All Forum Posts by: Vamsi Boddu

Question for buy and hold investors..After putting money aside for reserves, what do you do with excess cash from your rentals?

1. Use it as downpayment to acquire more rentals?

2. Use it to payoff mortgage on existing rentals?

3. Use cash for Private money lending?

4. Push money into Other asset classes like stocks or Index Universal/Whole life policies?

5. Just let money sit in the bank for liquidity?

Would love to connect and learn from other smart investors on how you manage money for generating returns on idle cash from rentals.

Hi..I am a Real Estate Investor in South Florida and would like to reach out to other investors in this area who are considering buying Real Estate(Single Family homes,Multi Family homes) either for your primary home or for your rental portfolio. 

I buy properties off market, as a result, these properties are always below market value(no point in buying off market properties if they cost the same as buying through MLS right?). In most cases, these homes would need some kind of renovations but as members of Bigger pockets, I am sure you understand the BRRRR strategy and would employ it for a successful rental portfolio.

Having instant equity in the house you buy is a sure shot way of insulating yourself from price fluctuations in the market in addition to being able to buy more for less. South Florida is a very competitive market and to cash flow positive, you can't pay market value for a rental property, it almost always has to be below market value. Finding these kind of homes is my expertise.

All the best to you investors out there and please feel free to connect with me on Bigger pockets if you would like to be notified of any off market properties I find. Happy investing folks :-)

thanks @Randa Lake my brother who is also my partner lives in Dublin..this is why we are able to inspect the homes and areas we are investing in. Huge benefits to have someone locally.

@Hector Idarza I am glad you decided to stay away form them, please spread the word too..his youtube videos are informative but his products are a scam..we got scammed by them along with 300 other investors. They partnered with a shady company called Oceanpoint and sold houses in bad neighborhoods all the while promising us that they were solid C class neighborhoods. 

Awesome @Anton Ivanov..very nice to read your story,gives us hope that we could also get there at some point in life..we started the wrong way, went into C/C- areas instead of starting at B/B- areas like you did. We are no longer going to buy anything in the C areas because its too much work even after using a Property Management company. We will stick with B areas and are focussing ion Multi family homes instead of SFR. We were able to close on a Duplex in Columbus,OH in June and it is decent, not a great deal but we bought it for 160k and rents are 1600$/month from both sides..we are using this experience to analyze the numbers better and factor in these costs when we buy the next deal. Very Happy for you and all the best.

Hi BP folks..I recently bought a Duplex in Columbus,OH. Both sides are tenanted, I am currently looking to buy a couple more duplexes or Triplexes (small Multi Family homes). I am primarily interested in buying in B/B- neighborhoods, trying to stay away from homes in C/C- neighborhoods because we didn't have much luck  with them in the past. If someone is willing to sell their investments please hit me up on BP.Thanks and have a nice day.

@Jay Hinrichs..thanks for the words of wisdom.I frankly don't understand how you stay on top of all these discussions..you are an asset to the BP community.I read a lot of your posts and analysis of Morris Invest and Oceanpoint, you definitely spotted that this would happen almost an year ago and warned other investors. My only regret is that I was not a member in BP when I bought properties through Morris Invest. If I was, I would have taken your advise and stayed away from them.

I am another investor who got burnt by buying properties through Morris Invest. I am still holding on to 4 SF homes we bought in Indianapolis through Morris Invest. Its been 6 months and the properties are not rent ready. When we inspected the properties to see what was going on, we figured we were in trouble. We are now working with another Property Management company to get our properties rehabbed. Its been a bad investment so far. 

For two of the homes we bought, we figured there were squatters living in the property, after much back and forth with Clayton we were able to sell back one of the property to Morris Invest but we are now stuck with the second one. Morris Invest team has told us that Clayton would no longer like to talk to us and we have to deal with their new partner Home River if we were to sell the properties. Clayton had promised us that he would buy both the houses but I guess his relationship with Oceanpoint has soured and he now wants to completely stay out of it. 

This is pathetic especially since he claims in his podcasts that Morris Invest is a Turnkey company and they will take care of everything. We've now learned it the hard way that they will totally ditch you if they sense trouble and you will have to take care of your investments yourself which in most cases will be a total loss of time, money and peace of mind. I heard there is a Google Group for Investors who got stuck with Oceanpoint/Morris Invest fraud. I wonder if anyone in this forum is part of that group. 

Since we lost our money, we should atleast warn other investors to stay away from Morris Invest, that is the least we can do for being part of the BP community. Good luck to all of you in your investment journey. We will treat this as a setback in our journey and will no longer trust anyone and always do our due diligence. 

Morris Invest properties were our first investment and we failed badly so this time we  met a couple of Realtors, Property Management companies and a couple of Bankers/lenders and looked at the properties which were being sent to us and cross checked with all 3 of them to ensure we were not in bad neighborhoods and after carefully reviewing every aspect of the property, we were able to close on a Duplex in a B class neighborhood in Columbus,OH. So, to you all you BP members who got screwed by Morris Invest like us, please take the lessons learned and always do your due diligence before buying an investment property and don't give up. 

We are back in the game again and we will continue our journey until we achieve our financial independence and I sincerely hope you guys will too.

@Ross Denman..I was looking for a PM company in Indianapolis,IN and came across your post..Do you manage homes in C class neighborhoods? Please let me know and I can reach out to you separately.