All Forum Posts by: Morgan Gutierrez

In West Monroe, Louisiana

2 acres with electricity, water, and aerobic septic system

2 storage buildings with electricity

manufactured home that needs to be torn down or removed

asking 35K

Will consider any real serious cash offer from end buyer!

comment, send a connection request, call or text ‪(832) 953-4823‬

Many people are looking for them at 70%-repairs. If you are working with the right wholesaler, you should be able to get them at or close to that. As long as their ARV and repairs are estimated correctly. Usually that is around where we are assigning contracts at.

This can be a slower season to find tenets. 

Set clear communication expectations with PM company.

Posting the listing here will help you get feedback, like Nicholas suggested. 

Bigger Pockets has a BRRRR calculator that can help you understand evaluating thee properties. Deal Check is an app I used to help me evaluate as well. You can go to the app store or google to get some other ideas. There are spreadsheets out there and people do make their own as well.

Like @Nicholas L. was saying, Your Comps to ensure ARV, rehab estimates and an actual scope of work from a contractor, and a lender to refinance are critical for a BRRRR to go right!

My recommendation would be to get on list in areas you are looking to invest in and start analyzing deals. You can get on off market list in your target areas from wholesalers and real estate agents. You may even want to get connected with property managers as well. 

You should also consider the distance from you because rehab is involved and it is your first one you are going to want and need to be more present and hands on then you think. 

Consider the type of refinance you are going to need to do and start chatting with lenders about your options to refi and what you will need. Also, even though rates are expected to drop this year. It is ALWAYS better to be conservative and run your rates higher. You want to be content with the worst case scenario because trust me... the worst case scenarios happen!

Feel free to reach out and connect if I can answer questions or help in any way.

Since you are out of state, are you looking for these to be turn key properties? If so you could look up the area you are interested in followed by turn keyy and see if there are any companies providing that service. 

You may also want to call some STR property managers in the area and get insight from them on areas, deals, things to expect, etc. They may also be able to help you find a rental arbitrage property.

Congrats on your start and your growth! 

I'd be interested in hearing more about the turn key flips! 

This is a great community full of insight, stories, and resources!

google meetup.com and eventbrite.com and look for real estate. There are probably several near you.

He is the Bigger Pockets Podcast Host. I'm sure there is a BRRRR webinar coming soon as well.

https://www.biggerpockets.com/webinars

 You can use 2 TREC 1-4. one for seller side and one for buyer side. There are also assignment contracts out there. I'm not sure if providing any kind of templates through here is allowed, but I would encourage you to see the advice of an attorney before using anything that is provided to you anyways. 

Did this answer your question?

For your first investment, especially one with rehab, I would suggest being somewhat closeby if possible. There is a lot that happens during rehabs! 

I would suggest picking a few areas you would be comfortable investing in and then working with wholesalers and realtors to get access to off market properties. Start analyzing deals that are sent to you and get your funding (if needed) and contractors in place in the meantime. That way, when the deal for you comes, you are ready. 

Even though interest rates are supposed to drop this year, I would run your numbers at current interest rates. Always better to be conservative!

I hope this helps!