All Forum Posts by: Scott Kelly

@Meryl McElwain What advice or insight on the best logistical process for out of state investors who buy rehab needed properties?

Thanks!

@Whitney Hutten much thanks for sharing, will dive in!

@Joe Villeneuve just to follow up with the comment about it being a dead end, I come to realize a lot of people seem to think that way because of after buying the magic number of 10 properties traditionally it seems like a dead end but at that point shouldn't you be looking at portfolio/commercial loans to keep pushing ahead? Are the terms and rates that drastic (in general) that it makes the process of BRRRR feel like a dead end?

I appreciate the insight and outlook of a different approach simply put, by using your money as a lender/loan vs locked up in equity in a buy hold. Would the strategy of executing a promissory note in the beginning to your business for your first purchase be a viable method/strategy?

@Whitney Hutten Great stuff! Would love the post if you don’t mind sharing!

@Joe Villeneuve We’re looking at the Indianapolis, IN and Memphis, TN markets at the moment based on several factors. Great landlord states, price range (35-60k), population growth, job growth, etc.

Other strategies, we're solely looking to buy and hold, cash out refi and repeat with the options for HELOC down the road.

@Jacob Sampson Thank you and appreciate the advise. Keeping it simple is definitely on the menu.

I want to quickly start out with just a fast background, discovered Poor Dad, Rich Dad end of 2019, immediately hooked and mind set changed + blown of the opportunities in REI. Dived super deep into the research of how, why, when on REI through listening to podcasts, reading blogs, and now discovery this amazing community which I am super grateful to be apart of and hope to give as much back as possibly can be give in return.

With that said, 2020 is here and it's the first month of the year and my wife and I are super excited and pumped to jump all in but with a cautious mindset and approach along the way. So with the cautious side of things I wanted to reach out to the community with a simple question but specifically to the Buy portion of the BRRRR.

When you have all your ducks in line, team set, finances ready to go, assets protected (LLCs structured) and your ready to drop the cash on your first door with the goal of BRRRRing your way to cash flow city — what is the safest, smartest, more strategic way to pull off this very first purchase/buy?

I ask this because I have heard, pay cash, or "loan" your business the money avoiding seasoning and have your money then refinanced, buy via a land trust, etc. Since this will be the very first purchase and the crux to the start of our BRRRR venture we want to make sure we start it on the right foot.

Really appreciate not only all of everyone’s time reading this but any participation that comes of it.

Cheers!

@Justin Polston great insight, and really appreciate the response(s). @Nick Giulioni  appreciate the help!

@Ross Denman Fresh new face to the investment scene and would love your recommendations on a License Inspector as well in the Indianapolis realm more specifically near Shelton Heights any or all help is much appreciated.  Also have found you to be the go-to for PM, would love to chat more about what Real Property Management has to offer.  Thanks!