All Forum Posts by: Alan Brown

@Brett C. and @Shane Moynihan, do you know of a spectacular property manager in the area?  

@Michael Montana, I say use that equity! That $100k is just sitting there not being used! especially if the market you're in is doing so well, AND you can find a BRRRR to do... slam dunk.

Saving is WWWAAAAY too slow. Do a BRRRR, and then pull your money back out... if all goes well and you're using your 'velocity of money' correctly, you'll have another rental with NONE of your own money in it, thus earning INFINITE returns. And then you'll be ready and have the cash to do another one! That $4800 you'll have saved after a year of your life has gone by will be apittance compared the appreciation you might earn in such a good market, on top of whatever cash flow you'll have, and all the other reasons for investing in real estate. Make that money work for you. We will all say don't count on that appreciation of course, but it usually where the big money is made!

@Cody Neumann, just google it, I take it?

Thanks!

PLEASE Disregard that last entry!  That was the last one I posted.  THIS IS A NEW ONE!  

Shows my level of technological prowess...

So my phone number has an area code a couple thousand miles from where I'm sending my mailers;  I won''t go into the reasons why, but I could swear in a Wholesaling BP podcast someone mentioned a Google voicemail or something that you could use a different phone number, without buying another phone and adding a phone line to my service.

Any ideas?  thanks in advance!

Hey Y'all,  Im purchasing in a market that is quickly getting away from the 1% rule, and the only way I"m finding to get the cash on cash return I'm looking for is by buying slightly (or more than slightly) distressed properties.  But if I have to use my cash from the 1031 exchange to do some upgrading, it quickly eats into my c on c return!    So.  I'm thinking I could use hard money for the fix up,  then possibly raising the purchase price to cover expenses, and do my normal financing, (25% down) at closing, paying off that debt at closing out of financing, as the Seller would have to normally if they had used debt for fix up. 

That's if i can get the Seller to agree to let me do substantial work prior to closing.  There's also the not insubstantial problem of sinking money into someone else's property and risking them defaulting (not closing) on their newly sweet units.  

I know it sounds crazy risky... but it feels like it should be doable somehow or other.  

Any great ideas?

Hah!  @Dave Foster I was hoping you'd turn up if I put 1031 in there... couldn't seem to find you in my contacts and was planning to PM you... I'm a bit of a luddite, but would like to talk with you about some 1031's if you can pm me somehow!

Still, to follow up on your wise counsel, when you said, "immediately refinance at cost of acquisition" did you mean 'time' of acquisition? because I'm confused: only refinancing at cost of acquisition doesn't seem like it would cover the additional amount borrowed for rehab. I'm imagining that you are thinking a BRRRR deal, and I'd be all for that, but so far haven't found the right lender for that, and/or someone who won't make me wait 6 months or a year for "aging' before refinancing.

It's finding a portfolio lender that will do that refi for me that may be a trick... or maybe I'm misunderstanding.

Hey Y'all,  Im purchasing in a market that is quickly getting away from the 1% rule, and the only way I"m finding to get the cash on cash return I'm looking for is by buying slightly (or more than slightly) distressed properties.  But if I have to use my cash from the 1031 exchange to do some upgrading, it quickly eats into my c on c return!    So.  I'm thinking I could use hard money for the fix up,  then possibly raising the purchase price to cover expenses, and do my normal financing, (25% down) at closing, paying off that debt at closing out of financing, as the Seller would have to normally if they had used debt for fix up. 

That's if i can get the Seller to agree to let me do substantial work prior to closing.  There's also the not insubstantial problem of sinking money into someone else's property and risking them defaulting (not closing) on their newly sweet units.  

I know it sounds crazy risky... but it feels like it should be doable somehow or other.  

Any great ideas?

@Austin Elm, just saw your post on here from 7 months ago; at that time, area VRBOs just coming back.... how's it look since then? dramatic differences on STR's or anything else, BRRR, flip? general prices in your area?

@Michael Rutkowski, a friend from BZN just told me that median price in town went up 47% since last year.... is that even possible?  incredible 

Wow excellent thoughts, @Michael Glunk, thanks for that...

Wait, @Michael Routh, what's going on with the I-70 train, is that in the works?  I unfortunately left CO almost 20 years ago, and they wouldn't even approve $500k to do a feasability study on it!  Is it finally maybe happening?  I remember leaving Copper mountain at 2 pm to beat the traffic back to the Front Range, and instead getting snarled in worse traffic, getting home at 8 pm.  Swore off Summit county on that account!

@Nicole Skorka, I'm sorry I have no idea about SD, but in my humble opinion, and from the way I hear them discussed, they are everywhere!  There seem to be a lot of people out there who do love the idea of 12% returns and a few (or more) points up front, when they'd be getting .75% on a savings account!  Just have to find them, and I honestly am not sure the best place to look...  I've found some in my area by networking with other investors, though I never have used one.