All Forum Posts by: Taylor Dasch

Theres never a wrong time to buy IMO - Once I have the funds, I purchase another property. It is the deal that matters the most. If I can continue to buy properties, sometimes I will buy when it is a "bad" time. As long as it cash flows and will continue to cash flow its a good time to buy it in my opinion.

I'd door knock, then send a hand written letter or post card with your face on it, then call them.  I have been fairly unsuccessful with cold calling alone.

Yes absolutely, I think every property gets some unqualified tenants. I agree 100%. If i was in that situation, I feel like I may get antsy because its not renting out and lower my standards. But this a great principle to have!

To get it accomplished all you would have to do is find a bank to do a cash out refinance of your property, just keep in mind that the interest rate will be higher than it is right now and closing costs need to be considered, on the low end you would be getting 50k back, - closing cost. If you use the $ for another investment property it is definitely a good idea(IMO) as the percentage return will likely be much greater than if the equity was in your first rental. 

HML will lend on 75% of the ARV I believe, sometimes more, sometimes less. As long as it appraises then I'm sure you will be able to go with your plan. If I were you though, I would fix it up and capitalize even more on the good deal. It should appraise at a higher value and then you will get more money in your pocket for other investments, just keep in mind that using hard money is expensive and you would have to refinance or fix it up quickly.

That sounds like an awesome deal, Going for properties that have been on the market for a while is a great strategy as well.  I have found that if you purchase a property with tenants, they will typically leave it awful. Thats a small price to pay for the years of cash flow and appreciation you will get from the property.  Great job! 

Some more information is needed to decide if it will be a good idea for you. The basics would be : Would your return from the refinance be greater than the extra amount on the mortgage payment? Typically, if you spread out your equity between multiple properties, they will provide a greater return. Your also able to leverage more of the banks money. But be careful about becoming over leveraged. Are you very familiar with your market and the numbers associated with a BRRRR such as rental values, ARV, cost for remodeling? If not I'd recommend becoming familiar with them or find a Real Estate Agent that is familiar with them prior to refinancing. I do think that money sitting in the bank is losing more and more value every day. But thats not a good reason to just go buy a fixer upper. You definitely need to know the risks before hand.

Wow that is a huge deal for your first one! I definitely wont be the best advice for this one since I have only done SFH deals. But If I were given that opportunity, I would analyze it just like any other deal. Determine gross income, expenses, value add potential, and ARV. I would also definitely get someone who is more experienced in your market and pay them to advise you if needed. Also my motto is always just jump in, but that may be a little different for a deal as big as this lol.

Great idea for a book! My biggest fears were and are still: Buying a bad deal and losing 20-30k then having to waste time to recoup the $ - mediated with knowing the market and not buying anything "too risky".  But still I hear horror stories of a property having a single plumbing or sewer issue and it costing thousands of dollars to fix. Also it is more rational that I will lose 3-7000 on a property and eventually gain it back rather than losing 20-30k. 3-7k is a learning experience , 20-30k is wreckless IMO. Another fear is that other investors are more experienced than me, so ill never get a good deal on a rental property because the other investors are better.  While this is sometimes true, I learned a valuable lesson that not everyones criteria is the same, and a big time investor would laugh at the deals I am doing. However it is a great deal for me(500-700 cash flow / mo).  

It would be quite hard to find, bringing a private money lender a really good deal would be a better possibility.  Definitely take time to learn your market and have your numbers spot on. So that when a good deal comes along, you will be able to convince whoever you need to that it is a good deal. Also for the increased risk of the lender, you could offer a higher return and take less for yourself just to get started.  You definitely cant just decide to flip a house, and then do it. There is a lot of research that needs to be done prior. Knowing the market as well as the costs for repairs and updates are the two biggest things.