All Forum Posts by: Colby Fryar

I am currently doing this in Alabama. Also looking to partner up- am willing to look in other areas.

I heard good things about it-  just too much going on right now.

@Sanjeev Advani- Good luck.  I am also looking for a coach/mentor-  let me know what you come up with.  I was thinking about joining Rod Kleif's program for a while.  

@Angello Campbell- Be careful betting on appreciation alone. I would search out a contractor to partner with and/or experienced investors in your area.  Offer sweat equity and legwork and give them a majority stake in the deal.

@Sanjeev Advani- What type of real estate investing are you doing?  For example, some coaches do multifamily, some are syndicators, some are general, etc. If you do a search on BP, you will find a lot of discussion and reviews about different coaches.

@Jeremy Schreiber be sure to do your own due diligence and don' take anyone's word for it.  You need to know the property and neighborhood front and backward.  Don't rely on "this is the best rehab company in the nation".  And make sure to visit the property-could be well worth the airfare.

@Christopher West taxes and insurance seem low.  You will need to call your insurance company. You can pull the taxes from the Parish I would think if they have a website.  Depending on the condition and the level of rehab, you might get away with 8% on maintenance if you are lucky.  Of course when the tenants out it blows the cash flow all to heck.   

My vote is no-  go for cash flow.   In a down market, it could be very hard to cover your expenses and then you have to wait years for appreciation.

Also make sure you buy in the right neighborhood.  Visit if you can but if not, call multiple brokers and property managers to get the scoop.  Avoid buying in the hood no matter how good the numbers look on paper.

@Tristan Colborg- It was an easy decision for me.  I though it best to point out the tax consequences and point out at least one of the options though.