All Forum Posts by: William Goss

@Jesse Vasquez I would take a look at midwest cities such as Indianapolis, Memphis, Kansas City, etc. and try and find some other investors who have done the BRRR strategy in those cities. Try and set up some time to talk to them and hear their thoughts on their specific markets. They'll be able to give insight no one else can give, but in my experience, those cities, especially Indianapolis, are great for BRRR due to the rental rates you can get in certain areas.

@Pete Harper great time to refinance as rates are at multi-year lows! Shop around some lenders, you can likely end up paying nothing out of pocket to unlock additional monthly cashflow.

@Jake Denning congrats, looks great!

@Account Closed as long as both markets have good fundamentals, and you run the numbers (cap rates, rental comps, etc.) and the cashflow aligns with your criteria and goals, I would choose the market you are more comfortable with. You will see much greater long term success if you like and trust the people you are working with, as well as you will end up going to the location more throughout the years without it being a burden. However, this is only if the financials make sense in market B.

@Tom Donnelly congrats for all of the success! We are always trying to get better and more efficient at analyzing properties online and utilizing all of the available resources at our disposal before seeing the properties in person for further due diligence. I would love to learn where you do all of your analysis online, and what tools/sites you find to be most accurate and helpful in your due diligence - especially with estimating rehab costs. 

@Chyniece Cox it depends largely on the scope of work and your exit strategy. However, this is often a key aspect that new investors forget about. The time a flip takes is imperative to success and scaling your business. We select our properties based on what the scope of work will likely look like because we like our rehabs to be completed in the 45-day area.

@Jalen Britton talk to your local realtors, property managers, and investors and get a list of local contractors they recommend. Once you have a list of referrals I would set up a time to grab a coffee with them to meet all of them in person. Finding a reliable contractor is absolutely key, so I would always meet them in person before choosing. 

@Evan Gerdes every area has slightly different criteria for an optimal flip, so I would start by understanding the market to fully understand what and where there are the best flip properties. Once you do that, I would check craigslist, FB marketplace, FSBO.com, and various online marketplaces every single day. If you check every day and are consistent with it, you will find potential deals that you can move on quickly if you are ready. If you are looking for a higher volume of leads, I would recommend sending out yellow letters to your target areas to drive a flow of potential motivated sellers. Good luck!

@Justin J Morello congrats on taking the first step! I would network with as many local investors as you can (try searching on here as well as LinkedIn), and review the deal with them. They know the specifics of the area the best and will give you the most accurate opinion on if your specific deal in that area is a good one or not. Try and ask as many questions on why or why not. Good luck! 

@Alberto M. there are many do's and dont's. I would spend time educating yourself on the ins and outs of the industry, and networking with other professionals to learn before acquiring your first property. One thing I did was connect with one of the best in the industry and spent a lot of time learning from him on every aspect of the business. It wasn't until I spent over a year learning from him that I felt comfortable enough to dive in and buy my first property. Spend time doing that, and you will be in a great spot. Good luck!