All Forum Posts by: Armand Farr

Hey @Tony Lin, 

There's a regular meetup hosted in Milpitas at Parktown Pizza - it's a great group / venue, have you checked it out? Johnson H is the organizer.

On your 3 strategies: 

1. You could buy a property in the Midwest - being afar and using a PM would hit your returns a bit. Not a bad thought, be sure to pick the right market that's on the upswing and find a great agent to be your ground mane.

2. I wouldn't do the East Bay condo. Not in this market, will likely suck cash (or be in an awful area).

3. Same as #1, but with a duplex instead of an SFR.

But my take:

I have a lot of engineering friends in a similar position. We decided to pool out funds together and co-invest in Bay Area multifamilies. Have you considered of this?

Feel free to reach out - happy to share more about what we're doing and how.

Big ones that have been mentioned that helped me: 

Ultimate Beginners' Guide on BP: Free and easy to read. Will give you a great baseline for all things REI.

Podcast: Soak up episodes in your car and on the go... you'll be amazed how much you learn.

Meet-ups: Talk to people. Find out what's working, what's not. Shadow people. 

Best of luck!

@Dmitry Kisselev - why hold onto a condo in SJ with negative cash flow in a market like this? How about selling off the condo in SJ, then opting for a bigger property in Monterey with the additional lump sum from the condo?

You can take all those free cap gains on the condo and get into a Quadruplex, which would be less competitive / more economically feasible to househack than a Duplex.

Hey @Michael Gustavo - I'm actively sourcing buy & hold and flip deals in the Bay, largely focused on mid-Peninsula. 

Drop me a note and we can chat - curious to hear more about your criteria and happy to share things that come my way.

@Sean Walton big fan of non-speaker / non-sales pitch meetups. How would the mastermind group be different in anything other than frequency? Application / invitation required?

Make the buyers compete and contribute their highest and best offers. When it comes to assigning the contract, make sure you lock the buyers up on non-contingent agreements so they can't back out without losing their EMD.

Experienced buyers are used to competing on deals and will fight to close as quickly as possible. If the deal is really that good, the buck should stop with you.

Hi all, we're gearing up to start a new project. Does anyone have a good GC / crew that they'd be willing to refer out? Thanks!

Hey Aiden,

Get on the BP podcast. Listen to an episode a day in your walk to school, car, at night, whenever. You'll build a strong baseline knowledge.

Otherwise, go to your local meet-up and ask questions - people are super newbie friendly.

Happy to connect & be a resource, feel free to drop me a note.

-Armand

@Cody Evans there's no minimum wholesale fee, it's all about how much margin there is in the deal. It could literally be $100,000 or $0 depending on how good your deal is.

What I would do is negotiate the best deal possible, then find out what the market is looking for in terms of a minimum return. My rule of thumb is that the total deal profit (after closing costs, holding costs, rehab costs, everything) for the flipper should be 10% of the ARV .

Shoot me a note if you find something - we're actively looking for flips in the SF & South Bay areas. Happy to also share intros to other potential buyers if they don't fit our criteria.