All Forum Posts by: Brendan Bouffard

@Kathryn Morea 

Thanks so much for the advice! We should be able to qualify for traditional financing. Let’s connect when we move to PR in November! 

@John Mausteller that is a great set up you have. Yes part of getting into real estate for us is being able to split our time between the places we love. Puerto Rico and Michigan are great fits for us. I know everything there is to know about Michigan lol, and absolutely nothing about PR haha. But we are moving there soon so I should know quite a bit more here shorty.

@Angel Sustache thanks for the advice. It's awesome that you work in Puerto Rico. When you say 125k is not what it used to be, you mean for total price? I wasn't assuming there was any possibility of finding something that low! The hope would be finding a livable multi family place for us to house hack, and one other as a first true managed rental, within a price range that I can use 125k for down payments. (One with an fha and another with some sort of other financing). At least that would be the initial plan. I am really new to this, so outside my technical lawyering experience, I am still learning a lot so obviously I might have a bunch of false assumptions. We move to the island in November and i plan on joining the local REI group. Maybe we can connect when we arrive?

@Paul V. Thanks for the clarification. I think this strategy makes the most sense, especially if i can find an additional small multi family to invest in with a traditional down payment. I could theoretically get two properties the first year. 

@Alecia Loveless how did you get started finding partners and private money lenders when you didn’t have any connections? Were you able to make those connections through local networking groups like the ones you mentioned ? 

I guess this is the issue with getting started. It’s hard to know what is realistic and what isn’t. Like said above, it seems like every strategy depends on finding a deal that is already 20-30% under market (after repairs or a way to raise rents), such that you are able to appreciate above the 80%ltv after a year or two. But how to find those deals? 

Once we pick a market to start in, what advice would you have to find mentors and begin networking? Are there usually local groups or do most people rely on places like this forum or other online communities?

Thanks so much! Yeah, right now we are living nomadically, so currently that's an Airbandb in Byron Bay Australia. Lol. But beginning at the end of the year we are going to find a more permanent spot. I have thought a lot about this strategy, specifically getting a multi family duplex or triplex and using it as a residence for a year or two before moving on. If we did that, we would still have enough cash for at least one more conventional down payment for a rental and try the BRRR with that one, that is, if it's still possible to find undervalued properties.

Hi everyone. I'm generally new to this community but have read a few bigger pockets books and have been interested in REI for years. My wife and I are currently digital nomads and we have about 125k that we saved up and can invest. If you were me and just getting started, what would you do? We have transitioned from past careers and are in a place where we have the time to do this as an active investment. We don't need to be rich by any stretch, but it would be nice to eventually own enough rental properties to live off a modest passive income and start growing a decent portfolio. A few specific questions: is it even worth starting right now with the market so high and headed for a down cycle? How would I go about finding a way to get the most out of our cash and finance our first few deals without needing 20% (it took a long time to save that 125k and saving another batch isn't going to happen lol)? When average families can't even find a house to buy for themselves at a decent price, how on earth are people finding deals that are 20-30% under market value after rehab costs? And finally, a random one, we split our time between Puerto Rico and Michigan right now, how are those markets? I know this is a huge rambling question, but I just thought it would be nice to get some general responses about what other experienced investors would do if they were in my shoes! Thanks!