All Forum Posts by: Gabriel Green-Lemons

@Raymond Y. and @David Ribardo. I appreciate you guys responding!

@Raymond Y. Very Nice. I had an graduate internship one summer at a hospital in that area years ago. What is your niche? Multifamily, single family, commercial?  

I have been focusing on Indianapolis, IN since last summer.  I was drawn to the area based on higher rent to value ratios. I am open to exploring  other markets. I purchased a SFH through a turnkey company in October, but did not have a good experience. I decided not to use turnkey companies again and put together a team (RE agent, lender, property manager, contractor) and just had an offer accepted on a 3bed/1.5ba SFH. At this time I am looking for SFH homes in C+/B- areas to execute the BRRRR strategy.

@David Ribardo  I appreciate your advice! I agree with you 100% about putting together a team. Finding the right people is crucial.  I found the WRONG people when I first went the turnkey route. You're right, reaching out to established investors within the market has paid off. I have not looked to partner with anyone yet, but I have found some investors who live in the greater Indianapolis are who are also BP members. I was able to get referrals from them for a a wholesaler, PM and contractor. I'm hoping the renovation on the home I'm working on now goes smoothly. You have got to be the 100th RE investor I've spoken to that advised finding a good contractor is easier said than done, so I am mentally preparing myself for more ups and downs. 

I'm glad to hear you are having success with the duplex and 8-unit building! Are you still looking to buy more small multis in ATL? I had looked at that market briefly and would ultimately like to get into small multis myself.

Hi BP family,

Is there anyone out there currently living in NJ who also happens to invest out of state? If you live in NJ, especially north Jersey, you know prices can get pretty expensive relative to other markets. After reading @David Greene's book on out of state RE investing (which was excellent by the way), I became motivated to buy and hold without using a turnkey company in markets with lower costs to entry, lower property taxes and laws that are more landlord friendly. 

Now that I have taken the leap, I would like to connect with other investors living in NJ who have done or are planning to do the same thing. I am hoping we can bring each other value by sharing experiences (good and bad), knowledge of different markets as well as our networks. We all have our individual goals we have set out to achieve. I'm thinking we may be able to help each other get there faster while side-stepping some of the landmines. 

Hi @David Greene,

I PM'd you about this, but I realized there are others that may benefit from the question.  

When using the BRRRR strategy out of state, do you recommend avoiding purchasing properties that have tenants in them already?

I'm thinking of a situation with some type of significant "owner distress" where the owner is willing to sell for under market value, but the property is occupied. I figured it might throw a wrench in the timing of the rehab and refinance. Since you've BRRRR'd successfully several times, I thought I'd lean on your experience.

Unfortunately I can't make this one. I'm on Daddy duty since my wife's getting out of work late. I look forward to the next one.

@Account Closed Thanks a lot for the advice. I'm going to see if I can find a contractor/investor to approach at this REI meeting I registered for coming up next week. I'll be getting J Scott's books to read through next month.

@Rob Rice I was hoping they would come out on amazon audible like Brandon's books have. Nevertheless, I will pick those two up. I have heard good things about them! Thanks for the suggestion. 

@Eric Bosworth Great idea! My wife suggested the same thing. I actually just found a local REI club right after I created this post and registered to check out the next meetup on June 6th. Thanks for your input!

@Patrick Liska Thanks for the encouragement! I'm trying to take action and learn as much as I can with this because I expect it to pay dividends down the line. Thanks for the information too. I hadn't thought about it from a liability perspective. 

I'm a registered pharmacist, and I work from home full-time processing adverse event reports. My job's great. The work-life balance is awesome and I love the team I work with. I must say BP has been an invaluable resource for learning about real estate thus far. I have tried partnering on some flips in the past and learned some lessons. From here on out, building a huge rental portfolio is the goal.  

All of the podcasts episodes and audiobooks I have been listening to recently have echoed a similar crucial element to building wealth through long term buy and hold real estate investing: FIND WAYS TO CREATE VALUE. One way to do that seems to be rehabbing distressed properties to rent out.

I have heard the BRRRR strategy mentioned time and time again on the podcast episodes, and I realize it's time for me to get more experience with the first "R" in that acronym so I can increase my comfort level with taking on fixer-uppers. I currently live in north Jersey and would like to work with an investor in the area to get my hands dirty and gain some experience with rehabbing a property. My objective here is to gain some knowledge, so I am willing to work for FREE. I repeat I am NOT interested in getting paid, I just want the experience.

Are there any experienced investors in the north Jersey area with rehab projects going on that would like an extra hand on the weekends? 

Hi @Guy Laclair. My wife and I are considering moving this year from NJ to the greater Atlanta area for a similar reason. We are interested in first househacking a 2-4 family and continuing to buy  multifamily properties from there. I have been wondering if the 1% rule will be enough in nice areas to get at least $100 per door. @Curt Smith's guide on how to buy rental property in this area is very insightful. I urge you to check it out!