All Forum Posts by: Brian Ellwood

I'd seek private money lenders for a loan like that, borrow for 12 months then refi out with a bank

I did a post on BP on how to find a great cashflow market, here:

https://www.biggerpockets.com/forums/52/topics/833390-the-6-pillars-of-a-great-rental-market

Hey Caleb! I'm originally from Nashville too. What market are you investing in? 

You could get a partner but that would be giving up quite a bit just to avoid the time commitment of doing a BRRR, for example.

I do BRRR's using a personal assistant for 80% of the work and I pay them $20/hr, and it's only a handful of hours per week.

You're paying cash for the deal? That deal wouldn't work cashflow-wise unless you paid cash. Even if you do, you can't refinance your money back out without bringing the deal into a negative-cashflow scenario. It's too tight for me.

You don't need to become an agent to get started and earn income for investments, you can just get right into investing and you can do whatever you want to earn income that will boost your career. In other words, your active income source doesn't need to be real estate related in order for you to build passive income through RE.

You don't need it unless you want to be a realtor. I've seen a lot of people do that and to me it just feels like some use it as a delay tactic versus getting their hands dirty and doing deals. You can use Propstream for property analysis and it works just fine.

Make sure to check in the REI facebook groups for your local market, you'll find good lenders there.

I would try to spread that out as much as possible, you could do owner finance deals where you're just putting like 5K into the deal, and that would buy you 8 down payments...

Or you could just invest it all into a BRRR deal, and then refi and get the money back and keep snowballing it forward a few more times.

Here's a post I wrote on BP about market selection:

https://www.biggerpockets.com/forums/52/topics/833390-the-6-pillars-of-a-great-rental-market

Welcome Marcia! Any reason you wouldn't just go out on your own versus doing one of these partnership arrangements? Those feel good in the beginning - splitting the cost and the risk - but in the long run can make things unnecessarily muddy.