All Forum Posts by: Griffin Schermer

I'm seeking to learn more about syndications. Any recommendations for books, sites, resources, etc.? Thank you all! 

I think how much money you hold in reserves really depends on all the circumstances of the property and how long you plan to hold. A new house with no issues will likely not need as much in reserves as a house from the 1950's. We have two properties build in the 60's and 70's, we have around 10k in reserves for each house and I think we will be shooting for around 15k. 

I think you'll want to talk to a CPA or tax expert when it comes to avoiding capital gains/taxes. When I think of MHP vs. RV I prefer the MHP's. MHP's normally stay in one place for a long time and you'll have a better chance for a long term tenant who will consistently pay. RV's come and go, typically see more turnover and I'm not sure you can make more money on the RV side. This sounds like a great opportunity for you! Best of luck to you and your family. 

I would highly recommend the book "Bidding to Buy" it's a book that outlines the foreclosure process step-by-step (I'd say it will answer almost all your questions above). It also talks about the risks behind foreclosures and will answer your questions about finding deals (There's lots of good ways). You do not need a realtor to close on a property. If you work with a realtor then there's lots of ways to structure deals with realtors. We've paid on percentage (2-7%) and finders fees that have ranged from ($500-$2,500). I've only ever purchased property with a realtor, but I've heard of others who have found success without one. If you're looking for foreclosure you can find websites/companies that have lists of foreclosures you can buy. You can also get lists of foreclosures from the courthouse. Good luck! 

@Abdalla Nur 

1. I think the property type you go after depends on the strategy you're planning to implement. If you plan to go straight cash on deals with no refy then I'd target small multifamily because you'll see more passive income. If you want to refy and try to BRRRR/build a small portfolio, then tackling smaller single families might be scalable for you with the amount of money you're looking to deploy. I'd formulate a criteria sheet to help you sift through deals.

2. Personally, I would try and talk to a realtor or broker about areas on the up and up, or at least try and figure out the areas to stay away from. You'll have better luck with property management and building a team in better areas. 

3. If you're unsure of where you'll be in a few years then I'd focus on building a team. So, if you do move away you have those relationships built and people who you can trust as boots on the ground. Columbus is a great place to build a team and lots of people invest there long distance. If you return you can pick up where you left off, and if you don't then you've got people who may be able to help you continue building a portfolio in that market.

Good luck!

I think you're going to need to call animal services to help you get the dog out safely. If they have moved out of the house then you have a right to go inside. If the tenants lease has expired, they have failed to pay on time, or had any breach in your contract then from a legal standpoint you've done nothing wrong. It sounds like if anything you may want to take them to court, however if they are out and you can get the dog out safely you may just want to move on. With all of the Covid-19 restrictions it may be a blessing in disguise. Best of luck.

If you know the area you want to be in, and you're choosing between a SF or Duplex/triplex it may come down to the numbers. If the deals and numbers in your area aren't working then you might just want to think about what will cost me less (SF vs. Duplex/triplex)? or can I live in a different market? A duplex/triplex will likely cashflow after you move out. If it won't cashflow even after you move out, it might not be the right deal. You may also consider a short term rental as an option with a duplex/triplex. 

@Patrick Gledhill I would try and find a partner in whatever form that may be. All of the deals I've managed to do have been done through family,friends, and friends of my family and friends. You might even find meet-ups in the Denver area to connect with other investors. I love your idea of building a portfolio in Florida! 

Books: The One Thing, Rich Dad Poor Dad, Bluefishing, Long Distance Real Estate Investing, The Book on Managing Rental Properties, BRRRR, Who Not How, Give and Take, Vivid Vision, Never Split the Difference, Deep Work, 12 Hour Work Week, Rich Dad's Cashflow Quadrant, Bidding to Buy, Traction

I've enjoyed all of these and found value in them! 

It all depends on what you're after. The BRRRR method really focuses on helping people pull money out. In a successful BRRRR, someone get all of their money back out and may even make a nice profit pulling out the full 70%. Even with the risk of negative cashflow, as long as it's not astronomical there are ways to combat that in any market. In more expensive markets, home prices are through the roof so the cashflow is harder to find. This doesn't mean pulling out the full 70% is good or bad. If you're focusing hard on cashflow then finding that sweet spot may be the best route. That may also mean finding a market that works for you and what you're after.