All Forum Posts by: Sohrab Ansari

Thanks for the input. What other things I could do? I like BRRRR because I can recycle my cash.

 Thanks for great tip. I will get the book. :)

The reason I am looking to do BRRRR is to recycle my cash.

I feel like I am not where I want to be. 2017 went by and I have zero properties. :( I really like the strategy for BRRRR. I want to have 25 homes in the next 3 years that ranges between 120-180k. I almost have all the resources and tools. The tools and resources I have.

- Cash in the bank (150K)

- Credit score over 800

- Great yearly W2 income (over 6 figures) 

- Know a Protfolio local banker that is welling to finance 8 million to me. The bank said they will refinance 70% ARV every deal I bring him (upto 8 million). He also said once I have more assets he will give me 500k in line of credit. The bank already financed 1 mil to me (another business).

- Pre - approved unto 500k in loan with zero dollar down that could be used for primary housing or duplex or quads. 

Things I don't have 

- rehab experience 

- Much time

Please help me get going. I am tired of the rat race. Help me get my first deal. Please give me actionable ideas. 

I want to start implementing the BRRR strategy, should I have an LLC or all the property should be under my name for finance purposes? Will it be easier to refinance under LLC?

What is the best strategy to do BRRRR? What is your recommendation? I don't want to build asset under my name. Would you advice that I start under my name then later move them to LLC?

I am also have a property in Ann Arbor, MI that I am looking for an agent to sell it. 

Thank you in advance!!

I bought a condo in 2013 and put it in LLC. I sent the paper work to my CPA to do the taxes in 2014. I learned after months that he never did the taxes and I never heard from him. I got tied up in couple of life event and slaked. I am just really worried now. I need help to bring this current. Does any have a recommendation of CPA or a good accountant in michigan to help with this. Thank you.

Thank you Marco, I will check it out. Yes, I don't think the cost will be worth it.

Thank you Sarah for the great advice. Is there anyway to get some equity out of the condo? The problem is that it is in a LLC.

This is my first post. I love the community in here. I need some help deciding. I really want to get more into investing in real estate. 5 years goal is to have 20k/month in passive cash flow. 

I bought a condo back in 2014 in Ann Arbor, MI for about 67k (cash). Rented for $1110/month for two years. The lease is about to end. HOA is about $320/month. The tenants want to renew for another year.

This was my first buy and I don't think it was an awesome buy but it cash flowed about 400-500/month. If I were to go back and know what I know now, I won't have bought this condo. 

I am thinking of selling the condo, adding more money to make it 100k, leverage to buy multifamily between 500-700k that cash flows better. Is this reasonable/possible? 

Or 

Sell the condo and use the money +  hard money to do rehabs until i have about 500k then invest in cash flowing multifamily real estate. 

a little about me: I am a doc. I have a full time job. I love learning new things and business. I want to be free in 3-5 years. I have about 350k in student loans and no other significant debt. Credit score 700-720. 

I would greatly appreciate it If you have any other tips or suggestions to get starting. Thanks in advance.