All Forum Posts by: Account Closed

Bryant, first and foremost Thank you for giving assistance through the ever changing game of Real Estate.  I'm in the process of purchasing my 3rd buy and hold property, with closing "hopefully" taking place at the end of this week.  We have renovations to do once we assume the property, so my question to you is, what accounting measures/tracking should I use during this process?  I'm a user of QuickBooks, but really rusty on the software, however am self educating that tool.  ON my last property I just used Xcel, but didn't feel I tracked my purchases and out of pocket expenses very well.  Please help....

this is pleasing news so this would work with my plan then. I could utilize this loan and stay in the property for a year as my primary residence and then purchase another property, move into that property and make that my new primary.... great. Am I right? Bryant thanks for the phenomenal guidance.

Is it true that some lenders don't check your credit score, you just have to prove the outcome of the flip and they will take a percentage?

hey eBryant - newbie investor here as well as well as newbie to the posts/forums. I just completed a cash out refi of my 1st property that I tsubsequently turned into a rental property in Miami, FL. I withdrew $45,000 and still able to cash flow $400+. Im ready to hit the floor running but would like to leverage OPM to allow me to keep more cash available for addtl properties. Any suggestions? If you were in my shoes, what strategy would you use to pick up your next property? Thanks

Hey @Conway Churaman

There's no shame driving an entrepreneur mobile and living with your parents, especially when they're not well.  I think that's time well spent.  

You should hang out in the wholesaling forum https://www.biggerpockets.com/forums/93-wholesalin... to get more of an idea if it's for you.  Many active folks in that forum are in Florida, so I'm sure you'll connect with someone.

Hi guys,

Here's a bit of a predicament.

Currently, I plan on investing in Syracuse. Multi-family homes on the low end can be around the $30k range that needs a lot of work or up to $80k that won't need any work.

I have about $20k liquid...

The issue is, if I buy a low end property, I don't have enough to do the rehab.

If I buy the higher end property, I'm afraid I won't be able to BRRRR out because the area doesn't appreciate in value.

What would be the best move if you were me and this is the first deal?

Thanks in advance!

This was amazing advice, so simple yet very effective. Thank you !

@Jonathan Heltz

I recommend getting your agent to set you up with email searches from the MLS that match your criteria. It could be for certain neighborhoods you want to be in, certain zip codes or they can even draw an area on a map for you. I would ask for a notification every time a listing either becomes a new listing, changes price, goes pending or completes a sale in your area.

You may get bombarded with emails, but if you look at all the listings that ping your criteria then you will start to develop a good understanding of what the comps are in your area just by looking at so many deals.  When I ask for comps from my agent I am requesting the year of sales prior to the flood as well as all sales since the flood.  

The "MLS client view" will allow you to see photos if they exist and you can know if you are looking at a flooded and gutted house or a rehabbed house, but the listing and sales price should tell you right away if it is gutted or restored. I also get the "CMA summary" view which is a spreadsheet format to easily run through all the listings and see things like square footage of living area, number of bedrooms, days on market, list and sales price and average and median prices per square foot.

Keep at it and you will get the right deal. I also recommend you attend your local real estate club which is The RING / Baton Rouge REIA and connect with local wholesalers. Wholesalers are bringing tons of deals right now that can often be purchased for less than those on MLS.

Take massive action and I'll see you at the top!

I am 20 years old, do you think lenders will take me as a joke?  I feel that if I ask for their help, I will get denied.