All Forum Posts by: Gabriel Britt

 Wow that's a great idea Brian, I would need to overcome a few challenges to make that work, as I have a family of four. Convincing them would take some time. I'd need to have a serious opportunity with numbers that work to make it worthwhile.

Love this strategy though. Using equity for a down payment is exactly what I have been considering.

I live in Columbia and own a single family rental. Charleston is a familiar place for me as I used to travel there frequently to visit family and friends. I am looking for multi family deals, preferably a duplex or triplex. Passive income is my priority for now as I still work full time. I'm currently learning more about how to analyze deals and practicing so I can recognize when I see a good one. Let's learn together Chad

When is the next event?

Love the community support and all of the helpful advice. Randall, Tim, thanks for the suggestions. I'm definitely reconsidering doing the 11 person deal. Thanks for bringing the additional expenses to my attention as well. It will be easier to determine the taxes and insurance than the CapEx and vacancy, which are a bit more arbitrary.

Sergey, I do have the prequalification, but the banks were asking for 20% down. Yikes. Still trying to figure out how to make this work anyway. I will find a partner who is experienced and looking for a deal.

Jose, that's the second bigger pockets calculator recommendation. I will definitely check it out. I have to find what numbers to enter in for taxes, insurance, CapEx, repairs and vacancy.

I don't mind working with other investors, maybe you're right 11 is alot of people for one single family house. You've got me imagining how much arguing would occur and how long it would take to make even a simple repair lol. I have a mortgage on the house I own, and with my financial situation, I don't have the capital to put down the 20% down that banks are asking to get a loan for an investment property. That would be over $44,000 for a $220,000 house. I could probably come up with half of that. By the time I save another $20k at my current salary, houses will probably cost $300,000. 

I'm basically trying to think of creative ways to finance a deal.

Also, my other goal is to get educated on how to analyze whether this is even a good deal to begin with. 

So from what I understand so far, the three things I need to bring to the bank are the deal, the debt, and the equity. I have the deal: It's a 4 bedroom, 3 bathroom single family home in Columbia, SC currently for sale for $220,000. How do I figure out if this is a good opportunity? I want to buy at a low price, in a good location, and rent out the property so that it cash flows. The median rent in 29229 is $2200/mo. What do I have to do to figure out the math on this?

Does that mean if I can find 11 people who will put down $20,000 each, we could pay cash for the deal? They would turn that $20000 investment into $200 monthly rental income, and that would add up to $72,000 over the next 30 years, off of an initial $20,000 investment.

Bernie, I'd like to know how this deal worked out for you. 

Brandon, great video very informative. I like how you break the process down into steps. Starting out can feel overwhelming, because there are so many unknowns. Where to buy, what other properties are selling for, how much is the HOA fee, what will taxes be, how much money do I need for rehab, will I be able to find tenants, etc.

I have some savings that I'd like to invest in a multi family property. It would be the fastest way to pick up several units at once. I do own a rental property, so I was considering doing a refinance to help pay for my next property. My credit is great, because I've been working full time for over 13 years and paying down debt, and paying bills on time. My wife also works full time. 

Last month, I lost my full time job.

I have always thought that I would use real estate to escape the regular day job. It's now because I am no longer employed, that I can no longer use lack of time as an excuse for not pursuing my dream of buying and holding real estate. In fact, I can fully commit to putting all of my energy into rehabbing a value property to get better cash flow out of a deal!

So after watching your video, I believe I am at the road map phase. I need to figure out the steps I can take to get a deal when I have money and time but no deal. I'm in Columbia SC and I would like to do something locally.

I have a 3 bedroom condo that was rented out for 2 years to a tenant. After an inspection, I noticed that there is a strong smell of cigarette smoke. Now they have moved out, but the smell lingered. How do I get that horrible smell out of the place? Is it simply a matter of cleaning the carpets and replacing the air filters? Please let me know if you have experienced this, and what you did to resolve!

A wise man once told me that of you wait around for the perfect opportunity, you miss a whole lot of really good ones. In this case, how long will you be willing to stay in West Columbia if your business starts to blossom? What is the reason behind your plan to move to Jacksonville? I'd you don't know the area or have a network down there, it seems like that could be the tougher option in my opinion.

On the other hand, there must be some reason you feel it would be a good opportunity. I don't think you will make a bad decision either way, but once you make your move, try to focus on working in that space. Otherwise the idea of shoulda, coulda, woulda will become a distraction and may even prevent you from reaching your full potential. Be the best you can be whereever you are, my friend. That is one of the keys to success.