All Forum Posts by: Garrett Crosby

Personally, I dedicate all my funds to automate towards certain accounts to prevent myself from overspending or dipping into savings. So for instance, my rent payments go directly into an account where the funds are automatically deposited into high-yielding index funds. Deposits from commissions, jobs, or other means are budgeted for ahead of time and automated to pay bills, deposit into other investment accounts/savings accounts, or pay the credit card balance. At the end of each month, I'll assess the funds remaining and either add them to my index fund account (where I typically save for buying more properties) or will use the additional funds for an extra fun family day. :) 

It's really interesting how different personality types play such a role in analysis paralysis. I find that it's good to talk through a property you are looking at with someone who maybe has a different type of personality than you. In other words, if investor A is a "go all-in, jump-in" mindset, and investor B is a "research, analyze, repeat" mindset, the two can really help one another. I know that in my own personal investments (especially for my first) it took talking to a number of agents and other investors who essentially gave me the push I needed to go forward.

No one is going to make decisions for you (and they shouldn't), but without a doubt, the best lessons are learned when you actually pull the trigger. Time is more valuable than the $40 less per month you were hoping to make in cash flow. 

Hi Everyone - just learning as much as I can and getting close to buying my first property. Been working with a great team in the Memphis market - but curious what markets you have found your best multi family property deals? Would love to hear of recent markets where BRRRR multi families are findable. I know that you can find them "everywhere", but would love to hear your experiences!

Cheers!

Hi Everyone!

I wanted to start a thread for others to share any great contacts they have made with real estate teams that have led to great investment properties for their portfolios. Would love to hear about teams that have done a terrific job connecting you with great contractors, lenders, property management companies... essentially, teams that have been helpful in walking you through the process while being a source of information and finding you great deals. :) 

I'll start. I've recently built a great relationship with Crestcore in Memphis, TN. Shout out to Dean Harris and his entire team out there. :)  Since the beginning, they have done a great job of sending me properties, making the offer process simple, referring lenders, and even giving me some great contractor/inspector/property management referrals + zip code analysis videos of all the different areas. I've loved their depth and service to supporting out-of-state investors.

For me, I'm going for BRRRR and/or multifamily properties - hoping to find the right one to get started soon.

Hey Reggie - I mean... this looks awesome. Is there really no anticipated management or vacancy fees on this? I would love to know where I can look into these since it looks like we both have about the same "out of pocket" costs associated with these. Also, as someone who has a portfolio like yours, do you mind sharing where you've found some of your best CoC deals out there? Trying to learn everything I can.

Good look on this project! Would love to get more information on how you found it. 

Hey Daniel thanks for posting this. I'm really wanting to jump into BRRRR's right now as well. I'm working with a team in Memphis currently and one of the biggest takeaways I've been learning is that it's incredibly important to know your zip codes and areas. I'm not sure if you are an out-of-state investor, but since I"m in LA, it's basically the only option I have with the capital at hand. Would love to see how your experience turns out. Wishing you the best of luck!

Also open to hearing any other great BRRRR locations for those of us who have about 70K in total capital to get started with! ;)

@Nicole Galchutt great advice! I seem to be making great progress with the lender I'm working with in Memphis now. I appreciate all the feedback! 

This is great information. Thanks for the tips! 

Hi Everyone!

Every day I've been taking steps in purchasing my first property for my portfolio. I've interviewed a few agents and feel like I've landed on a team that I'm comfortable and excited to move forward with. The time has come to get pre-approved before moving forward on a property. 

The agency I went with sent me a 'vendor partner list' that indicates 5 different lenders, 2 insurance brokers, 2 closing attorneys and 3 home inspectors they typically work with. 

My question today is, how should I go about deciding which lender (in this case), or other professional to go with? Are there questions I should ask on the phone that would help me determine which vendor is best? Am I overthinking this process and should just get pre-approved by the first name on the list? 

Any feedback is welcome! Hoping to move forward on this today or tomorrow. 

Cheers,

Garrett

Hey Victor! This post is hilarious only because I literally was moments away from posting something extremely similar except for the fact that I'm looking for a first-time investment. Looking into duplex, triplex setups in those two exact locations. Curious if there are any other markets with great cash flow/appreciation opportunities as well. Basically, here to follow the conversation! How was your first investment experience? Where is it located? Any buyer's remorse?