All Forum Posts by: Garrett Ellison

Welcome, Nathan! I'm new, as well (and greener than you, as I don't yet have my first REI property yet!).

I've been learning a ton from BP's forums and podcasts and our goal is to buy our first investment property before the end of the year.

I've gotten quite good at analyzing properties, and I'm currently under the tutelage of a local successful RE investor. Please let me know if you ever have any questions, in that regard.

Thanks,

Garrett

I've got some funds secured for buying my first rental property!  However, I have a couple of newbie questions.  I feel like some of these small details get left out in the podcasts.

I'm assuming I should get pre-approved before I start making offers.  How did y'all most easily complete this step?  I've also heard that you should only get your pre-approval letter for the exact amount that you're offering, otherwise the seller will assume you could raise your offer.

How did y'all complete this step?  Form a relationship with a local credit union and get them to write a different letter for each offer? Or just get a pre-approval letter for as high as your niche budget is?

Thanks!

I just sent you a message!  Thanks.

Thanks for the advice, Jack!

I think it was clear in my original message, but in case I wasn't - I'm looking at only buy-and-hold rental opportunities.  I'm excited to make this journey with y'all!

Hey everyone! BiggerPockets has been HUGE in my REI education development over the past couple of months. I've been learning so much, and I love the community here. I also listen feel like I listen to the podcasts 24/7, haha. Thanks to Brandon Turner for awesome material!

My name is Garrett and I'm looking to start small and safe (Condos that cash flow, under $100k), and grow quickly. I have a burning in my chest to retire in the next 10 years. Open to any input from more experienced investors at any time! Here to learn. I want to start small and safe to obtain a solid on-ramp into REI, and to also help my wife to understand the many opportunities and pleasures that REI can bring.

Where I'm at: I'm currently looking for my first deal.  I feel like I have a really good CF evaluation tool that I use to quickly analyze properties.  I'm also low on capital, however, so I'm looking to partner with local trustworthy individuals that can provide the capital.  I'm young and I have the hustle and the grit to find good cash-flowing properties and handle everything from A-Z, save for a few questions here and there that I'll undoubtedly have.

Great to be here.  Thanks!

I'm loving the BRRRR method, and I think this is definitely the way to go to minimize risk, start with low to no money down, and grow rapidly.

That said, I'm finding it difficult to find out around how much you should put down with private money up-front? I first figured that I should do an all-cash offer with private money, but then the Refinance step doesn't really kick in, does it? What have y'all found to be effective? I wish the BRRRR calculator had more options for private/hard money financing options, as I'm struggling there.

Any input is appreciated!

Thanks!