All Forum Posts by: Remington Lyman

 eXp is pretty good. They hold 0 debt, good splits/caps, and etc.. Let me know if you have more questions!

Hi, I am a new real estate investor looking to obtain my real estate license in the state of Ohio. I am looking for a broker to get my license under. Does anyone have any leads?

I looked up each profile of those advocating OOS BRRRR

- Kerlous Tadres and his AI generated reply that managed to get 3 upvotes: 3 local purchases

- Bernice Retzloff: 9 local purchases (all since mar 202405)

- Jimmy Lieu: 9 local purchases

- Ryan Rominger: 1 local purchase

- Ryan Rominger: 0 purchases listed

- Ryan Rominger: 0 purchases listed

I recognize not everyone keeps their profile current. My profile is missing my last $4m of value add purchases. However, each of these people 1) do not list a single OOS BRRRR 2) are RE Professiinals (mostly agents) in the markets they are advocating. My point is they are far from unbiased and apparently have not heeded their own advice by having done a single OOS brrrr amongst them.

I have done quite a few brrrr, all local Here are some of my thoughts: 1) they take work and oversite 2) the current brrrr market is significantly more challenging than it was from the GFC until q2 2022. 3) 2 recent reports show that it is cheaper to rent than to buy in virtually every large city market in the US. This implies If you can execute a good value add (already a challenge on a local BRRRR, but more challenging on an OOS BRRRR), then after a high LTV refi you will be cash flow negatively when properly allocating for sustained expenses. 4) where does it make most sense to add value, cheap markets or expensive markets? The answer is obvious if you think about it. If the brrrr is going to cost $0 after the value extract, the price of entry has no adverse consequence. you should choose the market that your value add will add the most value. A year ago on a rehab I added a half bathroom out of existing space. This was in an extreme high cost market (nearly $2k PSF). The comps showed this half bathroom added $59k of value. How much would adding a half bathroom out of existing space add in a low cost market such as Cleveland.

Lots to ponder.  By the way I agree with the various posts that recommend a house hack value add where you want to live.   Note those people have no financial incentive for this recommendation (assuming they are not an RE professional in your home market).

Good luck

Dear Bigger Pockets Community, 

Thank you so much for the warm welcome! I'm new to real estate and am moving with my husband to an expensive market (Los Angeles). We are debating if we should buy a condo here (we would need to live in a fairly expensive neighborhood such as Westwood or Santa Monica due to commuting schedules), invest in long distance real estate, or some combination. Rent here is fairly expensive as well and can be similar to mortgage payments depending on the percentage downpayment, though there are also ongoing concerns such as fire and earthquake insurances. Since the fires, rent has gone up and most of the rentals are in poor condition unless we pay at least ~$5000 (for a 2 bedroom). We will be here for 3 years but don't anticipate living here for much longer. We probably have anywhere from $150,000-$250,000 to invest but I am hesitant about getting into anything overly risky as I know I still have a lot to learn. I am hoping to build multiple income streams as we are both physicians and looking to grow our family, but there is very little flexibility in clinical schedules. I would be grateful to hear any advice or perspectives. 

After 25 years in the tech field, my best advice is. Make AI work with you, not for you. Don't let it build it for you or think it for you. The best route is build something even is not perfect and have AI help you make it better.

Heygen and ElvenLabs let's you create a digital video clone of yourself, so you just have to feed it text and it will make a video that you clone will narrate.

Download the ChatGPT app, connect to your cars Bluetooth, click on the mic symbol and have a conversation.

I like to use ChatGPT when analyzing deals. I also have it tailored to my needs and goals and from there Chat GPT is able to identify whether a deal is worth it or not. It can also do all the basic functions any calculator would do, so adding another tool under your belt never hurts. 

 Yes. That will optimize ChatGPT for long-term ongoing threads as a Business Coach, Financial Advisor, etc

 @Remington Lyman Interesting idea! I bet it could help pinpoint common questions and/or themes that you have responded to, as a way figure what a lot of people have questions on or need advice about. Would be cool to see!

I've recently started using AI to prequalify leads using a custom automations for our homebuying company. We also use it to automatically personalize review responses and post them. This comes in handy for keeping our SEO ranking high by showing Google we're responsive.

A few of the tools we use is Zapier, ChatGPT, and API.