All Forum Posts by: Min Zhang

Quote from @Isaac Nikoro:

Hi Bigger Pockets Family

My name is Isaac, a mechanical Engineer by trade in the Grand Rapids MI Region, I'm looking to start building my portfolio in real estate but looking for the best strategic for a young investor standpoint. I'm not scared of taking risk, i will like to connect with fellow investors and agents for the best advise, and also build my team. I have done a lot of research for the Brrrr method, Apartments, buy and hold, rental and wholesaling. Those 5 strategies are what I'm seriously considering, all good in my opinion just need to make the right choice for my first.

PLEASE ADVICE

Hi Isaac, 

To start investing as a newbie, you just have to create a plan and set achievable goals and learn about investing and the markets. You just have to stay focused, avoid emotional decisions based on market changes, and stick to your  investment plan for the long term since it is vital to know that investing is risky.

If you want to know more, we can talk more about it. 

Quote from @James Kiboi:

Hi all - I am looking to get started with my first investment property. I have consumed so much information in the last 1-2 years and I am ready to stop the information gathering and get my first property. Since I don't have an unlimited source of funds and therefore cant afford an expensive mistake, I am seeking one of the safest options in this space to get started with just to get my feet wet. I am okay with low cash flow and just go for the appreciation play. Any advise from this great group will be highly appreciated. 

Thanks!

To start your first investment property with minimal risk, you should consider buying a less expensive property in a promising neighborhood with the potential for appreciation. Like a small multi-unit properties or single family homes.

Another low-risk option is that to look onto a turnkey properties that needs minimal repairs or renovations.

It's also important that you conduct your research or seek advice from experts.

If you have more questions about this, you can ask me directly. ;)

Hi Christian,

There are actually many insurers that offer coverage for investment properties, and the best one for you will depend on your specific needs and here are my suggestions; Allstate, State Farm, Nationwide and Progressive.

Each of the insurers offers liability, building and loss of rental income. When selecting a an insurer, be sure to compare prices and take aspects like customer service and claims processing when choosing an insurer. 

You can message so that I can help you. 

Hello Jonathan, if you are facing a negative cash flow situation in a real estate market that's expected to appreciate, here are 3 things you need consider:

1. Hold onto the property for the long-term if you believe it will increase in value significantly over time, even if it's not making money right now. 
2. To enhance your cash flow, look for ways to increase your income or lower you spending.
3. If you are not comfortable with the negative cash flow, try considering looking for opportunities in other markets. 

The best plan of action will depend on your goals, risk tolerance and financial situation. You might wish to consult it with a financial advisor or real estate professional.

Let me know if you have questions. ;)

Hi Eric,

I would be happy to connect with you and assist in helping your investment journey. Personally, I believe Columbus has an excellent market for starting out, given its unique combination of a robust and diverse economy spanning multiple industries, a rapidly expanding population, and its reputation as a hub for innovation and entrepreneurship. Additionally, you can find the 1% rule in effect here. It's getting rare with Intel moving but overall is a very strong market behind Chicago. And I have a dedicated team ready to support you in getting started;) 

Let me know how I can help! 

Hi Keith, 

I'm glad to hear to you are redirecting your focus in real estate investing. I'd love to help you get started. To get on the right path on your first deal and maximize your limited capital for generating sufficient cash flow, focus on setting clear goals, researching the local market, and analyzing potential properties which most local agents can help you. I would try to connect with wholesalers. They typically have undervalue deals that you could buy to flip. The next step is to find a hard money lender that can help you finance this deal. They typically can lender you 80/90% LTV and 100% of the construction. Having a good understanding of the market is vital.

Let me know how I can help! 

Congratulations on your decision to pursue real estate investment through the BRRRR strategy! Finding a knowledgeable and experienced real estate agent who understands your investment goals and can help you identify viable opportunities is crucial to your success.

To start your search for a realtor in Baltimore, MD, you can begin by researching and comparing several real estate agents in the area. Look for agents who have experience working with real estate investors, particularly those who specialize in the BRRRR strategy.

You can also consider reaching out to local real estate investment groups and networking events to connect with other investors and professionals who may be able to provide recommendations. Online forums and social media groups focused on real estate investment can also be a valuable resource for finding potential realtors.

However I think Columbus, Ohio is a better prospect market to do BRRRR, flips, and rental. I'd love to share more info if you are interested.

Let me know how I can help! 

Exactly. Let me know how I can help!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $62,000
Cash invested: $10,000

Bought it for $62,000 using hard money
Needs around $35,000 in total rehab
90% LTV
ARV is $160,000

What made you interested in investing in this type of deal?

It was a small a deal, something that I could afford.

How did you find this deal and how did you negotiate it?

I found it through working with my wholesalers. I negotiated $20k below what was asking. Weeks later, my wholesaler called me that they could work with our number.

How did you finance this deal?

Hard money and financed it with a partner

How did you add value to the deal?

Mid-size rehab/ new kitchen, new flooring, new doors

What was the outcome?

in progress

Lessons learned? Challenges?

in progress

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

in progress