All Forum Posts by: Andre Galaviz

Thank you @David Avery. I appreciate your advice. Any tips on finding top agents would be great. 

Thanks @Ben Rhodin for all your info. I really appreciate you taking the time to share your knowledge. I really appreciate that the Denver market is tough and as a newbie investor, it seems like the alternative (long distance investing) is equally, if not more of a challenge. 

My first goal is to get in and get started (learn and grow personally). I am fine with bringing in $100-$200 per door if I can as long as the risk of losing cash is minimized and I can grow equity in each property. Currently, I am thinking about renting the SFH we live in now, pulling cash from either a cash out refi, or a HELOC, if needed to either put more money down to buy a property, or pay for any rehab. My second goal is to grow equity in each property and turn that equity into more properties (build a portfolio). My ultimate goal is to create wealth for my wife and two kids; something that I can pass on to them. I'm guessing you've never heard that before, right?! Seriously though, I don't want to count on income from just my job and I can't pass that on to my family, plus, this seems a lot like producing events, which I did for a decade. Talk about risks!

What you're mentioning about being really clear is very helpful. I will make time to get crystal clear. I really appreciate the examples you gave in your fourth point. It definitely opened my mind up to other possibilities. 

Next step, get clearer on my goal - thanks!

Hey there BP Community! I hope everyone is doing well.

I jumped on to BP about six months ago, started reading and learning and in the last three months I've picked a Contractor, an investor-friendly Real Estate agent and started analyzing deals. I am just getting a feel for analyzing deals, so this may be a very silly question, but it seems like the BP videos I've watched on deal analyzing are not up to date when it comes to hot markets like Denver (Calculating Numbers on a Rental Property Using Four Square Method - 2017, How to Become a Millionaire Through REI - 2020, Real Estate Investing Rules You Must Know 2%, 50% and 70% Rule - 2020). A lot is happening and it seems like the market is changing quickly. I tried to find some answers by digging in what's already been posted in forums, but maybe I am looking in the wrong place (search: analyzing deals)?

I'm interested in small multifamily (Duplex) properties to occupy one side and rent the other. I'm trying to find a resource/guide that can help me better understand how to shake out the best deals quickly. I'm reading the Multifamily Millionaire currently as well. I've gone over chapter eight twice now about finding deals.

Can someone either breakdown the process of finding and analyzing deals, or point me in the direction of a resource, please? I'm setting up searches and getting emails, I'm looking up deals in several areas, I'm trying to use the 1% rule (realizing it's <1% nowadays) and looking at the BP Rent Estimator to see if the deal makes sense, but I feel like I am missing something in how to scan through a lot of deals and finding the deals that I should be taking a closer look at, then putting the BP Calculator on that smaller number of potential deals. Btw, I am using the Rental Property Calculator. Is that the right/best one to use for small multifamily?

Any suggestions would be greatly appreciated - thanks in advance!

Thanks for sharing your success story and posting details and photos! This is the same direction I am thinking about heading in. My family owns half of a duplex about 10 minutes away from a home we purchased in 2018. I'm new to this, so I am thinking I can sweet talking my family into selling their 1/2 duplex to me, or take over the mortgage, then rent out the house we bought in 2018. With luck, The other duplex owner would be willing to sell now or in the near future. We are looking at duplexes for the same reason, living in one side. I'm glad I came across this post. It's motivating me!

Thanks for sharing @Ryan Matze. I posted some questions there that I thought I would copy here, to see if I could pool some answers from here as well. My wife and I own a home with equity and plan on making this our first rental when we find our first deal to house hack. Thanks in advance for any info that's shared. 

"Don't think the doors are the goal." Thanks for that valuable piece of advice, David! This video was very helpful. I thought you could lock in a rate for an amount borrowed on a HELOC, is that not correct? Say I get a HELOC for 100K and need to use 20K for a period of time. My understanding is that you can lock that 20K in at whatever market rate is at that time, 'freesing' the rate, rather than deal with any changing in rates. Any knowledge you can share there would be greatly appreciated! Also, with current rates increasing quickly, does this make a HELOC a more attractive option in any way? I have a property (that I will turn into my first rental) at 3%. If I were to go with a cash out refi, I would be losing that rate, correct? Thanks for sharing!"

Welcome @Kailey Wilderman! I am fairly new too and like you, found Brandon on YouTube. The community is great and I am definitely in a learning phase. I personally have been educating myself through the podcasts on YT as well as getting through the BRRRR book by David Greene (sold here with some extras). Plenty of people are open to connecting and I am looking forward to attending a meet up. While I have no experience, I am open to connecting with newbies - always good to feel like you're not the only one, right? Good luck!

Wow! What a great community! I am new to BP and REI. It took me about a week or so to introduce myself because there were so many great posts to read through - where are my manors?!

I saw a BP video in my YouTube feed one day and was just really impressed with Brandon and David talking about the BRRRR strategy. My family owns one side of a duplex and my wife and I own a home. Something clicked for me and now I'm wishing I would have seen the video four years ago when it was posted! My wife and I are committing to getting started!

I am interested in BRRRR at the moment, but open to suggestions on other strategies that people in the community have become passionate about.

I'd love to connect with people here and hear more about BRRRR from people who have invested using it.

Excited to be here!

Andre

Hi @Aaron Vinnik - I am new to BP as well. Just barely a few weeks and already I can tell that the community here is great. It would be great to connect. I've attended one webinar, seen several YT vids and just started reading the BRRRR book.

Here's to an epic journey!

Best,

Andre

Wow. Congrats! I am just getting started. Reading the BRRRR Book now and gathering information. Very nice to see people jumping in to answer questions. I am in Denver, so I thought it might be best to start in Denver, but the downside is property is more expensive here than elsewhere, so I see why looking outside SF CA would be your choice.

I haven't really started looking yet. Information and study as quickly as possible and move towards my first property. This is great incentive for me to see someone getting it done and the community helping. 

Good luck closing! I'll definitely stay tuned to see how it went!