All Forum Posts by: Jimmy Deringer

What are the numbers? you could buy it and get foreclosed on or profit. Depends on the deal...

I think first we have to determine what the word "Crash" means so we're all on the same page. Do you mean a HUGE decrease in prices? or a medium size downturn? at what point does a downturn turn into a crash? there was a dot com crash in 2000, and a real estate crash around 2008. 

I'm sure other people on this site have more experience on economic cycles but from what I've gathered most industries don't have catastrophic crashes within 10 years of each other. 

We've been so accustomed to the term "crash" in the news and the media blowing everything out of proportion. 

There's a good video by Ray Dalio about the "economic machine," it's worth a watch. It can be applied to the macro or micro economy. 

If you buy right there shouldn't be a problem for you. If you have mountains of cash and can't think of a better option than to buy a property that breaks even every year but you can sell the property for a large profit in 10 years then do it. This seems to be a strategy some investors use in volatile coastal markets. Just make sure you can afford to hold onto the property if the market turns.

If high cash flow and lower appreciation is your thing, then do that. I like to go for properties somewhere in the middle of those 2 extremes. There are multiple ways to play the game depending on your strengths and weaknesses. 

There are better and worse times to buy real estate and so many factors involved other than just building price. Interest rates, access to capital, price of remodeling are all things that change over time. Some of these factors seem to be correlated.

Very rarely do we get the "PERFECT STORM" to pick up super cheap deals like we did 10 years ago. We've been living in a time when it has been very hard to lose money in real estate these past few years. We just need to be more cautious moving forward so we don't dig ourselves into a hole expecting returns like we've experienced.

To say the market is going to crash and make that your reason to not take action is just an excuse. There are still good deals you just need to search harder :)

I’m interested in hearing about problems that you as architects have in your industry. I’m not sure how many architects are out here on Biggerpockets but I figured it’s a good place to start!

I’m specifically interested in hearing about the problems you face with contractors, your workflow, and how you go about choosing materials. There seems to be a lot of information lost between the 3d models you produce and the paper plans that are given to the contractor to bid and build.

I’m looking to get to know some architects, chat about your processes and maybe bounce ideas off each other how the process could be improved.

If you’re in Spokane, Coeur D'alene or even Seattle and want to grab lunch or a coffee, shoot me a message! 

If you're not from the beautiful PNW and would be interested in jumping on a quick phone call, I'd love to chat!

A little about me, I’m currently selling off some rentals to work on other projects unrelated to buy and hold investing.

@Kuba F.

Buildertrend looks fantastic for the construction/rehab side. I don't think I'm quite there yet budget wise and it would also be nice to track potential customers/properties that are in the pipeline for purchasing.

Let me know if you'd like to talk about software down the road. I'd be interested in hearing more about what you're looking for.

@John Leavelle

I've heard of mavenlink from a couple friends in Tech. Looks like a better system than my zohoprojects right now. I'll do a little more research on it. Thanks for the recommendation!

Hi everyone!

I've outgrown my current systems and looking to streamline processes, I need some advice from those who are more experienced.

I'm currently using Insightly as a CRM for managing new potential deals that I have in the pipeline and zoho projects for current rehabs/project management and excel for estimating projects.

What are you guys who have more experience in real estate/construction using for managing your operations and projects?

It seems like there is a lack in software for real estate investors working on rehabs. Below is how I anticipate using the program, let me know if you know something similar that exists because I don't wanna have to build my own $$$$

1. I want to be able to walk through a new deal and measure sq of things like tile, flooring, paint, counters, and input the data into the program. The program should calculate costs.

2. Add the number of days it will take to complete and have the scope of work automatically populate a Gantt chart that adds up the hourly rate of a employee or contractor.

3. Track past project history (I want to be able all the data I've inputted into the program so I can use it to track and predict costs / schedules in the future)

4. Integrate with a type of accounting software so I'm not adding the same receipts multiple times (it'll probably have to have a API we could tie into with quickbooks or something similar)

5. Have my team be able to make real time edits like google drive/docs (that means cloud based, preferably a web app with iPhone and android apps)

Those are the main things. I want everything super organized so if someone has a question about scheduling or operations they can reference the software rather than ask me to dig through receipts or excel sheets.

What do you guys think? What are you all using? What are your recommendations? I'm open to anything.

Thanks!!!

I've been thinking about buying properties from people who have a second mortgage and third mortgage on 2-4 unit buildings. My problem is, I just can't decide whether I should make the time investment to focus on the properties or not. Here are my thoughts and my dilemma on this situation:

I've heard people who take out a 2nd and 3rd mortgage usually do so because they can't find money elsewhere

Not many investors seem to be working with people with second mortgages (I can't find anything online, please correct me if I'm wrong)

It increases their monthly payment and they are more likely to go into foreclosure so a short sale might be the only way to buy the property in some scenarios

They seem to be motivated sellers but they might not accept the offer that I'm going to give them since they may owe more on the property than what it's worth

What do you think? is it worth my time to focus my energy on people with second mortgages? Would you consider them "Motivated Sellers"?

I'd love to hear any thoughts on this subject!

Thanks for all the support and feedback!

Hi everyone, this is my first post on this amazing site! I've learned everything I know involving real estate investing from Bigger Pockets. Especially the Bigger Pockets Podcast with @Brandon Turner and @Joshua Dorkin, which I highly recommended. I've listened to close to 10,000 miles worth of that podcast in my car.  

I'm currently closing on my first duplex in Spokane, Washington. I'll be buying another distressed small multifamily property within 2 months, repair it over the winter and have it leased this coming spring/summer.

I went to the University of Minnesota and received a degree in Construction Management knowing that I wanted to get into real estate investing. I waited until I knew enough about investing, to reduce my risk, before I pulled the trigger and made my first purchase.

I'm taking massive action to acquire properties over the next 5-6 years and take advantage of the low interest rates. You can always find a good deal on a property no matter the market cycle, but it's hard find loans with an interest rate as low as 3%

I work for a contractor and have the knowledge and experience to get the property repaired, what I'm looking for is someone to partner with or work with on the next property with the initial capital.

I'm speaking with a hard money lender about financing the purchase and construction. For the hard money / rehab I'm looking for 80% funding on the purchase and 100% of construction. If you have any recommendations of hard money lenders, I'm interested in hearing!

After the property is repaired, we will refinance to an investment loan and either hold the property if it fits within the vision or sell it to another lucky investor.

If you're interested check out my profile and if our goals align, send me a message. I'd love to hear from you and potentially meet up with some local investors to talk real estate.

Thanks!

Hey Jeffrey,

Here's a little self promotion, but I think we can help you out. I work for a small general contracting firm here in Coeur D'alene (we're also licensed in Washington.) We're looking to work with a couple investors in the area and buy a few investment properties ourselves. Send me a message and we'd love to help you out however we can, or at least provide a bid on the work that you are looking to get done.