All Forum Posts by: Joseph Crunkilton

I wouldn't buy in DC. I'd find some good out of state markets and buy rentals there. This is what I did. 

Didn't worry about buying a primary until I was engaged. Granted, I love owning my own home but I care more about rentals and sweet cash flow. 

I've been doing this for a few years now. If you have questions I'm happy to help.

Hi Jack, 

I was in the same boat as you a few years ago. 500k+ starter home prices in Portland made it difficult to jump in. That's when I found out of state investing. I've been doing it for a few years now. 

@Zach Lemaster was critical to my success and helps new/experienced investors find deals in markets that are more investor friendly. Give them a look and see if they can help you. 

Join local FB groups and meet as many experienced investors as possible. Networking has been the biggest factor in my success so far. You're going to need a good team for flips and BRRRR, this is how you'll get there.

Personal. You're not going to qualify for a reasonable business loan with a new LLC. Don't start an LLC for your first rental.

BRRRR works anywhere. But the issue in a hot market is finding discounted properties. People know the market and what they have. Then you'll need to efficiently run a construction project and balance funding so you can make returns.

I went down this road and had multiple deals fall apart over a year. There's countless ways these deals can go wrong and I decided to just buy long term rentals. Least time out of my day and great returns. 

Happy to connect and help you if you want. 

I'd say no. You're facing 30% worth of fees. Will you be making that 30% back in real estate? Probably not. Unless you're highly experienced. 

When I first started I wanted to use everything to buy more properties. But each investment vehicle has its pros and cons. That 401K is a great investment to have in your portfolio. Keep using it. 

You want plenty of months in reserve. I've had rental properties vacant for 6 months + because of evictions, turns and renovations. 

PM will be typically taking first month's rent. And, it'll probably take you a bit of time to find a quality tenant depending on a few factors. If you have an attractive property in your backyard (Dallas) it shouldn't be an issue. 

I lean towards the sides of safety and slow growth as opposed to high risk high growth. I'd conservatively say 1-3 months before you have a tenant placed. 

Bonita, 

If you have 60k saved up it's enough to buy multiple rentals. I'm an out of state investor in multiple markets where that sort of cash could nearly buy one outright. You just need to know where to look. 

Wholesaling is hard. You need capital for marketing or enough hustle to cold call people all day. Frankly, it sucks. Gurus make it out to be free money and they all have a secret formula they're selling. People are waking up. 

Hire slowly, fire quickly. Don't hesitate in firing property managers or evicting tenants. As an out-of-state investor I've lost a whole year's worth of profit trying to reason with an unruly tenant. 

Great post, Engelo. I love having good PM's in my corner and it adds a bunch of value to investors. 

It's an interesting business model. Did you start from scratch? Or take over an existing operation? 

I know you're experienced with all forms of REI but I'm curious about how you initially built your customer base.