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All Forum Posts by: Charles Mitchell

Charles Mitchell has started 28 posts and replied 93 times.

Post: NYC Mastermind group

Charles MitchellPosted
  • Posts 103
  • Votes 48

Good morning BP team!

I'm looking to set up a weekly mastermind group for out of state investors looking to BRRRR a property that are located in NYC. Would anyone be interested? No prior experience needed! Just a commitment to achieving your goals! Please post here if interested and shoot me a PM for more details!

Good morning BP Team,

I'm looking to purchase a few BRRRR properties in Jacksonville this year. I'm in need of a rockstar agent and would love any referrals! Looking to build out my team and get into my first property in the next few months!

Happy hunting! 

Post: Long Distance Buying

Charles MitchellPosted
  • Posts 103
  • Votes 48

@Jared Smith how'd it go?!

Originally posted by @Michael Ealy:
Originally posted by @Charles Mitchell:

Hi All!

I'm having some issues figuring out the best way to run my BRRRR deals. My goal is to run 5 a day which I've been doing but I can never paint a true picture with the numbers because I never know the rehab costs. I just received J scotts updated version on estimating rehab costs which I'm reading as fast as I can but still-- it seems hard to estimate costs with just pictures. I've been getting my practice deals from the MLS as well zillow/realtor.com. Any advice on best practices so I can start to run my deals without feeling like I'm missing something?

The cost of rehab will depend on your market and the price range.

If you're in the Midwest, this is how I figure out quick repair costs based on pictures (keep in mind this works for the median price range of $100K to $250K) and if you intend to FLIP (fix-n-sell)

- cosmetic improvements (paint, replace carpet with hardwood, new windows, landscaping) - $10,000

- remodel (new kitchen, new bathrooms, appliances) - $25,000 to $30,000 (this will typically include cosmetics)

- structurals (new driveway, new garage) + cosmetic + remodel - $40,000 to $50,000

Since you intend to fix-n-rent, multiply the above numbers by 65%.

 Wow, this is perfect! Thanks for the quick tips!

Hi All!

I'm having some issues figuring out the best way to run my BRRRR deals. My goal is to run 5 a day which I've been doing but I can never paint a true picture with the numbers because I never know the rehab costs. I just received J scotts updated version on estimating rehab costs which I'm reading as fast as I can but still-- it seems hard to estimate costs with just pictures. I've been getting my practice deals from the MLS as well zillow/realtor.com. Any advice on best practices so I can start to run my deals without feeling like I'm missing something?

Hi all,

Looking to purchase my first place within the next 3 months and am shopping around for pre-approval from an HML. I've already been quoted 3 points upfront and 11.99 interest up to 200k. Taking the search to BP to see if there are any lenders that can offer better terms. Please PM if you think we can work something out!

Method: BRRRR

Length: 12 months

Price: 200k all in (including rehab)

Hi All,

We're looking to start a weekly/bi-weekly mastermind group in NYC. The goal of the group will be to hold each other accountable for working towards your REI goals as well as helping each other navigate the REI waters

We're looking to have the group to be centered and made up around those looking to invest OOS using the BRRRR method. See below for the criteria of the group;

  • OOS Investing
  • Using BRRRR method
  • can have 0 or 10 deals under your belt absolutely no requirements
  • Actively pursuing deals/knowledge
  • Able to attend weekly/bi-weekly meetings (virtual or in person)
  • No past experience required! We're looking for people who are committed to buying property in the same capacity that we are.

Please feel free to leave a comment below and/or shoot me a DM! We want to keep the group on the smaller size (capped at 10) as to not lose focus. 

@Blake Edwards Hell yeah! good for you! keep up the good work!

Location? How distressed was the property?

@Blake Edwards great job! how long ago did you buy this property?