All Forum Posts by: Richardd Barran

Hey, I agree, lol. 

Learning something invaluable is not only a waste of your time, it's a waste of an identity. Trust me, I know. I have a 100k student loan to prove it, lol. 

I was referring to knowledge regarding the wisdom you get from not from your textbooks but the college culture itself. 

Is a college degree worth it? Absolutely not. 

But if someone wants to go to college to enhance their real estate journey then let them. 

 PREACH, this is a flipper's bible, lol

It's crazy how relevant it is in almost any market and how well it's aged. 

One thing I would suggest is to create a great relationship with an inspector. 

Let them do their best to find the red flags of the distressed properties and things that need to be up to code and inspected, and use THAT as your punch list for your contractor. Create a timeline and SOW with the budget you have in place for that. This will empower YOU to be the leader and to tell your contractors what YOU need to be done rather than what THEY would do ( I was guilty of that in the beginning since I did not know very much about the rehab process). 

Hiring an inspector for 500$ could have possibly saved me 20k in foundation issues that I did not know about. 

I agree with what everyone else said on here. 

That being said, knowledge is never a waste of time if your education is paid for. 

Two majors that would help with any RE Journey: 

1. Marketing and believe it or not... 

2. Human Resources Management. 

Marketing- this will help you stand out for finding and generating leads. There are peers I work with who have a crazy leg up and advantage in their designing abilities and an eye for art and photography that has helped them create KILLER STR listings, wholesaling websites, and realtor websites.

HR- This teaches more mindset. It teaches you how to run a team, and culture, creates inspiration, motivates others, talent acquisition (which will come in handy for finding reliable contractors and project managers), and the ability to hire slow and terminate fast. 

I love your story, but I was hoping you can elaborate more on the application more than you did with the inspiration. 

I am not challenging you, I am just trying to learn more from others by asking questions! 

So here are the questions: 

👍 Learn how to find owners who NEED your co-hosting service

why? Wouldn't that same time you spend looking for people who need you be more valuable looking for properties that match your criteria for your Cash on Cash? At least those are assets you can keep for generational wealth. If you have 0 cash, would a rental arbitrage be more profitable than a co-host?

👍 Learn how to setup a property from ANYWHERE in the world! You can do this by Leveraging systems and a team

What systems did you use for your setup? Did you use Avery Carl's enemy method for analyzing properties? who makes up your team? why? how did you pick your market? what is the primary driver of your market?

👍 Learn how to manage properties from ANYWHERE in the world!

What tools do you use for automation? Do you hire VR's, if so how much do you pay them? Do you have them on a 24/7 rotation for quick responses to guests?

👍 Leveraging systems, software, and people!

What software did you use? Do you use AirDNA, data rabbu, turnover BNB?

you have a really awesome story. I'd love to learn how you do it lol

Hey yall! I hope your day is going great!

I recently acquired a property under a contract under the impression that it was 1500 sq. ft. I was initially going to wholesale this because I got it at a great deal.

I did not measure it immediately. The foundation is in great shape, but everything else needs love. So I offered the price of a distressed property that I can make a profit on for 1500 sq. ft.

My problem is this:

The house actually has 3800 sq. ft.

The basement is above ground, and in the state of TN, basements are counted as livable square in addition to the upper levels. Usually, any wholesaler would be HAPPY about this, but I feel a sense of tremendous anxiety because I do NOT want to wholesale this. I want to BRRRR this.

I confirmed the square feet with the city tax assessor, and he told me that the previous owner never allowed him access to the home because he did not want to pay the city taxes for an extra 2500 sq. ft. So they only counted the top floor minus the garage.

My issue is this:

1. I cannot find a comp for my LIFE me. Some homes are similarly built, but my house faces the forest, while the other ones face the mountains. If I am going to rehab this, I want the confidence of knowing it can hit a certain ARV, but I can only comp to homes with 'as-is' renovations simply because there is not much flipping activity on this street.

2. I got this at a price that would make a quick sale for 1500 sq ft. wholesale. But I feel a tremendous sense of imposter syndrome and don't feel qualified to tackle this. My realtor friends cannot give me a good ARV because every house they show me either has +/- 1000 sq. ft. As I said, there is a lack of flips on this particular street.

3. Renovation for a 4000 sq foot home is a big challenge compared to 1500.

Honestly, I'm just scared and can use advice on how you would move forward.

How do you find accurately reliable ARV's in this situation?

My private lender is ready, but how can I have the same confidence in myself when I have never worked with contractors at this level before?

How did you do it?

Edit: not that it matters, but the basement is the best part of the whole house. It has a studio apartment/loft feel. The plumbing is ready for a full kitchen and it already has a full bath, so I was going to convert this to a duplex .