All Forum Posts by: Kelly Olson

I've been using Stessa and am happy with that. Not a lot of bells and whistles, but it gets the job done and is free.

 I would have kept 50 or so of the 500 I flipped over the last 78 years, HUGE mistake selling them. With 150k, you can get a 4 unit maybe , then refi cash out and do again, 

All the best 

You may want to consider how I started over 20 years ago and am still doing today. I now own a nice portfolio of income producing real estate – virtually all of it purchased with cash by flipping mobile homes in mobile home parks. Why this unusual business model?

High profit margins! Consistently between 50% and 200%. Examples: 1) $8,000 total investment, sold for $24,000. 2) $20,000 total investment, sold for $40,000. 3) $60,000 total investment, sold for $95,000. 4) $100,000 total investment, sold for $160,000.

Most investors have no understanding of how or why this unique housing niche works the way it does. There are several unusual factors that make this possible. Mobile homes are considered personal property, not real estate. They are bought and sold quickly and easily - just like a car. Misconceptions and myths keep competition almost non-existent. The business model works the same way in 49 states (no mobiles in Hawaii).

I’m a big fan of real estate and BiggerPockets. I’m also a big fan of having a method to accumulate nice chunks of cash, rapidly, without borrowing (especially hard money).

May you have Great Fortune in your Endeavors!

 If going out of state and it’s your first brrrr, I’d suggest one at a time initially. I love the optimism and positive energy, but project management is no joke. Many investors don’t realize or want to accept but even if they hire a GC, they become a project manager. It swallows up time and money, and focusing on keeping people accountable will be really good. 

Just think, with one brrrr, your property count doubled. 

Once you do it, sure, go get 2, you will double again. I’m just suggesting, balance that wonderful faith and energy with some pause, it will go well for you. Best wishes.

A simple yet somewhat complex one would be to correct my expectations. This is much more psychological so I want to break this down a bit.. I spent years watching folks pickup great deals while I sat on the sideline, not being as engaged as it would've taken to get going. After a while, being around people that were knocking it out the park with their BRRRRs, I figured I'd have just as easy a time with it and that wasn't the case. After a while, seeing the number of good deals dry up over the years left me disheartened but eventually I got the swing of things and took off. That said, it's important to start off within your risk tolerance but push yourself to grow. There's this theory called the power of small wins that emphasizes doing things that may have a high likelihood of success and growing from there. For a BRRRR, that may look like picking up a house that needs a minor cosmetic update, then grow into bigger and bigger renovations from there. You'll see yourself grow very quickly and it'll encourage you to get after it more & more. Get after it, you got it!

Congratulations on your success yet again. By your title I was assuming you was asking people what they would do if they had $150k and just starting out. I was not trying to be offensive and hope it was not received as thus. 
Have a blessed evening.

In EVERY market, there are great opportunities; however, rarely are they readily apparent, except in hindsight.  When your goals necessitate large short term gains, you have to be willing to (1) work harder and longer on every deal (2) take more risk to invest in higher return investments (3) utilize a greater amount of debt to leverage your gains ( an hopefully not to magnify your loses and (4) spend a significant amount of time gaining knowledge of a specific real property market either geographic, property type, investmet type or all three.