All Forum Posts by: Ryan Welsh

GC are the most important part. All you need to do is connect with those doing deals. They will walk it wth you, You will learn more in a day then 6 months reading books

Good luck 

 I have many on my site, ( I have done about 1k renovations out there ) what is it you are trying to accomplish?  

@Ryan Welsh

just did a big one earlier this year.  what specific items are you most interested in

@Ryan Welsh I've got a few on my profile page that you can view HERE.  You can also find a lot of examples on youtube and I would certainly recommend networking with your local real estate investor clubs which will share case studies from time to time.  Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.

@Ryan Welsh i know you're probably not intending to, but you seem to be assuming that a home run BRRRR in which you recover 100% of your capital is a fairly straightforward thing. it's not... especially out of state and especially in current market conditions.

you have to start by finding an absolutely killer deal - a distressed property, probably off market, where you can increase the value by >100% via the rehab. then you have to find a reliable contractor who is ready to start work at a reasonable price. then you have to finish the job, rent the property out, and refinance... and it's very tough to get 75-80% LTV anymore. you're looking at 65-70%. and with interest rates where they are, you may or may not cash flow.

one of the other things that gets minimized when BP folk talk about BRRRR are closing and carrying costs. you're going to pay thousands of dollars just in closing costs to buy, potentially thousands of dollars a month in carrying and interest costs depending on financing, and then thousands of dollars in fees when you refinance.

i'm not trying to be negative, just trying to be realistic. BRRRR is expensive, period. and i really don't know how you would do all of this from thousands of miles away without a great team on the ground, and I don't know how you set that team up from thousands of miles away.

@Ryan Welsh

understood.  but the returns in the midwest just aren't where they were before interest rates rose.

you know what requires capital? A BRRRR =)

 Hey Ryan! Welcome to the Ohio Market! If youre interested in learning more about Cleveland and the other cities of Ohio I suggest you check out Ohiorem.com it has a lot of resources including neighborhood articles, a property calculator, and educational videos on how to start investing here.