All Forum Posts by: Brendan H.

James Riggs I agree with much of the above. Best to try to network with the areas that interest you. Eventually partnering with somebody that has boots on the ground is your best bet in my opinion. As mentioned, buying turnkey isn't necessarily a bad thing, it will just limit some of your potential to gain the equity personally from "forcing" the appreciation. The turnkey company will earn those $'s. I would imagine there are sharp people in those areas that are in need of more capital, so as you network for a bit I'm sure you'll be able to find somebody worth working with. The BRRRR strategy takes a lot of effort but is well worth it. BP is a great place to network and having some capital like you do is a great way to get started. Keep up the due diligence & I'm sure you'll find something that'll work!

One other thing Margaret Wallace , definitely plan on more expenses for your furnishings each year. We just bought all new towels because makeup stained most of them. Also recommend slip covers for couches because they're cheaper to replace than actually couches. Can't wait to hear about your deal!

Hi Margaret Wallace , sorry for the delay! I've been off the grid for a bit. I would highly recommend getting rental comps from other prop mgt companies in that area first. Unfortunately, I am not familiar with the east side, just the west side and 30-A. Each area is extremely localized with respect to rents and sales price as I'm sure you have noticed. The two main things I would say are: 1) use caution with listing agents unless you have a prior relationship with them or they come highly recommended from a person you know well. If the listing agent is also giving you the "projected rents" I have unfortunately noticed some legitimate inflation in those estimates. If there is an actual rent roll you can see from the previous year that would possibly help. 2) that being said, if it is a home you and your new family are looking to spend time at, then the rents aren't as critical. If you need it to make a certain amount in order to make the mortgage work for your family, then that's one thing. But if your primary use is for family fun, and then the rents are gravy on top, then that's great, too.

That's great, Michael LaPlaca ! How are the #'s looking on the 5-plex? Getting a lower rate/lower payment And cashing out to do another deals is outstanding. Congratulations! If this 5-plex cash flows well & covers your cashout ReFi then you're setting yourself up very well to do it again.

Michael LaPlaca you've come to the right place! BP is an incredible source of information. I agree with you, you are cashflowing, and that's awesome. My two cents - leverage now by refinancing & cashing out to use that equity. It is just wasting away right now, while you could leverage at 4% ish and surely make a better ROI by using the cash to buy more props. I'd recommend researching your next deal while simultaneously lining up your financing to pull cash out. No need to sell if you can take a couple hundred K out. And ideally you aren't paying interest on your cash out ReFi until you find your next deal. I do agree it's worth leaving some equity in there. 20%? 30%? Depends on your comfort level with the market those properties are in. Keep up the great work!

If an offer doesn't make you uncomfortable then you should be offering lower! I would recommend tossing out a low ball offer based on those comps at $80(ish)/Sq ft. But go lower. That will also give you an indication as to whether your realtor should be working with an investor. If they're not willing to toss out a bunch of low ball offers on your behalf then they're not the right realtor. If you never make an offer you'll never find a deal. I'd recommend writing an offer a day until you get comfortable being rejected, then you'll get over your fear of offending people. It's a numbers game so eventually something will stick. But the bottom line is that if you don't make low offers & find an Actual deal, the BRRRR strategy will never work. Take the leap! You got this!!

Hi Zak Klobucar ! You're on the right track! Those are all great sources. Not sure how far you've gotten on the podcasts, but Ep 169 had some good Intel on Rents, etc. RentOMeter & Craigslist are great, as well as apartments.com I would also recommend asking everyone you know (friends/work, etc) where they rented from. Then call those prop mgrs to see what they have available in the areas you are farming. You can just tell them you're considering renting in that area and what to know what's available. As you drive the areas for dollars, call the for rent signs & ask what they're renting for as well. As long as you are buying at the right price, you can always drop your rents a bit in a down economy, so you should never really go 2-3 months with a vacancy. In the end, taking action is the most important step so make sure you don't get paralysis by analysis! Good luck!

Robert Smith How did this turn out? Did you get in contact with the heirs? If there is only one executor of the estate, then you would only have to deal with one person. I have purchased rights of redemptions following county tax sales in WA state and as the pros discussed above, it was effective. Every state is different, so I would recommend calling the county courthouse and chatting with them about this specific property & they'll be able to provide a lot of good information. I would also read the statutes specific to rights of redemption. In my instance, it was a two year Right of redemption, so I had plenty of time to send letters to previous owners, and they were just small parcels of land, so not high dollar amounts. In cases where I got ahold of the previous owners, I paid them & signed a contract with a mobile notary & sent it to the county to have the quit claim deed & right of redemption recorded. I did not use an attorney & I just wrote my own one page contract in plain English, but I would recommend using an attorney if you have the resources. I was pretty new to the game at the time so I was just flying by the seat of my pants. But it worked! In the cases where another party had purchased the land at the auction, I had to pay them 10% interest (pro-rated), as well as reimburse them for the amount they paid. But I knew what they paid at the auction, so I could determine if I wanted to pay that amount before I purchased the right of redemption. It was a lot of effort, but paid off in the end because I was able to acquire a few parcels of land through hard work when I was just starting out & had no idea what I was doing! Good luck, & I am curious to hear how you are progressing!

I purchased redemption rights after a county tax lien sale in WA several years ago. I was in contact with the county & ran everything by my contact to make sure I was doing things properly. When I purchased the parcel I had a mobile notary meet myself & the seller and then I sent the contract in to the county to have it recorded. At that point I owned the redemption rights & all I had to do was send money to the county to purchase the parcel, as well as pay a little interest to the party that purchased at the courthouse steps. I am guessing each state, and potentially each county is different, so I would absolutely recommend becoming familiar with those particular statues. I would also recommend contacting the counties directly in which you plan to operate. There is typically always somebody that wants to share their knowledge. They're the experts in their field of that county's foreclosures so they may already be familiar with that process. Good luck!

Marco Petit-Bien I purchased redemption rights after a tax lien sale in WA several years ago and did run into that issue once. The party that bought the property at the courthouse steps tried to sue but I was in contact with the county & ran everything by my contact to make sure I was doing things properly. The party ended up dropping their case & I got the land. When I purchased the parcel I had a mobile notary meet myself & the seller and then I sent the contract in to the county to have it recorded. At that point I owned the redemption rights & all I had to do was send money to the county to purchase the parcel, as well as pay a little interest to the party that purchased at the courthouse steps. I am guessing each state, and potentially each county is different, so I would absolutely recommend becoming familiar with those particular statues. I would also recommend contacting the counties directly in which you plan to operate. There is typically always somebody that wants to share their knowledge. They're the experts in their field of that county's foreclosures so they may already be familiar with that process. I am also interested in purchasing property in Florida, so I am curious as to your experience with this process! Good luck!