CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
@Account Closed and I bought our first investment property (not a BRRRR) in early 2018. We are both have full-time jobs as CPAs.
What have we done:
We just completed our 10th BRRRR in Atlanta and have 17 properties (all in Metro Atlanta).
How did we do:
We have received up to $18K in one closing (refi close) vs taken $15K to close (refi close) in another. On average, we haven't had much capital stuck in any of our deals. We attribute our positive BRRRR experiences to our rigorous and risk-based due diligence, conservative underwriting, and meaningful networking.
Operation:
Net annual cash flow equals approx. $37,800 after 19% reserve for Vacancy/Credit loss and Capital Expenditure across the portfolio.
Goals:
We are looking to acquire a 50+ unit commercial-residential complex (<$4M) by the end of the year. We would love to connect with individuals with similar goals and motivations.
Residential Real Estate Broker · Houston, TX · Member since 2008 · 68 posts · 3 votes
6y
Nice job! I'm a real estate broker and I'm partnering up with someone to do exactly what you are doing. We are forming an LLC and are opening a bank account with a bank who can help our needs. How are you finding your deals? I noticed you mentioned networking. What type of networking has worked best for you?
Investor · Atlanta GA · Member since 2018 · 188 posts · 71 votes
6y
Well done. It is a great achievement. Do you pay interest to your private lenders or give them equity in the deal ? We are two brothers as well and we have done about 8 flips/BRRRR in the last 3 years. Similar goals as yours. Let's connect.
Investor · Atlanta GA · Member since 2018 · 188 posts · 71 votes
6y
Well done. It is a great achievement. Do you pay interest to your private lenders or give them equity in the deal ? We are two brothers as well and we have done about 8 flips/BRRRR in the last 3 years. Similar goals as yours. Let's connect.
Rental Property Investor · Cumming, GA · Member since 2017 · 66 posts · 15 votes
6y
@Ashish Acharya.
Awesome, nice job, I am from north Atlanta, l do new construction also, below is my last latest project and 3 similar home comming soon.. could be nice to connect and learn investing..
Investor · Athens, GA · Member since 2011 · 306 posts · 156 votes
6y
@Ashish Acharya - Well done. So many more questions I have for you and you must be well connected with some contractors doing good work for a good price too. Are all these properties ready to sell?? Time to 1031? Maybe time to jump up to a bigger deal by doing that. Let's talk more - I sent you a PM
Investor · Athens, GA · Member since 2011 · 306 posts · 156 votes
6y
@Trin Nagireddy - If you built that house - well done. I am hoping to do my first new construction in Athens, GA in the very near future. I would love connect and see if we can work some deals together. Contractors are the second most important part of the deal after the deal itself!!
New to Real Estate · Member since 2018 · 38 posts · 23 votes
6y
@Ashish Acharya
Congratulations! Exciting to hear how much you and your partner have already achieved so far! Curious question, how did you divvy up the 19% between vacancy/credit loss and CapEx, or are they different for each property?
Congratulations! Exciting to hear how much you and your partner have already achieved so far! Curious question, how did you divvy up the 19% between vacancy/credit loss and CapEx, or are they different for each property?
That is based on the average of all the properties. We like to keep our property very well maintained with no deferred maintenance. Your reserve might be less based on how you operate.