All Forum Posts by: Brandon Richey

@Sameer Kh so looks like your cash flowing properly. $490 a month after HOA which is almost $6k a year. What I think it is , is a management issue. I get minor leaks happening but a good handyman shouldn't cost more than $100 to go fix minor things that take less than an hour . Also shouldn't be happening once fixed and addressed. Sod as well. Can get sod for nothing at Lowe's and go to Facebook find someone to go get it and lay it down like a handyman and your out of their pretty cheap. You have to Buy right , finance right and manage right. I think the last one is your issue here. Maybe fire the management company and watch the cash flow come in ;) right now

The management company makes more on your investment than you do. And a $6100 make ready is retarded.

@Sameer Kh if the rent is $1280 and your debt is at $79k roughly there is no way you should be losing money or making $100 a month. Somewhere in this process your getting hosed big time. What are taxes insurance and hoa? $6100 for a make ready is silly ... you can find a good ole boy contractor (the one who is the guy that does the work) pay him $1500 for a week and he will do anything you want over there quick ! I , in general, thing property management companies bring no value and cost investors money outside of their 10%. Generally properties are over maintenance , make readys are always costly and rent is always a little bit low ..

@Katie Miller this year is my BIG YEAR ! I am selling my Current company (insurance agency) set to close in less than 4 weeks!! It has been my main and primary source of income for 8 years. I have built up a nice portfolio of 31 SFR properties that cash flow well, we just sold and close on a flip ($60k net!!!) in the next 2-3 weeks , next flip has started and a new build spec on the way and continuing to buy SFR properties to get rent roll gross over $50k but this year is the first year real estate is my only business focus! Can't wait to see the growth and numbers at the end of the year !! Projections are great so have to put them to action !

@Jamie McCauley congrats! I just wrapped up a flip on a home I bought in a short same. Excellent area and schools. House had an excellent structure but a neglected owner. Purchased fir 135k. Rehab was $60k (full interior cosmetic rehab). Just sold it for $269k and after closing costs etc will make just over $60k!! Started the next flip already!

@Nicholas Brady. Nothing taught in traditional school will prepare you to be a real estate investor. A bachelors degree (I have one ) does absolutely nothing to make you a successful real estate investor.

Does anyone have any experience with Housing Authority Auctions ? I have bought foreclosures and just got a link for a housing authority auction since i have a few rentals through the housing Authority. There are 100 properties and some in good areas and good locations. Anyone ever done this before ?

@Wes Harrington awesome ! It's good to connect with people in the same trend ! I left a Major thing off my goals list but I'll share. For the last 7 years i have owned an insurance agency and I am in contract to sell it January 2020! I can't wait! I'm also bringing my dad on to work for me. He is a master carpenter and one of the best cabinet and trim guys around not to mention he can do it all, run it all and knows all

The tricks and subs! I have 3 flips lined up and a new build so those can keep him busy and make me money to pay him and when I need a rehab or work , make ready etc for a rental I have the team in place. Basically operate like my

Own personal construction company ! Once the buyout happens , I will sprint to a 50k gross rent !

@Gerardo Hernandez it has taken right at 3 years to get it there. I have really knocked it off 1 house at a time. I have leveraged and used local banks to execute the BRRR strategy quite well. We got somewhat good and finding and sourcing good deal as well in our area. $37,500 is GROSS rent . I have debt on all properties except 1. Net is around $15k a month. If I get up around $50k gross i think I can bet around $20k . I'm selling my primary business (insurance agency) in January so that will give me a jolt of cash to get to $50k. It's about 8-10 houses Is all.

My 2020 goals

1) complete and finalize the sell of my insurance agency to transition to a full time real estate investor

2) get to $50k in gross rent per month ASAP (currently right at $37,500)

3) flip or build new construction and sell 4 properties at an average net profit of $30k to make $120k on flips/new builds in the year

It's a small list, but I'm laser focused on each of these three things !

@Tony Cimino update we got the price down to $50k !