All Forum Posts by: Charles M.

I'm looking to connect with some Class A contractor here in Richmond, VA. Has anyone worked with someone you'd recommend?

My project should be around $100K and includes parging/foundation/pier work, siding replacement, roof reflashing, windows finished and the completion of a totally gutted property. Now that I've completed a scope of work I have what needs to be completed and am ready to get some apples to apples comparisons of GCs in RVA. 

Thanks in advance fellow investors!

@George Damianeas I thought I had, but he's had to come out to repair a dishwasher 3 separate times and wasn't sure what the root cause is, so I'm still exploring.

I'm not sure why people stress the cash buyer lists. People will either JV a deal for you, or you can easily sell the contract IF the numbers work. I'd just follow the YouTube rabbit hole.

@Shunta Mildenberger I have a base contract and Zillow has the ability to send and e-sign through their system.

Defaulting homes means more people looking to sell their home quickly and avoid a foreclosure that will then affect them for 7 years. Listen to your gut, not your parents. YouTube is your friend here. You should start with driving for dollars and cold calling. It will at the very least help you understand the market you're investing in at a much higher level.

Perhaps a new job can combine the skills of something in software engineering & real estate. Something to think about. You're seeing a ton of problems we have as investors, how can your experience in software engineering solve them?

I'd consider getting a job related to real estate. Nothing's better than being a wholesaler or realtor and having access to deals, or being an appraiser and being 100% confident in your ARV.

I found myself unemployed when I closed a personal training business in March. I ended up getting full on into BRRRR and am recycling my money for the first time with a new venture. I find myself in a similar situation, since once I refinance to cover the upcoming duplex I'm buying I won't be covering my personal monthly expenses, despite creating 230K in forced appreciation over 4 units by the end of the year. I'm projected to be completely financially free by the end of the year, though so just a bit more grinding. My goal while most of my money is committed to this project is to wholesale some to make some money, learn more about my market, have a lead gen source that I can use to cherry-pick the best deals and keep myself busy before my next project.

Personally, I wouldn't want an OOS rental so if I were actually in your shoes I'd sell it as a turnkey rental and use the money to find a market near your family/current location.

Don't worry about timing the market unless you're buying turnkey. With BRRRRing property you can force appreciation and get your money back quickly enough that you're basically using a dollar cost averaging approach.

I've been using Zillow to post my rental, esign my leases and collect rent. No fees unless they don't pay by bank deposit, which incentivizes them to want to set to autopay. There are fees if you list multiple rentals at once, which by the time I have that problem, I'll be at enough units to outsource the property management.

I think that ends up being everyone's weakness, because you make money on the purchase of the property. Much more so than by cutting corners and saving $500 on XYZ DIY job, so finding it cheap means you can save more time and spend money in other areas. I don't know about you, but I'd much rather spend my time cultivating my value from an air conditioned room finding deals. I think there's a saying about how the laziest people find the most efficient solutions. I certainly find myself in that category at times.

Anyway, in terms of wholesaling I'm totally new to it so I still have a lot to learn. But for better or worse I'm a sharer with my deals/life. I'll send everyone a message when the project is underway and y'all can come look at it and poke holes in my plan, or learn from it. Either way its valuable to all. Thanks all, let me know what other questions you may have. I'll shoot those interested in this a message in early November.

I'll also try to get some pictures/updates along the way since I had intended to do this last time.

Yeah lets do it @Eddie Gonnella

Another yeah lets do it @Josh Simpson