All Forum Posts by: Garrett Diegel

I am in the process of, well, building processes in my business. Currently my focus is on both the management side as well as the acquisition side. My question here is about the daily habits of successful REI business owners. If you could start out doing any activities on a daily basis that would help you scale your business and property acquisition what would it be?

@Anton Taylor - Regardless of where you invest and what you invest in. You need to find your WHY. Why are you doing what you are doing? Are you looking for freedom, cash flow, to build a giant company or invest on the side? There are a lot of other questions to ask yourself but they will all help lead you to your niche. Always follow your why. 

@Brie Schmidt @Nathan Arceneaux

That is fabulous advice!! From someone in the same position, 35 years old, business, real estate, 2 kids, wife, dog, etc. It really is great to hear that other people have the same struggles we do and that they have overcome it. For us, we only have one tri-plex unit currently but we are doing all we can to put the systems in place now so we don't have to scramble around later. Everything from what Brie said on the e-rent payment options to listing out what paint we use in a spreadsheet so our rehab people, or, just each other, can purchase things with much more ease. For me the struggle seems to be scale on the acquisition side. With only three units I can say my systems are great, but, I don't have enough property to truly stress test them anyway. We are hoping to scale both systems up together in order to acquire more properties quicker and manage them in the mean time. I'd say Brie knows what she is talking about here

@Scott Steffek - I have a question you might be able to answer. How to you structure a deal for investors with the cash on cash return. For example - investor puts in $50,000 for the down and rehab costs, the rest is financed through traditional mortgage for 30 years. Cash flow is say $500 or about 10% cash on cash return. How do you pay your investor back their money? Would it be interest only loan and pay them with the cash flow? Working on a deal like this and trying to get my head around it :-)

@Ian PriceI guess it depends on the market and the deal but in short I think it is sound advice to have some kind of buying minimum criteria. Currently we are at 10%-15% cash on cash with minimum of $100 per door cash flow. More is better but we don't even look for anything less. 

@Mike Smith Love that quote!!

@Megan Greathouse - I have no doubt that you will succeed in your goals. Finding the right property in my opinion, with what I know so far, is the hardest part of the whole thing. All the other parts it seems can be put together but finding the right deal no easy task. It's on my goal list to start networking with other local investors, wholesalers, property managers, etc in order to find the deals that work. That might mean stepping away from my local market but hey that is okay right. 

@Erik Mogan - keep up the hard work and you'll find that first deal. But, when you do, you will most likely be scared out of your mind. At least I know I was. We made the leap and it was for the best. Our fist property was a good + deal, that is good but not AMAZING!! I have learned more over time we have owned that property than I would have in years otherwise. Mitigate your risk as best you can, have other investors review your deals, then rock and roll. You got this!!!

@Brandon Turner - Last but not least I have to give a shout out to Mr. Beardy Brandon. Not sure if I will ever get to making a full post about this or if I'll ever get the chance to talk with you. But, I have to say you have changed my life and my families life. Yes Bigger Pockets has been HUUUGE in my life but honestly what got me started was a little e-book I came across called 7 years to 7 figures, or something like that, which led me here to BP and to buying our first tri-plex.  Here is to hoping with the right skills, effort, and courage that we will get to our 50 door goal. 

I opened this post and could tell right off that those were great numbers! Congratulations!!!! Maybe I need to start looking into St. Louis? @Megan Greathouse 

@Omar Cantu Where there is a will there is a way. Business, Real Estate, any of it, is not at all easy. Focus on what you can change and work your you know what off at it. In the meantime learn, education yourself, all of which is free. Then look into finding a few mentors you can work together with. Numbers are one thing but much of this takes grit and the will not to quit. 

We are looking to purchase multi-family units in Northern Nevada and will review any deal. 

Please contact me here on BP with potential multi-family deals in the Reno, Carson, Fernley, Fallon Nevada area. 

Wholesalers welcome! I would love to form some lasting relationships with wholesalers in my area. 

Thanks in advance!!!