All Forum Posts by: Richard Bradshaw

Any relation to the EG Stoltzfus construction company? @Melvin Stoltzfus

I am relatively new but have had pretty good success in my short time investing. Reading the following had a great deal of impact on my success. I'm going to guess you already read Rich Dad, Poor Dad cause thats the basics of Financial Wealth/Passive Income/REI. If you haven't DO THAT NOW! Then read the follow up, Cash Flow Quadrant.

After that, read Millionaire Real Estate Investor. That will give you the base you need.

Also, still around the forums. Dedicate some time to read them everyday. There is endless amounts of valuable information in them. 

@Lapina Burris Hi there! Well, I'm going to guess you already read Rich Dad, Poor Dad cause thats the basics of Financial Wealth/Passive Income/REI. If you haven't DO THAT NOW! Then read the follow up, Cash Flow Quadrant.

After that, read Millionaire Real Estate Investor. That will give you the base you need. 

Also, still around the forums. Dedicate some time to read them everyday. There is endless amounts of valuable information in them. 

Good luck! 

@Dan H. All the mechanicals are brand new and the roof is in excellent shape so I do not foresee any major issues arising. Also, I try to only rent to individuals who plan on staying for 2+ years. It is very easy to fill vacancies in my area, I usually have place filled before the previous tenants vacate. 

@Scott Harper Thank you Scott. The house was a foreclosure. 

@Dmitriy Fomichenko Its the only way to go! Thank you! 

@Travis Beehler HML is a great tool to use. If you are confident you can get the deal done, I would recommend it. My terms are 12% and 3pts.

@James K. Haha  Thank you! Yea when you get into the city, homes get very cheap quick! I was just in SD, LOVE it there. Stayed with friends in Mission Beach. I plan on working towards buying a vacation rental there just so I can be there as much as possible. Might take a while.  

@Cesar Tamayo Thank man. I do not. My next project I am not doing anything but managing the contractor. If there work is easy and the deal is tight, I will do the work on my own. 

@Alex Saleeby Thanks! 

@Thomas Zaremba Easton isn't very big, it's kind of dead compared to Allentown. There is tremendous growth in Allentown with plenty of businesses coming back to the revitalized downtown. Also, there is a massive waterfront development that has just begun in Allentown which will be a great amenity to the area and draw people out of the suburbs and into the city. Bethlehem is also a great choice, it's more expensive than Easton and Allentown. 

Welcome @Jon Pacitto, SE PA is a great place to invest. I invest in Berks Co. but I am looking to get into greater Philly eventually. 

@Charles McCabe I just closed on my 3rd property and its still "terrifyingly stressful"... when does it end!!! haha

Invest in the Lehigh Valley. There is so much development in that area, over $2BB committed in that past couple years. California is at another peak in the market or at least close. LV is about to appreciate greatly. 

I do like @Logan Allec's idea also. 

After I spent all my money I had saved to invest in a "turnkey" duplex as by first deal, I was left broke once again with no money for my next deal. Obviously I was not as educated as I thought I was. I began to read and research more and found bigger pockets. The second or third webinar I watched was about the BRRRR. Right away I knew this would be the method I would use to quickly acquire cash flowing, equity rich properties.

After a couple months on research and networking, I found a HML and a deal, I was off to the races. I did most the work on my own, minus all plumbing and HVAC work. I painted entire house, new carpet on main floor, original hardwoods upstairs, renovated bathroom, new counter in kitchen, new water heater, AC unit and Gas heat.

Purchase - $37,000

Closing - $5,000

Rehab - $8,000

Total Cost - $50,000

ARV - $75,000

Refi - $56,000 (Pulling out cash to build capital) 

Rent - $900

Expenses and debt payoff - $565

Vacancy and Cap Ex - $180

Cash flow - $155

Thanks for looking guys! Already purchased my next BRRRR project!

Cash flow should be after refi, I'm guessing you are using a HML or private money. If you buy it right you should have enough equity to have a cash flowing property. If it does not cash flow, it's not a deal and you most likely won't be able to refi.

Best way to get started is to meet people in your local area at RE masterminds or REIA meetups. Get involved with those groups. The local investors will help you grow more effectively. @Joy Witter