All Forum Posts by: Keith Rorer

Hi All,

After getting a response from one of the BP founding fathers in a colleague request that I sent, I was nudged (encouraged) to post my recent success story. So after years of analysis paralysis (yes years), I finally jumped in about 6 weeks ago and purchased my first buy/hold property (out of state no less, who knew?). I have since been a guest on a pretty popular real estate podcast to talk about my first deal (very cool) and have since signed a PA to purchase my 2nd buy/hold, which closes next week. All of this has happened less than 2 months ago!

I just want any newbies out there to know that I am a newbie too and your "action" trumps all the info that you can possibly try to digest ahead of time. I am learning way more than I could being in the process vs. trying to avoid making mistakes. Jump in! You WILL figure it out as you go. I promise you, but you must be committed.

I am not a veteran RE Investor by an stretch, but if anyone ever wants to inbox me to chat it up or just network... please feel free! Happy to help anyone that I can and continue to grow and learn myself.

If I can do it... trust me, you all can too.

Wish you all the best...

Keith

Hi Eddie...  I have a 2nd one on deck, but hesitant since hearing this recent info. I would need to be sure from the lender first. Don't want to tie up all of my liquidity long term. 

Let me know your thoughts. Thnx. 

Hi All,

Purchased my first rental property a month ago. Roughly $40k ARV. Property is located in IN. Paid cash and now want to pull equity out to utilize the BRRR strategy. Challenge that I am now seeing is that banks won't lend on such a low amount. We are obviously only talking $30k (75% LTV).

Does anyone have thoughts as how to best pull equity out on a low cost property with banks? Insight? Lenders out there who want to discuss? Or seasoned investors?

Thnx in advance...

Appreciate the input Jassem. Have you purchased auction properties that were listed as occupied before? That's  one part of my question that I'm looking for insight on. 

What risks are you referring to? Can you elaborate? I've never gone the auction route before, so I'm in the dark here. 

Thnx much. 

Good Morning All,

I have started researching the online auctions arena and I wanted to know if anyone can share pro's/con's? I noticed that some of the properties that I viewed (specifically on auction.com) were labeled "occupied". Has anyone had experience in purchasing a property that is occupied? if so, what is the process after the fact? Evictions, etc. Are some labeled occupied, but empty? Are there other liens that you weren't aware of when you purchased that you found after the fact? These are bank owned properties, not short sales that I am considering.  

Just looking for some guidance, as I am thinking about going this route to find deals in my area.

Thnx in advance.

Carla.... Believe it or not, just 200. We received about 8 responses on day one with 2 appts to speak with potential sellers already. We have a list of about 1300 homeowners that I purchased thru list source.com. We will send out 200 every week over the course of 6-7 weeks and continue to cycle thru.

Great advice Jeremy. Didn't think about sheriff sales. BP for sure! Thnx. 

Hi All, 

Question... my team and I just launched our first direct mail campaign. Jumping in feet first here and we've already received a couple responses with interest with our first batch of letters. I'm doing market analysis, comps, PR search, etc on addresses for these properties. 

2 questions:

- When you meet with the potential seller for the first time, what specific questions are you asking?

- What is the best way to find potential investor/buyers in a short time span :)

Thnx in advance... 

Welcome Len! You're in a great rental market in Indy. Low cost entry and a solid job market. I have a rental there, myself. If you have any questions, let me know. Do your due diligence with education (@Shawn Holsapple provided you with some great starting points - Robert Kiyosake is RE gospel) and then.. jump in! BP is a great resource with plenty of seasoned investors to help you along the way. Best of luck!

Update - I called the listing agent and they offer clock expired at 3pm today. So, I missed this one. Apparently, there were lots of offers on this property. Newer listing that was only on the market about a week. I learned that I DEF have an eye for the deals, since there was plenty of "action". I'm analyzing the market correctly, as this was one I knew was a good buy. That helps boost my confidence for the next one. I'm going to target "off-market" going forward. Eliminate the MLS piece of the equation (or use as secondary) and focus on specific direct mail criteria.

Thnx for all the input on this thread.