All Forum Posts by: Damian Ramirez

Hello @Trace P.

I'm not from out of the country, however, I do invest in Cleveland, OH, and see that you're in Columbus. Hope the Colombus market has been treating you well! If you're ever looking into Cleveland and have any questions please feel free to reach out.

Hey @Paul Botsyan, 

We are BRRRRing the rental properties we acquire, such as the multi-families, and at times single families as well (short-term). However, we do also flip.

I would suggest going through a hard money lender that does not require a W2 2-year minimum and is okay with bank statements, pay stubs, or even self-employment situations. We use multiple HML's that do not require many documents that traditional financing banks require. I would also suggest going through hard money as it leverages your capital rather than using it all on one property.

You can also look for an experienced investor in your area or wherever you would like to invest, and partner with them to build a track record. It would be far much easier to get lending if you have a property or 2 or 3 under your belt, while as well as making some profit and learning hands-on from someone who knows what they are doing.

Hey @Account Closed

I agree completely with @Ben Stoodley. You can definitely look for a multi-family here in Los Angeles/SoCal, however, you would quickly run out of your capital and would have to wait until you can either save up that amount of cash once more or cash-out refi. I would say to look into out of state markets to invest in and find a group of investors/mentors to learn from and work with.

I'm actually in the same age range as you are and have been investing in the Cleveland market and wholesaling here in SoCal. The choice to invest out of state has been the best decision I've made as of yet and it has treated us well with the opportunity to acquire and close on 6 properties in these past 2 months.

I hope this helps you in the long run. Let me know if there is anything I can help with.

Hello James, 

I invest in the Cleveland market, shoot me a DM

@Steve Dowding

If you're still looking around for references and recommendations for lenders, Agent, etc. I can recommend you to a few. We've been in Cleveland for 5 years and have been able to sort through some of the bad apples and now just work with the good ones. 

Feel free to reach out if needed 

@Lauren C.- I don't have much knowledge or experience in those markets other than Pennsylvania, although not very knowledgeable in that market as I am in SoCal and Cleveland, but perhaps you can go over to that state's/market's forum here on BP and chat with a few investors from Central Jersey, Connecticut, etc. 

I actually do both flipping and BRRRR's, as well as wholesaling from time to time and do recommend while focusing on BRRRR's one should also complete some flips in between. Doing so can help you obtain more capital and keep you going as you invest most of your liquid cash and wait for the seasoning period for your refinances. We do this ourselves in order to have reserves in case anything hits the fan with an ongoing project and for personal expenses. For example, we have 6 ongoing rental rehabs at the moment and 3 flips; if timed well, once a flip sells and we continue to wait for the refi's we will have another net 40-60k plus our invested capital back to get started on another 1-2 rentals. This way we can continue to build up our track record, pay off personal expenses, make a profit and be able to keep acquiring properties instead of having to wait until we refi, which in turn allows us to scale our portfolio.

As for the tax situation/capital gains, I would recommend using an LLC to separate your personal taxes from your investments and flips. It has helped us in the long run and has saved us a good amount of money from not having to pay as much in taxes.

Hey @Lauren C.

Before anything, I would say to educate yourself by reading a few books, listening to some podcasts or attending meetups if you can. Its a lot harder to get taken advantage of if you know what you're doing and know what's right and wrong.

I personally recommend that you start looking into out of state investing and begin vetting possible markets to jump into. For example, properties in the midwest markets are priced lower than those here on the coast, you can usually find a distressed property in a C+ and above neighborhood for about 70-120k, sometimes more or less, depending on whether its in a C,B or A neighborhood. Rehab can vary on how distressed the property is, we've had rehabs for flips around 40-80k and at times even lower or higher and rehabs for rentals ranging from nothing needed or 10k to up to 50k due to the amount of work required or if there was an issue with the contractor. You can even find way cheaper properties in these markets if you decide to venture in to D grade neighborhoods.

Your best bet would be to look into out of state honestly. It takes a lot less money to be put upfront, and you have a higher chance of obtaining a cash flowing property out there. If you use a hard money lender, you can possibly spread your 400k between 5 or so properties and possibly even more if you aim for D grade neighborhood properties.

If you're anxious and a bit afraid of investing out of state, look for a partner that has experience in a market you're interested in. If you have capital and no experience, find a partner with experience, a track record, boots on the ground and who might need extra capital (such as your 400k). Although make sure to ask as many questions, vet them properly, get it in writing/contract and to verify the info they tell you with other experienced investors.

If you have any other questions feel free to reach out at anytime. Hope this helped!

Hello @Lela Chavis

I actually currently invest in the Cleveland market. If you have any question about Cleveland and its real estate market feel free to ask. 

Since your credit history hasn't existed/been used for a while, I'd say it'd be a bit more difficult to obtain a loan for yourself, as well if your credit score wasn't as great. Perhaps applying for a foreign loan would benefit you with having a higher chance of being accepted and given a loan. 

As for other options, you can invest with an experienced investor in the market you prefer as well. Such as being passive and perhaps being a lender, partnering with an investor and work together on a property, or even investing in syndications as well. All options are good options and can help you create some passive income. It just depends on what you would prefer and if you would like to learn while investing with an investor who flips and rents or just invest your capital in a syndication and be a limited partner. 

Hello @Toby Ima

We wholesale in California and Ohio and are always open to working with others. Reach out to me, I would like to discuss the details.