All Forum Posts by: Chisom Frazier

@Whitney Hutten. Thank you. I’m conflicted with the chicken & the egg dilemma in regards to asking PM’s and agents for help in finding deals before I’ve done any deals and don’t have a lot of value to give to them...YET. What’s your thoughts or experience? Will those individuals invest time in me if I sell myself well about being serious and in the game for the long haul

I'm new. I don't own investment properties yet. I'm reading/educating/networking/studying before I start. I'm very interested in starting out by looking for good BRRRR opportunities and long term buy&hold deals to get me in the game.

I very consistently read about the huge importance of buying right financially. Seems obvious, but I also read about the huge importance of buying in the right location. One that will cash flow well from acceptable rent rates, have acceptable ARV, and appreciate. The kicker is, I read these things and don't disagree at all, but I'm also reading about the vast number of deals that this discipline & strategy will allow you to do because of the financial position you place yourself in. The thing is, in the real world I don't witness BOTH the things occurring. By BOTH I mean the right properties and a good number of the right properties available. By the way, I'm in the Tulsa, OK area.

If there are distressed properties they’re typically in locations you don’t want. If there is one available in the right location it’s few & far between.

Disclaimer..I am not working with an agent or another “deal finder”, just my own observations from knowing the town well, and Zillow, so I know there’s probably a lot I don’t see.

So, I guess my question is...how true and real is this for the person starting out with limited capital & experience to enable some creative solutions? Will the deals just come much slower? Does Zillow really only display a fraction of the availability?

Or maybe I should also ask...can good rental locations not necessarily be in locations that are the obvious places people want to live? Any good reading suggestions specific to the topic of location?

Just looking to hear some other real folks input not from a book.

@Nicholas Covington Thanks! I overlooked the difference between the original financed amount and the 70% ARV amount. That's where the cash spent on rehab comes back in cash form. Got it now. Thanks.

So I'm a newbie. Like REAL new. Just in my education gathering phase. Currently reading Brandon's book on Rental Property Investing. The BRRRR strategy intrigued me, but.....how exactly do you get your CASH back during the refinance? Ever write a very common word down on paper and for whatever reason that day it just doesn't look spelled correctly? I'm thinking maybe it's so obvious that's it's confusing me, but I've only purchased two personal residences in my life and never refinanced. If the after rehab value is $150K and you refi after the rehab phase for $105K is the bank writing you a $45,000 check??? The way it's written is making it sound like money is literally coming back to you, not just in the form of equity because it is then used to "repeat" the process. I'm not clear and don't want to ASSume. Please clarify/confirm what may be right under my nose but doesn't seem right for some reason.