out negative.

Instead listen to the people who have done it and done it successfully and pick their brain and find out the model they used to be successful and if you do that with every successful person you come across then eventually you form your own model for success!

Okay thanks for the information Kevin, you answered it perfectly.
Thank you all for the answers, you answered all of my questions, I appreciate it!

So my next question would be what are good things to look for in a property that would work for the BRRRR strategy other than the obvious on which is a Distressed property?

Ya like I said before I wasn't doing the BRRRR strategy with my first rental property so I know I missed the Rehab part of the property because I didn't really actually know about the strategy yet so now I just want to learn from this and understand how to do the BRRRR properly for the next property.

Thank you SO much for the detailed explanation Anant Lal as to why I cant refinance yet, that is exactly what I needed clarification on was exactly WHY I couldn't do it yet because the lady I talked to from my bank didn't explain it very well so Thank you!

Thank you! Ya I know just paint isn't going to bring the value up where I need it to work with BRRRR but like I said I didn't even really think of BRRRR investing as a strategy I could use 5 months ago when I purchased my first property because I didn't really know about the concept. So I am hoping to recoup and buy my next property as a BRRRR investment so I can buy more properties quicker and build my portfolio! So I am just wondering how all the number have to work to get a BRRRR strategy to work, and I want to understand in more depth as to exactly WHY my current property wont work for BRRRR investing numbers wise.

Thank you for the compliment by the way!

I purchased my first rental property in it will be 5 months ago in two days, it is a suited house and I purchased it for $260,000 and my Realtor said that I could turn around and sell it for probably $290,000 to $300,000 right away. So me and wife's first renter was a DREAM and we worked out a deal where she would pay $100 less of rent a month for 3 months and in return she painted all of the upstairs for us (crazy good deal) so we jumped on the proposal. So she lived in the top suite and painted while we lived in the bottom and painted the downstairs at the same time. Sorry I am getting off topic but my point is we gave the whole house a new coat of paint which I know just by its self adds a good amount of value to the property. So I phoned my bank and asked if I could refinance my property but she told me I cant because they only refinance at 80% of the properties appraised value. SO I am not going to lie I am not completely understanding the whole process and when I will be able to refinance to pull out some equity in my property.

Honestly to get down to my exact question is how do you properly utilize the BRRRR strategy and the theory behind the numbers and how it works?

Because I didn't buy the property with the intent of using the BRRRR strategy and it is probably apparent in the numbers but I intend to re coupe as quick as possible and my next property will be using the BRRRR strategy so I can invest quicker than I currently am because my current plan was to purchase a property a year but I want to promptly ramp it up to 2 per year  for the next baby step and I am just trying to find the best strategy to ramp it up!

Thank you in advance!

Sincerely,
        Amadeus Hladun