All Forum Posts by: Sam Bhattacharya

I’ve done this plenty of times. Silence done nothing on, others I’ve done a little and if the bank wanted to know I just had a scope of work that read “painting, as needed,” when very little was needed. I haven’t always gotten all my money back out. Sometime I have and more. But I’ve definitely done it.

How do you find and buy properties that are so far under market value? Do you look for distressed properties? What strategies do you use?

You’ve got to market for them. Website with SEO, pay per click, direct mail, cold calling, billboards, etc. It takes money.

Okay, thank you for sharing that. Which of those strategies have worked the best for you? Also, do you buy at auctions?

0 Votes

Milwaukee, Wisconsin

If you can buy real estate for no money down, then there must be a way you can attend an expensive real estate seminar for no money down too, right?

:-)

7 Votes

Dallas, Texas

Quote from @Dave Skow:

@Sam Bhattacharya- you will want to get your financing sources in place and lined up BEFORE locating a property ......what are the reasons private financing is needed ?

I am trying to see how creative I can be using OPM to buy and rehab rental properties. It seems like it can be lucrative if you do it right.

0 Votes

Germantown, Maryland

Quote from @Larry Turowski:

How do you find and buy properties that are so far under market value? Do you look for distressed properties? What strategies do you use?

0 Votes

Milwaukee, Wisconsin

Quote from @Billy Daniel:

I've spoken to several investors over the last several weeks and many of them are not moving forward due to fear. This isn't a guess, many will straight up admit they are scared to move forward. Each particular fear is easily overcome, but still the general fear remains. So, for you new investors I ask, what is stopping you from "taking the leap"? How can I help you overcome that obstacle? If you're at the edge and can't make the leap, shoot me a DM and we'll jump on a call or something. REI has changed my family's trajectory in the best of ways and I want it to do the same for you!

The stock market has been in bear market territory for some time now. Some of us think the real estate market may follow suit.

By the way, how much of a correlation do people think there is between the stock market and the real estate market?

0 Votes

Quote from @Ozzy Sirimsi:

I have been investing in Baltimore since 2004, and I am pretty happy about it.

Invest in over certain price points you will be fine. Many invest in less than 100K and they are surprised when they have problems. When you invest cheap, just expect there will be problems and if you buy 20-30-40 of them you will be fine doing section 8. There are many investor who do that.

Key is you gotta be keep buying.

If you spend over 130K and upgrade the house, you will still get quality tenants. You dont have to be in Canton or Fells...

As far as BRRR goes, be ready to leave around 15K in it.

As long as you know what you are getting into you are fine.

To do that, find an investor agent. Not somebody who has 3 units or something.

There are bunch in this forum who are experienced. They will all help you.

Good Luck either way!!!

Since I haven't done a Brrrr, let me understand what it means exactly to leave money in it.

Let's say you buy a distressed property for $80,000. You rehab it for $30,000. You get it appraised and the ARV comes out to $160,000. You do a cash out refi for $110,000. That covers the entire cost of buying and rehabbing and would be an example of a "perfect" Brrrr.

On the other hand, if the ARV comes in lower and you can only get $95,000 back, would that be an example of leaving $15,000 in the deal?

0 Votes

Columbia, Maryland

Quote from @Kenneth Cheston:

Hi Holly! I share Kyle's welcome! Kyle is a great lender. I actually spoke with him on the phone over a year ago when I first got started.

I personally bought my first investment property a year ago in Overlea neighborhood of Baltimore. It was a duplex and ended turning out to be a great choice. Having said this, Baltimore is certainly a city with it's disadvantages just like any city. You really have to know the neighborhoods so that you don't end up buying in a bad area. You're right about the population, but to be honest there's still half a million people living in the city plus you have big employers like John Hopkins Hospital + University, University of Maryland, Amazon, and Under Armour (many more). I'm not sure if I've ever shared this, but I did a whole research package when I had my doubts about Baltimore. See link Baltimore Invesment Area Research. The reality is that there are thousands of investors here that continue to invest. Baltimore may be on the come-up or it may not be but there's still a TON of people that need a place to live. Hope this helps.

Hi Kenneth, thank you for sharing those details in your link.

How good is Baltimore for Brrrr? Is it realistic to find deals where you get all of your buying and rehabbing money back when you refinance?

0 Votes

Columbia, Maryland

Quote from @Shane Kelly:

There is still BRRR potential here, but as said above, you have to buy at the right price. I work with a lot of wholesalers here and have found quite a few BRRR deals for my buyers. They're typically in C, C+, or B- areas as going above that is hard to find, and going below that can be risky.

Is it really that bad to buy a rental property in a D neighborhood? If more investors rehabbed properties in a D neighborhood, wouldn't that tend to improve the quality of that neighborhood over time?

0 Votes

Cleveland, Ohio

Quote from @Steven Foster Wilson:

Quote from @Quentin Jivery:

Quote from @Steven Foster Wilson:

Quote from @Quentin Jivery:

Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!

I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."

"You may want to use them too:

What is the greatest lesson you have learned? By asking this question I seek their wisdom.
What are you learning now? This question allows me to benefit from their passion.
How has failure shaped your life? This question gives insight into their attitude.
Who do you know whom I should know? This allows me to engage with their network.
What have you read that I should read? This question directs my personal growth.
What have you done that I should do? This helps me seek new experiences.
How can I add value to you? This shows my gratitude and desire to add value to them."

These can be a great starting point for you

Wow man I really appreciate the advice unbelievably great advice! I’m thinking of calling a few people today and getting coffee with them thank you!
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!

So glad it helped. Honestly, I only buy properties that I am already buying into equity. Example, I just bought a property for $45,000 and rents are at $650. I already had someone tell me they would buy it off of me for $110,000 and I know I can get rents at $1,200. I think it is just about waiting on the good deals and jumping right on them when you see them. You have to be ready to act fast.

That is an amazing deal. What do you think made such a big difference between your buying price and the selling price you were offered?

Was the property distressed in some way when you bought it?

0 Votes

Vancouver, Washington

All Forum Posts by: Sam Bhattacharya

Sam Bhattacharya has started 7 posts and replied 49 times.

Post: buy one rental property cash or multiple properties with mortgage

Post: Has anyone BRRRR’d without rehabbing? More like buy & refinance

Post: We're being overrun by fake finance, investing, and RE gurus

Post: Are realtors likely to help new investors seek out private loans?

Post: Has anyone BRRRR’d without rehabbing? More like buy & refinance

Post: What's stopping you?

Post: Moving to MD and looking for opportunities

Post: Moving to MD and looking for opportunities

Post: Can you still BRRRR in Cleveland. If not, where?

Post: Investing, mentorship and first property.