I say "may" because while I have read about this in several places, I have not personally verified this to be true.I usually pay contractors by check the minute the work is finished and approved.  

Real estate investing is forgiving; the average person can still make money even with some big mistakes.

Personally, my strategy (in the midwest) has changed over the past few years and BRRRR hasn't been the go-to approach as much.

I'm an experienced project manager with hundreds of cradle-to-grave efforts under my belt, including building project scopes and budgets, evaluating contract proposals, and managing construction to maintain the delivery of high quality products on-time and in budget.Penny is a licensed clinical social worker (LCSW), serving the community mental health needs of parents, children and families.We both recognize we have an immense opportunity to serve our community and want to capitalize on the blessings we have been provided so that we can continue serving our neighbors.My wife, Penny, and I are looking to transition into commercial multi-family real estate in 2025.

During the slow season, do you personally focus on getting more rentals, focus more on family/personal life, or do you do something else?

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

HELOCs are generally provided to properties that are held in the owner's personal name.Are your family members not interested in refinancing the property?

You want this to be your backup plan if things take longer than anticipated, you do not want to dip into personal credit cards so i would use a heloc to help with down payment but try to keep a nice available balance on a heloc as your insurance policy. 

What appears to be great "curb appeal" to one person might be overwhelming to another. 

Visit the property and learn about various renovation stages, gain insights from our experienced investors / speaker, and learn strategies for evaluating deals, managing budgets, and maximizing ROI.What to expect:Property walkthroughsReview before photos and discuss transformation plansDive into real deal numbers—costs, profits, and challengesNetworking with industry prosOpen Q&A session to ask anything about the process