All Forum Posts by: Bjorik Mutize

@Alvaro Rodriguez you have a good amount of capital. However it seems as if you are still iffy on your desired goals for what area of REI you want to get in based on the previous responses.

I’d take some time whether it be a few months or so to get educated with some of the recommended books on the forums and also read some of the common strategies that have proven to work well with beginners, while building your capital even further. Go to some local meetups to get a network circle of advisors and others that can give you some ideas!

One strategy I would recommend looking up is BRRRR. Might catch your eye!

What where you finding on the tax assessor website? LLC's? Another resource you can use is listsource. This website would have plenty of others i'd search "absentee owner list" up above and see some of the detailed recent posts.

Comps is another thing you could either research yourself or look at reaching out to a local professional to do. For example, you'd be looking at similar properties from year built, square footage, bed/bath, location and many others. Compare and contrast them all then average out your value.

One tool to explore

https://www.biggerpockets.com/rei/real-estate-comps-house-value/

PM me with any other questions!

Nice looking property! Congrats on the purchase!

Whats your plans on increasing the rents that much, also with it being new construction? Is it currently rented?

@Samuel Chua properties in different neighborhoods can command different rents even though varying prices.

With your small variance example it may just be amenities, finishes, Bed Bath is it a 2/1 vs a 3/2 and what is more desirable.

Also, still looking at possibly getting guest speakers for this meetup. Let me know if you are interested or know someone who is interested!

Thanks!

As above, i selected to invest locally just because i was not comfortable going big or investing too far away. I wasn't mentally prepared. In retrospect i would have loved to start out of state with the opportunities i am seeing and what i know now.

I naturally built connections starting with my first realtor, who introduced me to my lender, who introduced me to my inspector, who introduced me to my contractor and going down the line. 

Meetups! Went to plenty in the Minneapolis-St.Paul area and was involved in plenty of online meetups as well.

This meetup for people who want to connect and learn how to buy properties and find partners to buy multifamily properties with. Great venue to meet other investors to see how we can add-value to each other.

Obviously the intention is to learn and network with other investors to learn better ways to buy, sell, or source properties. It's amazing what happens when motivated people come together!

Guest speakers may be announced closer to the date however just come, join, and connect with other investors in the area!

https://www.meetup.com/MN-Lake-Areas-Real-Estate-Investing-Meetup/events/259978844/

Like @Frank Wong says i'd learn to study markets with good economic indicators. Start with your backyard. What are you seeing, what do you like, what are you seeing? Benchmark then use it towards other market studies. I'd just not let it paralyze you to wait when everything is perfect because that could be never. There is always opportunities!

Listen lightly when someone tells you doomsday is coming, don't buy.

@John Hunt time. I’m 25 and I started a year ago. I literally cannot wrap my mind around where I would be if I started 5 years ago.

@Randy L. Baab I think I know what you are trying to say.

Even if you are in a completely passive position, you are still investing. Not actively searching properties etc.

Some may build and step away from the business of course, but you will always be investing unless you completely get rid of all ownership of your properties.