Was wondering of anyone has had any success in the "BRRR" technique here in the OC? If so what type of properties; multi/SFR, distressed property, etc?
@Carlos Espinoza its very difficult right now since they will not ultimately cash flow. You would have to wait for the next downturn. That is why I am concentrating on flipping homes on the OC.
@Joe Homs Thanks for the quick response! If you don't mind me asking, what type of homes are you flipping? Have you ever been in a situation where you couldn't sale at the price you wanted too? I think I have seen you comment in the past about court house deals, if so are these houses are all cash?
@Carlos Espinoza I am flipping anything that makes dollars and cents. I concentrate on SFR, but have done 3 condos in the past 6 months. I ALWAYS know what my sales price is before I buy, if not you have already lost. I do buy the majority of my deals at the court house steps (all cash), but then again the last three were from the MLS using my proprietary strategy.
Hey @Carlos Espinoza , we successfully bought, rehabbed, rented, and re financed an 8 unit building in IN. I help and show people who to create streams of income through multi-family investing. We are currently doing this again with a 6 unit building. It it a great strategy! Happy investing.
Hi @Carlos Altamirano , I see you live in the OC (Like me) but bought a building in IN. I have not started in RE yet, but it just seems unfathomable doing it locally as property is way too expensive here. How difficult was it to purchase out of state like that (finding the property, etc.) Did you have a vested interest in that particular area, travel out there and handle it locally? Just curious on the logistics and such.
Hello @Pete Davey
If I invested out of state, anyone can. It is not difficult at all. Analyze the deal, run the numbers and the numbers will tell you what to do. I will tell you this: before even looking at deals you need a few things.
1) understand who you are as a real estate investor and know the tenant that you are trying to serve.
2) know the market that you are investing in
3) network and build a solid team.
The deal then comes after you have these things in place. Would be happy to chat some more. Good luck!
@Carlos Altamirano Thanks! I suppose my question was more on the logistics side of things. I suppose you would need a property manager to handle tenant issues. It wouldn't be feasible to have to constantly travel out there to "keep an eye" on the property and such, deal with the day to day things.
Hello @Pete Davey
I believe your Property Manager is one of your most valuable and trust worthy person on your team. You can independently contract a PM company or hire someone to work for you. He is she is a key player, I would never invest out of state with out a qualified PM that you trust in place. Their are many difference types of PM's that focus on different types of assets. You wouldn't hire a residential PM for your 24 unit building, nor would you just let any commercial PM take over that same property. Be relentless and don't hesitate to fire anyone that is performing below standards. Good luck! PM me if you'd like to chat some more!
@Carlos Altamirano Do you have case studies or are you willing to share information about the deals and the Indy multi market.
hello @Curtis Harvey I try and be active as much as I can here on the forums and pitch in my input on relevant topics
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