All Forum Posts by: Eric Ramsay

Have my home free and clear, have a family lake cabin free and clear, be able to take 2-3 months off every year during the holiday dead season, and eventually generate $40k+ / yr in semi-passive rental property income to supplement the cyclicality of the business! Lets get it!!! :D 

Hey @Justin Lukus I'd recommend you check out Credible Coaching with Brentin Hess. He's been in the business about 7 years, has a bunch of rental properties and has done many flips in the DMV area. Been coaching about 4 years I believe. I'm actually in the process of signing up with him myself. (https://www.brentinhess.com/)

More generally, you should be able to find some good guidance through the Maryland Investor Network's facebook group. Mark Owens hosts a Friday lunch every week in Baltimore that may be of interest. 

Hi Michael, this sounds like a great approach, but wondering how best to start. In your experience, what are the best ways to identify said merchants? Are you talking about GCs who can bid for a whole/part of a project, or do you go to the granular level and get 5 sources for each material/component type before inducing bidding competition (i.e. 5 drywall teams, 5 painting services, etc)? Thanks in advance!

Hey @Mike Collins I agree with Alan here about the cash cushion, but you may also want to give this David Green article a read when you have some time if you havent read already:

https://www.biggerpockets.com/blog/brrrr-strategy-real-estate-investing

Its pretty thorough and outlines the basics of the BRRRR strategy, which you might want to explore if you have less capital reserves to work with. I'd also recommend attending the free webinars if you havent already (Brandon's 'analyzing a deal in 20min' is particularly useful). I'm by no means an expert being relatively new to the industry myself, but there's a wealth of info on BP that I've been able to learn and I plan on implementing this strategy soon in Harford/Baltimore County. I recently lined up some local hard/private money partners to finance the acquisition, rehab and refinance as well, and am happy to pass along their info when ready if interested.

@Chris Mason @Brian Garrett @Michael Noto thanks for the input, guys! I appreciate it. I'll look into what the commercial/portfolio loan option looks like, but sounds like I may want to start with a few flips before busting out the BRRR, or find someone to partner with who can underwrite it. Good things to keep in mind as I line up my first deal.

Thanks, Ozzy! I'd been considering this recently but good to hear another's opinion. 

BP Community! I'm a newbie based near Baltimore who left his investment finance job to commit to real estate investing/sales full time. I'm most interested in implementing the BRRRR method with HML partners in my farm area to recycle and stretch my saved capital as best as possible, but I'm concerned about the refinance component. Having left my stable desk job, I no longer have W2 income and do not yet have 2 years of sales-related tax returns to help underwrite a conventional cash-out refinance.

Have other investors/agents run into this before, and if so, what options would you explore to overcome this hurdle? Any insights/suggestions would be much appreciated!