All Forum Posts by: Account Closed

I own&live in a condominium apartment built in the 60's that i'm unsure of what to do with. It was my father's and he's payed down the mortgage a significant amount. its a 2 bed 1 bath 800sq/ft highrise, Maint fee of $740 requiring ($25,000) updating. Theres about $50,000 left on the loan and the average price of units in the same building and the surrounding area go for $300,000. I've been doing a-lot of reading on the BRRRR method and want to jump into it but not sure how to proceed with this unit.

Should i sell it and take the profit to invest elsewhere using the BRRRR method?

Should i update it, rent it out, then refinance it? (Calculator shows the property will cashflow 150$/mnth)

What things should i consider before making my decision? 

Hi all,

My wife and I both have solid jobs and we want to start analyzing deals to learn which multi fams would be a smart move to go into. We’re brand new at this but listen and read whatever we can. What’s the best way to find new deals and what did you do to begin analyzing them?

Thank you

Hi everyone! I am wondering what are some resources, preferably free, to get market data for the area I work in? I have lived in Charlotte for 14 years so I know school districts, the different areas, age of certain areas, you know the stuff you should know when you've lived somewhere for 10+ years. I am looking for more detailed information, like the supply over past 6 months, future population projections, anticipated increases in income, things like that. If anyone has a site they use to get this info or if you know who in my local government would have that I would appreciate it if you could pass that along to me! 

Thanks! 

I was wondering why an investor would continue buying houses and small apartments, building up their portfolio to dozens of doors or more. They keep brrrr-ing and brrr-ing and then get to 10 loans, then I guess they get private money or portfolio loans to continue acquiring more doors. At that point, they are probably an accredited investor and can buy into syndications which give very favorable returns. The General Partners do all the work and the Limited Partner goes for the ride and gets good cash flow and shares in the profits while being totally passive. The syndicators have the track record (easy to check with a little research) and do all the work,  vetting properties, etc. 

So, why buy SFRs and small multis when you can just buy into syndications and kick back and let the pros do all the heavy lifting? After acquiring 10+ doors, instead of adding more doors, why not instead of buying 10 more doors, buy into 10 different syndications? I've done some research and partnering with the pros just seems like a better choice. I've just started investing into them and am looking to scale. What would you do?

Hello BiggerPockets!

There's a small supply of MF properties, specifically 4-plexes, in the area that I'm looking in and I don't see much value-add from a buyers agent. I plan on house hacking a 4-plex that has some value-add potential.

I'm currently set up on the MLS for a feed of 3 & 4 plex properties, but there's hardly anything on there, just a few listings.
In addition, everything that I've seen on the MLS, I've seen on other sites like Realtor/Zillow/Craigslist and etc.

So, from this, there's not much to manage in terms of property searching. I'm already resorting to an off-market search, so especially in this case, would an agent provide any extra value and 3-6% of the sale value at that?

Also, this would be for my first purchase. I wouldn't want to use one solely because "you're a newbie", but if there's actual value-add that can be had. 

Questions:

1. Is there enough value-add from a buyers agent in this circumstance to warrant the 6% cost. (or 3% after split)
2. What would I have to now manage if I didn't go with an agent? What would the difficulty be in making an offer myself?

Please let me know!

Best,

Ben

Here's my story, so I happen to be on of those naive millennials who continuously took out student loans without even considering the burden it would cost to repay them upon graduation. I've amassed about $91k in student loans and I've managed to land a job that pays around $95k gross (about $60k net). Like most college students that enter the working world, I've now realized that I do not want to continue in my current job for the next 5-10 years and beyond. I'm not too fund of W-2 jobs and want start investing, do you suggest I get second job to pay off my loans or, look into BRRRR investing or short term rentals as a source of side hustle for additional income that could subsequently lead to amassing good source of passive income and wealth (after garnering relevant knowledge on how to do this of course). I welcome any constructive criticism, and yes I'm an idiot for taking out so much student loans. Thank you!

I made a post a while back asking if becoming a realtor was worth it or not. I received many different responses and that was awesome! (Honestly, not sure if it was here or reddit). I pulled the trigger and I start my pre-licensing course on Monday! 

I know there are MANY realtors on here and I was hoping I would be able to pick some of your brains. 

My goal is to become a realtor part time while still working my 8-6 job and learn as much as I can. When real estate becomes too time consuming and I’m “losing money” by continuing to work my full time job, then I will transition into real estate full time. I figured that becoming a realtor would satisfy two needs, “freedom” and my love for real estate. Because let’s be honest, being a mechanic isn’t very good to your pockets or health. 

My end game goal is investing and building my empire, I personally feel that becoming a realtor is the best way to learn real estate while getting paid for it. That’s also not the only reason I’m becoming one, but a big one. Does anyone have any advice for beginner realtors? Do you think this is a good plan?

Anyone has any experience or thoughts they would like to share about purchasing a piece of land and having food trucks set up business on that piece of property.  

Hey everyone!

I've been lurking here for a few years now, but I've finally resolved to buy my first property this year! I'm a buy-and-hold investor looking to invest in single & multifamily properties out of state. Ideally, I'd like to target A/B class properties with a minimum rent of $900/month and a levered cashflow of $200/unit while maximizing CoC returns. Does anyone have any recommendations for markets where these types of deals can be easily attainable?

I'm currently considering St. Louis, Indianapolis, and Cleveland and would appreciate any referrals for property managers or agents.

Thanks,

Evan

I’m just starting out.

I’ve been reading like crazy, analyzing deals CONSTANTLY, driving neighborhoods, talking with my real estate agent, meeting with investors currently in my market (and other markets).

But when I talk to my friends and family about investing in Real Estate, it’s always negative and “you can’t” or “you shouldn’t”.

What gives? Why are my friends and family members so against me investing in real estate?!

Any ideas?

And, how do I win them over?