All Forum Posts by: Hugh Carnaha

Howdy OP!

In my area there are things that meet the 2% rule. You can also "Make" 2% rule properties by doing a conversion to duplex/triplex, or adding a bedroom from a bonus room.

As others have pointed out though, the 2% rule in most parts of the US mean it's some insane crazy deal that slipped through the cracks, or more often a C/D area. Or something really really wrong with the house.

I'm not against looking at those at all. Just be cautious when you do. Most my stuff I target is 1.5% rule, and they are full off headaches, and are in sketchy areas. My goal is to buy the whole neighborhood though.

As far as your question on Long Distance Real Estate Investing goes, If you haven't read it already. David Greene wrote the book "Long Distance Real Estate Investing", and it has GREAT tips for building a team to manage your stuff from afar.
https://amzn.to/31tDmWK

Howdy Brandon! 

I agree with what Jon said, without knowing numbers, it'd be harder to give an opinion. Only you can know what is right for you, and I agree you could go to some REI meetups locally and find other OPM instead of risking burning a bridge with a family member. That said, I am risk tolerant and DO borrow OPM from family, and am doing BRRRR. Once they're paid back in full + interest, I BRRRR again. Their OPM is kind of like a line of credit for me.


The money is made when you BUY the property. I believe BRRRR to be very safe IF you do it right. (Second only to House hacking in many folks opinions) If you are confident in your numbers, and confident in not burning a bridge, and you are comfortable with risking losing that, then BRRRR would be a relatively safe choice.

Sounds like we have about 6 people that are going to attend, despite only 2 showing on here.

Howdy Donald! Masks are required in Nixa. You need to wear them inside until we sitdown to eat. We'll be on the patio weather pending! Last week we took them off once we sat down.

The Turnout today was awesome! We all agreed to do 1600 on Aug 15th again at Big Whiskeys!

See Y'all there!

Fantastic Turnout everyone! Next one scheduled for Aug 15th, at 1600. Big Wiskeys!

I agree with what Tanvir said. If you can get into househacking at all, a duplex or Triplex could go a long way as you get 3 units for 3.5% of the purchase price if you go with an FHA loan.

Make sure you run numbers that aren't optimistic, I think I ran 50-60 homes I genuinely considered purchasing before I found one to make my first offer on. Then it was 6 offers later before I got one accepted.

Also, not sure where you live in Alaska, but I'd also be conscious of population size and if it fluctuates could effect your numbers at different times in the year.

More than anything, I'd see if there was a local Real Estate meetup in your area. You can ask these questions to those folks who know your market. Then plan your own strategy w/ more accurate information on what they said.

Last time(pre Rona) there were 8 attendees, but only 1 person replied they were coming. If you plan on coming please sign up, If there are no attendees i'll likely cancel the event this time around. 

I may make it a once a month meet up so people can plan around it. Let me know what y'all think!

Cheers!

I'm also lazy and live in Nixa, and am hosting the event!

Howdy Guys!

I'm coming from a Single Family Home place and have some limited knowledge with doing deals and running numbers around that. I had some questions about Getting into Storage unit CONVERSIONS moving forward. In my mind, that means making offers on distressed commercial buildings or strip malls where the structure is already built out, then doing a conversion.
Mainly asking those who have gone before. 

1) How do you locate building that would make sense? 

2) How do you find a contractor that to build walls?

3) Is there any major pitfalls we should avoid?

Thanks guys!