All Forum Posts by: Neil Goradia

Firstly, congrats to Jenny, this is pretty amazing. I do tend to agree with @Dave Fagundes on the cashflow comment however. The higher overall cashflow would only pan out if you don't pull money out of the 2nd investment, 3rd, 4th, etc. If you keep BRRR each time then I personally don't think it works very well. Also, my personality is such that anxiety creeps in during vacancies or when large maintenance expenses hit if I'm only cashflowing a few hundred a month (vs. a free and clear property). But to each their own! Depends on your overall goals.

Anyone tried ownervierifier.com? They say on their postcard that they charge 35 cents per post card or 45 cents per letter, which is much cheaper than the bigger companies. Anyone have good or bad experiences with them? Thanks.

You can definitely do any of the above, but there is another option.

When we were developing land into a residential neighborhood a few years ago, part of the land was a wetland and could not be used. We got around this by paying someone else that has a wetland a fee, and they registered their land in the Wetland database to compensate for the wetland that we destroyed.

Therefore, if you find a developer with wetland on their property that needs to build on it, you can offer to register your land as a wetland and make some money from them. There are probably lots of rules you need to follow, but it may be worth it. Contact your states Department of Environmental Management. You could also probably just sell the land to them so they control completely. Good luck!

Hi @Elijah Glenn, yes just google how to become a real estate broker in Texas and there should be some good classes you can take to become a Realtor. I prefer the online classes vs. classroom but it's up to your schedule.

@Joey Tuckey, I know this is geared more towards residential than commercial, but when I was living in Asia for a while I got a little restless and ended up doing a few wholesale deals all the way back in Indianapolis. It's a good way to make extra cash, stay in tune with your home town market and hit the ground running when you get back. Partner with a wholesaler in your city, and send the marketing from Afghanistan. Split profit 50/50.

@Jason Baldwin, understood. I hear ya man, it never feels good to have your money tied up and not making much return. I like your house hack strategy and also to BRRR the property if you think its a stable property that has a chance of appreciation. On the other hand if you decide to sell the house, I honestly would just take the broker's course for $500 and you'll save $9,000 in fees by listing it yourself. Not only that, but you'll have access to all the online tools to run comps and historical reports which will help your investing immensely.

@Jason Baldwin, I am a firm believer in getting rid of problem property. If it's not easily fixable then it's will drain your time and money for a long time and is not worth it. I don't know where your property is, but in general the market is very hot right now and would be a great time to 1031 into a different property. I still own the first property I bought in 2007 and had to make many major repairs over the years. I definitely regret not selling it sooner, but at this point I'm so heavily invested I have to wait it out. If you want to hit that goal you have to keep your money moving. Try BRRR strategy, or, flip/wholesale to build up cash reserves and take down new deals with cash. As always, make sure you buy right.

@Austin Hughes, I would actually force your vendors to set up digital payment methods. It is ridiculously easy for them to set up chase quickpay, paypal, venmo, or FB messenger pay. Try to create a system that works for you and others will adjust if they want the work.

@Samir Shahani, I agree with your reasoning, but generally places that rent for more do have nicer finishes and would require more expensive items (countertops, flooring, grade of carpet, etc). But, to your point, a water heater is the same regardless of what type of home you put it in. In general, being too conservative in analyzing a property will eventually make it so that it isn't a deal anymore. So once you get more familiar with what works, you can fine tune your formula. I personally use 10% maintenance, 10% management, insurance, and property taxes for my wholesale marketing to other investors. This usually captures what people are going for. If I added additional CapEx or Vacancy, it ends up being too conservative and doesn't match up with reality. Alternatively, you could lower your maintenance or management and increase vacancy, etc.

I think it's cooled a bit too but historically August is always slow due to schools opening. It will pick back up in September before diving in the winter.