All Forum Posts by: Garrett Ott

@Alex Fenske

I’m in Jeff Park!

Awesome, thank you both for the information! Contacts are probably my biggest weak spot right now, so it’d be great to shake a few hands

Hello BP,

Looking for more meetups in my local area to build my network and hopefully find a mentor to help me with my real estate journey. I’m currently focused on small MF, and would eventually like to transition into large MF. Right now I’m the owner of a 3 flat  and renting out a bedroom in my own unit I’m an ambitious person and obsessed with learning about the local market. If you have suggestions or connections and would like to share meetup information it would be greatly appreciated. 

Thank you!

Good morning! 

I’m closing on my first small MF property this week or so! While I’m very excited to finally get started investing after searching for months, I still could use some guidance. My hope is someone can help align my mindset of what would be best for the long haul.

Here’s where I’m having trouble. The property has quite a bit of work to be done. Naturally I want to fix EVERYTHING, but it’s just not practical. So, I’d like to make as many fixes as possible before tenants move in (I’ll be living in basement) while sticking to a rather small budget of 10-15k. What do y’all think is most important/urgent to fix vs not so important.
Here’s what I got: 

-3 water heaters need replacement (1 is immediate due to leaking)

-small leak in basement but there’s a floor drain (waterproofing quoted $8500)

-missing roof shingles (roof itself ~12 yr old)

-12 windows on main floor do not open and need replacement as well as 2 in basement need to be changed to egress

-some tuckpointing recommended due to minor efflorescence (quoted $400-650)

-considering installing electric baseboard heaters to separate heat (whole building currently on one boiler)

-various minor electric fixes (GFCI outlet changeouts, couple outlets with bad grounding, etc)

Please let me know what you think! It’s been driving me nuts not knowing where to start or what’s best to start on. Appreciate any and all help, thank you. 

Hello BP!

I'll cut right to it. Im trying to walk myself through the BRRRR method while using an FHA (203k most likely) to fund my first property. Once that's done, and I refi, how will I be able to pull out enough $$ for the second property?

Since banks will only give the ~75% LTV and I won't have the full property equity (from the small down payment on FHA). Will I just have to wait until more of the mortgage is paid off before being able to pull out a decent amount of money for the second property?

Thanks!