All Forum Posts by: Roman Serebryakov

 Makes sense to your point! What is the best strategy you apply to find the best duplex deals off-market? 

I have noticed there are quiet a few of MFH properties on the market, mostly duplexes, on sale that already have tenants in it. Also some of these properties have remodeled rooms and exterior. I guess I am wondering if it's a good idea to invest in these established properties? The prices are fairly high, of course, there is not much wiggle room there, I think for the fact they are already in fairly good shape. So, is it worth pursuing deals like this? And why do these property owners decide to sell something that is bringing them money from rent? Does it mean there is something wrong with that property or neighborhood? Most of these properties are found on MLS or though the list I receive from realtor.

Just trying to gauge an idea what would stop you from buying into opportunity like this and what are the risks. At this point it seems unlikely to to BRRRR just because the property is appraised fairly high already. What are the advantages and disadvantages in this course of action?

Very awesome! It is amazing to see that most people making connections on BP end up creating businesses and processes together! I am trying to find a mentor (being a beginner myself), but this is also a very useful short article about Mastermind groups I found on BP: 

https://www.biggerpockets.com/...

Found it! Definitely worth  reading through: 

https://www.biggerpockets.com/...

Would be interested to know your thoughts

Hello friends!

I am a beginner investor, mainly interested in buying rental properties. Read my experience below :)

Anyways, I wish I knew about BP and strong community earlier, but I didn't.. I would like to get back to investing and I can see a lot of opportunities with lower interest rates, so my questions are these, because I would love to start somewhere again while focusing on BRRR strategy:

- I have about $13000 cash available, but looking at some properties, it will not be enough for 20% down-payment + renovating, so whats the best way to try get the rest and maybe what's the best way to find investors who would be willing to jump on a deal? I would have considered house hacking but with my current family situation and life style this wont be an option.

- With my next property, if I buy a property in Iowa for example with FHA, I have to live in it for a year before I can rent it, is that same for every state?

- Beside FHA, what are other good options for financing with low interest rates? From my understanding, when you apply for a loan, you have to specify if it's a rental property, so the interest will be higher in that case? At least that's what my agent told me one time here in DSM, at least.

- I am interested in investing outside Iowa, because I believe prices are over-bloated here with some properties having insane evaluation because of all the big financial companies here and low cost, people are moving in. I am specifically looking into Virginia and South Florida, maybe you have some input for those markets?

- As far as the last question, is the one I keep trying to find answers for the most: where can find a mentor or partner with experience who could show me the ropes and maybe jump on a deal so I can learn from it? I would be interested in meeting such a person who has experience and willing to share their journey and best ways to do property management, hopefully avoiding scammers. 

To start with, I would love to find at least a SFH or duplex and possibly renovate it and rent. Basically it comes down to financing, finding enough money for down payment and also learning from someone experienced.

Appreciate any advice and sorry for beginner questions!

My experience: I have had a single home property I bought through FHA that has been generating some rental income for about 2 years until renters have all of the sudden left, leaving about 2 months of unpaid rent and bills ( I had to pay two mortgages at that point for another place I was living) and breaking their leasing agreement plus trashing the place. With the COVID hitting hard and me not knowing about my job security anymore, not being bale to find new renters quick enough, I had to sell the house and still be able to pull some cash as equity out of it.