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All Forum Posts by: Nicholas L.

Nicholas L. has started 3 posts and replied 4817 times.

Post: Can someone guide me through the first step of analysis

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Justin Jefferson

-start with a house hack

-read up on how to house hack

-call a lender and ask about owner occupant loans for small multifamily

Post: 2025: How to tap into OPM

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Arun Philip

not sure if i understand your question.

if you don't have any cash, period, you shouldn't be buying any more properties.  if you have some cash, but not enough cash for huge down payments, OK, welcome to real estate investing.

i am trying to BRRRR right now. you can use hard money to buy a BRRRR - will still require a down payment - and then refinance.  but BRRRR is not a cash flow strategy and you likely will not cash flow after the refinance.

if you want 100%, no strings attached financing... that's going to have to be a family member or something like that.  and it's still probably not a good idea.

hope this helps

Post: Marketing Strategy Off Market Leads

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Michael Ewers

i can only speak for what i've done as i suspect it varies by market.  i had a lot of success with direct mail and actually a fair amount with email.  SMS really did not work, it seemed to annoy a lot of people waaaaaaaay more any other method.

Post: What are some realistic tenancy terms and maintenance costs (turnkey)?

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Rafael Ro

you're not crazy, and you're right to discern that they're not guaranteeing you anything.  turnkey is just a bundle of services. that's all. if i buy a rent ready house off the MLS, and put it under management with a good PM... that's basically turnkey too just without the label and the provider.

one thing i notice on BP is how many new investors think they're being guaranteed outcomes rather than processes.  outcomes are on you, the investor.

you may want to review these threads to see what others experiences were.

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

https://www.biggerpockets.com/forums/12/topics/1215726-break...

Post: Turnkey providers in out of state markets like REI Nation

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Scott Suryan

i had the same reaction as @Travis Biziorek

if something is working for you why go out of state?

Post: STR sub-to/ portfolio

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Timothy Franklin

is it distressed in some way? typically it's much more difficult or even impossible to wholesale something that is in retail condition / for which the owner wants a retail price. they're better off just listing on the MLS.

Post: anyone spend 7800 for Nate Barger BRRRR program and was it worth it?

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Keith Wilson

what are you trying to accomplish

where are you located

how many properties do you own

do you have lots of cash

Post: Excited (and Nervous!) to Start Our Real Estate Investment Journey

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Rebecca Cho

hello and welcome.  kudos for your specific and thoughtful post.  i think you can be successful if you are willing to do what you alluded to, which is spend time in person in your chosen market.  if that's buffalo, great.  maybe you and your husband can trade off making trips there to build a network in person? 

i also wouldn't rule out markets that are closer to you, even if they have a slightly higher price point.  for example, you have the lehigh valley in PA just a couple hours away from you.

i'll also say this.  BP creates the impression that if you're not buying, you're automatically in 'analysis paralysis.'  i strongly disagree with this.  when you're starting out, do you need, and are you likely to get, a life changing, home run deal on your first buy?  no, of course not.  but, should you buy a money pit and lose thousands or tens of thousands of dollars?  also... no.

i hope this helps. i'm happy to answer any questions you have. i have an LTR portfolio in 3 states including CT and PA. i'm looking for my next BRRRR and keep getting outbid. but i'm not bending my criteria just to "do a deal."

Post: No clue what to do first!

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Carl Reza

welcome. you don't need a 'mentor' to get started.  just post questions here and start going to meetups and networking.  i and others will happily answer any question you have. i invest in Pittsburgh, and in fact, I'd probably try to talk you OUT of investing in Pittsburgh if you proposed it, since you don't have a network here.

investing out of state is certainly possible, but it's also way more difficult than advertised.  the market is much more unforgiving than it used to be - i know those price points in Ohio and Alabama look appealing to someone in California, but they come with their own challenges.

see these threads and see what you think.

https://www.biggerpockets.com/forums/12/topics/1215726-break...

https://www.biggerpockets.com/forums/48/topics/1159104-overl...

https://www.biggerpockets.com/forums/963/topics/1195280-expe...

https://www.biggerpockets.com/forums/48/topics/1160450-run-i...

https://www.biggerpockets.com/forums/48/topics/1137397-balti...

Post: Locking Up a Property Sight Unseen—Need Advice

Nicholas L.
Pro Member
#2 Creative Real Estate Financing Contributor
Posted
  • Flipper/Rehabber
  • Pittsburgh
  • Posts 4,872
  • Votes 3,804

@Daniel M.

if it's your 101st property and it's the same as the first 100 - sure.

if it's your first - no.