All Forum Posts by: Brendan Winans

Hello @Kristyn Sanchez, yes there are a few of us on here. My wife and I own our own Brokerage here in Bakersfield, and have been working/investing in this market for 12 years. Please feel free to send us a message if there's anything we can do for you. 

YES! This is awesome! Congratulations! What an awesome story about perseverance. This is just the beginning for you. Keep us posted on your growth. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $131,000
Cash invested: $151,000

Duplex in a high rental area. Did a nice remodel and procured two tenants at $825 each. Bought cash with the goal to do a cash-out refi. in 6 months (Feb.). Current comps indicate we will be able to pull out $30K more than we have invested. Not bad for our first BRRRR!

How did you finance this deal?

No financing yet. Bought cash, we intend to do a traditional loan in Feb.

How did you add value to the deal?

Seller was looking to liquidate as the property was vacant, beat down, and getting broken into. The first thing we did was put a 7' wrought iron gate around the property. From there it was your typical cosmetic rehab to bring it up to its original luster.

@Frank Wong I relate a lot to your response. I feel a silent money investor would be the best way to open up new opportunities, without inhibiting how I work. Sort of a "let me do my thing, and we'll win together" type of thing.

@Seth Ferguson I agree that goals and interests must be aligned, but how much weight do you give to their experience level? It's one thing to have goals, and another to know what it takes to reach them. Thoughts?

@Jay Hinrichs Thank you. Although I do take the Bible literally, I'm not saying the verse I read over coffee this morning is the pivot point for my entire investment structure. It simply got me to question why I've been apprehensive about partnering. 

Most of your partnerships have been great. What made them great?

... and the bad ones, what went wrong and how could you avoid that in the future?

@John Thedford & @Steve Vaughan, so let's say you have someone approach you that's willing to pony up some dough, what are some other things you would consider? 

This morning I was reading the Bible (No I'm not going to bust out a sermon... unless you need me to). 

I read a passage that basically said "Two people are better off than one, because they can help each other succeed. If one person falls, the other is there to help them up. But someone who falls alone is in real trouble."

This got me thinking...

Since I began investing in 2011, I've been opposed to "partnering up" with other investors. I've never really taken the time to understand why I'm opposed to the idea, but if I were to guess it would likely be some form of "greed." Why should I share my profit when I don't have to? 

(It doesn't feel good to write that, but I'm just being honest here.)

I understand that may limit the opportunities available to me, but before I decide to do a complete 180° on my position I'd like to hear about other people's experiences, good and bad, with teaming up. 

Why do(n't) you partner up?

"So if your client's interest is selling their property quickly and you can satisfy that interest with a cash buyer, regardless of the price, I don't see how that could be looked at as unethical."

This is true, as long as they understand that they are selling for less than what the property is worth.

Welcome and congrats on deciding to explore real estate! Like any other business, real estate investing is a business of relationships. From finding deals, to financing, to problem solving, etc., all of it boils down to "who you know." Surround yourself with solid people, and you'll do great! BP is a great place for you to meet the people you need. If you have any questions at all, don't hesitate to reach out.