All Forum Posts by: Beverly Buella

Hi there,

Just wanted to hop on here to share my experience with Open Spaces.

I had wholesaling and flipping experience prior to joining Open Spaces- but I never held on to a property to BRRRR prior to joining the group. What held me back were the details behind understanding the financing - both short term to acquire and long term to hold. I know there are a ton of books and videos out there to explain this. However, the reason why I invested in the program is because Palak (I was in the 1st cohort, prior to when Niti joined!) was doing something I wanted to do and was willing to coach me through the process.

Yes, there are a ton of programs out there- free and cheaper- at the end of the day, you decide what's the best ROI in terms of money and time. Some questions I ask myself before pulling the trigger:

1. 1) In 1 year, would I make at least double of what I invested into this- or any- coaching program? In this case, I did. In 1 year, I made more than 10 times the amount I invested into the program- in equity and cash flow alone. Specifically- in 1 year I made $100k in equity + net cash flow of $700/month with 2 properties.
2. 2) Who do I gain access to by investing in this program? In my case, I gained access to someone who is doing exactly what I wanted to do and was able to do it with a group who wanted to do it as well. Yes, you can read a book and watch YouTube videos- I’ve done that but it doesn’t yield the same results as being in a group that you are accountable to in addition to the access I had to someone doing what I needed to be coached in and people who were also looking to invest in themselves and not looking to waste their investment. THIS MATTERS IMMENSELY with any group you join, to be surrounded and coached by people who are successful and looking to achieve the same goal.

This is not a DIY BRRRR program so to compare it to youtube videos and books is silly to me. Yes, there are programs that are cheaper and there are programs that are more expensive- that's with anything in a free market and we can all make a decision on what's worth our time/money to yield the results that we are looking for. Prior to investing in anything for myself, I also set a clear expectation of a result that I require- mine was to acquire a BRRRR property, which I was able to achieve. If I didn't have the support of the group in addition to being coached by Palak, I don't think I would have had the confidence to pull the trigger and would have been stuck researching Facebook groups and asking people but not getting clear/direct answers. I'm super grateful to have started my passive income portfolio with Palak and know others in my group who have been successful as well!

100% worth every penny spent - I highly recommend it!

Hi there,

Just wanted to hop on here to share my experience with Open Spaces.

I had wholesaling and flipping experience prior to joining Open Spaces- but I never held on to a property to BRRRR prior to joining the group. What held me back were the details behind understanding the financing - both short term to acquire and long term to hold. I know there are a ton of books and videos out there to explain this. However, the reason why I invested in the program is because Palak (I was in the 1st cohort, prior to when Niti joined!) was doing something I wanted to do and was willing to coach me through the process.

Yes, there are a ton of programs out there- free and cheaper- at the end of the day, you decide what's the best ROI in terms of money and time. Some questions I ask myself before pulling the trigger:

1. 1) In 1 year, would I make at least double of what I invested into this- or any- coaching program? In this case, I did. In 1 year, I made more than 10 times the amount I invested into the program- in equity and cash flow alone. Specifically- in 1 year I made $100k in equity + net cash flow of $700/month with 2 properties.
2. 2) Who do I gain access to by investing in this program? In my case, I gained access to someone who is doing exactly what I wanted to do and was able to do it with a group who wanted to do it as well. Yes, you can read a book and watch YouTube videos- I’ve done that but it doesn’t yield the same results as being in a group that you are accountable to in addition to the access I had to someone doing what I needed to be coached in and people who were also looking to invest in themselves and not looking to waste their investment. THIS MATTERS IMMENSELY with any group you join, to be surrounded and coached by people who are successful and looking to achieve the same goal.

This is not a DIY BRRRR program so to compare it to youtube videos and books is silly to me. Yes, there are programs that are cheaper and there are programs that are more expensive- that's with anything in a free market and we can all make a decision on what's worth our time/money to yield the results that we are looking for. Prior to investing in anything for myself, I also set a clear expectation of a result that I require- mine was to acquire a BRRRR property, which I was able to achieve. If I didn't have the support of the group in addition to being coached by Palak, I don't think I would have had the confidence to pull the trigger and would have been stuck researching Facebook groups and asking people but not getting clear/direct answers. I'm super grateful to have started my passive income portfolio with Palak and know others in my group who have been successful as well!

100% worth every penny spent - I highly recommend it!

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Hi there,

Has anyone done a deal where the seller held the note on a property, you came up with the renovation money and split the proceeds from the sale? Pros and cons? Would you do it again? Wondering if I should deed the property over to an LLC owned by myself and the seller, then do the renovation and split the proceeds. I figured that is the cleanest, but then we're paying transfer taxes on the transfer from the seller to the LLC, then again to the end buyer. Also curious to know how structured the agreement between yourself and the seller. Thanks-

I wouldn’t be asking the question if it was to save taxes on $300. It’s quite more than that and there are still more antiques to be sold.

I’ve sold many of the items already and it was definitely worth the commision we paid so now I’m asking for advice from people who have sold their items and have been in a similar situation. I’m just looking to lessen our tax burden since we made a decent amount.

Hi there,

I purchased a property in January, which included valuable antiques- think Hoarders meets Antiques Road Show. I didn't know the value of the items when we purchased the house.  Does anyone here have experience with this? Any strategies that you can offer to lessen our tax burden? Any advice or if someone could forward me to one could point me in the right direction, I'd appreciate it.  I'm located in the Philadelphia area. Thanks!

Hi there,

I'm looking to get some feedback from people who have put up the money for a rehab while the owner holds the note for the property. In meeting with someone to potentially list their property, I suggested putting up the money for the rehab and coming up with a payout that would work for both of us.  I haven't sat down and thought of the numbers, so I don't have that to share- but I'm just wondering how this type of deal would be structured. 

Ideally, who should be the rightful owner while the house is getting rehabbed? The owner wants to avoid the transfer tax we have in PA but I'm thinking it's best for me to just pay the transfer tax and have him be the mortgagee, with the mortgage due upon the sale of the property. If we don't do it this way, isn't there a risk that I'm taking on if I put up the money to rehab it and then he goes ahead and sells it? Or is there a strategy where the house isn't deeded over to me, we avoid transfer tax- but I'm still protected if I put up the money for the rehab? I don't envision that happening, but I'm just wondering how do I put up the money for a rehab for a house I don't own? He has a certain amount he'd ideally like to walk away with, and I have a certain return I want to make back on my money. We are able to agree on that and then any income beyond that we would split.  He's also fine with being hands off on any decision making with regards to the rehab, as long as it doesn't decrease the property's value.  

Lastly, if you have any feedback on whether or not you advise to do a deal this way, or pros and cons/takeaways from your experience, please share!

Thanks-

Thx @Steve Vaughan and @Dave Foster! And yes, the seller is in PA!

@Kevin Jorgensen I just finished listening to Brian Murray’s “Crushing It.” Definitely read/listen to that. It is doable to start in Commercial but there are definitely some things to consider that he shares in his book. I’m more familiar with analyzing a SF flip. So the numbers are definitely something I need to work on if I want to do apartments. Another point he mentions which i think is crucial in anything is to understand your “why.” If you’re doing it solely because of the financial benefits, the potential is there but that won’t fuel your business in the long term. I’m interested to hear what nuggets your grandfather has to share! Good luck!