All Forum Posts by: Blake Denman

 Just to clarify, 2000 units at $100 a month would be $200k a month, $2.4 million a year.  

If you only want $200k a year, you'd then only need ~167 units, making about $16,700 a month.  I think Victor said this earlier, but it may have been missed.  

It's all about what you find for cashflow though, more than $100 a door and the number you'd need goes down.

@Nicholas Borda 

A good tip I was reminded of recently was to look up the other owners on the street or in the general area on the local property records website. If any names or LLC's pop up several times, contact them and see if they want to purchase another property in the area. Chances are they'll be excited to get another property right next to others they own.

Depends, depends, depends, depends, depends.....

Where are you investing?  What works best in the market?  What can you find deals on more easily?  What kind of experience do you have?  What financing strategies are you using?  How active do you want to be with your properties (maintenance, property management, etc)?  Etc, etc.

Absorbing information, making short and long term plans/goals, self-evaluating, and studying your market will all help in determining your unique answer to this question.

But, in many areas, multifamily provides the best cash-flow.  Though there are NUMEROUS situations in which this is not true.

Hope this helps!

Have any more information on the deal?

A couple things seems funky-

1 - Why 6 months to repair if only 50k in renovations?

2 - Are you accounting for holding costs over those 6 mos?

3 - Why refinance after 60 months rather than 6?

4 - I think the interest rates for both the acquisition and refinance were entered wrong perhaps?   Like it should be 4% rather than 0.04% interest for the refinance 

5 - The above^ may kill the deal if recalculated and you're hoping to hold, but also consider if 30k is enough meat on the bone for you if you plan to flip, as you may be paying some closing costs too (depending on your market) when you sell, as well as unexpected costs

Solid questions Darvin 

@Brandon Sturgill I'm confused about your answer to Q3 though -

Darvin - "3. If I have a 14 day inspection period contingency in my contract with my seller, Do I give my buyer a new 14 days to inspect once he signs the assignment contract? Or do I give him however much time I have left before my 14 days is up?"

Brandon - "Q3- This is a one-shot deal...it's your opportunity to exit the contract based on findings"

Not sure if I'm missing something or perhaps you misinterpreted the question. 

If the wholesaler got the property under contract and had a 14 day inspection period, then 7 days later gets it under contract with a buyer, does the buyer have 14 days to inspect (a reset of the period) or 7 days (buyer just assumes the period you started with the contract with the seller)?

I'm guessing it would be the latter, but would love to hear a clarification from someone who has the experience.

Thanks!

Hi Asher, 

I'm new here but I'd bet the vets would tell you this same thing - get active networking with investors in your area.

Through BP, REIAs/real estate meetups, even reaching out to wholesalers in your area you find on Google you'll find plenty of people who may be able to use your enthusiasm and drive, and in exchange would be willing to show you the ropes.

However, you NEED to provide value to them.  Somehow - otherwise why would they want to work with you and offer value to you?  It may be easy or hard to provide value to different individuals, but if you put yourself out there, eventually you'll start to build a relationship with someone who could become a mentor.  

The relationship part is rather important, and is why asking for a mentor on a BP forum likely won't do you any good.

Of course, I am sure that everything you need to know is on this site, or elsewhere on the internet as well.

Good luck!

Sweet, I've been looking around at the different networking opportunities in the area - I definitely hope to attend this one!

Last weekend Boston Area REIA had a walkthough and Q&A of an in-progress duplex>condo conversion in Gloucester with Karriem Cherry from Cherry Picking Properties in Lynn. I went and it was incredibly informative, so I'm excited for more.

@Michael Pallotta Thanks!  A little further down the road I'll have to contact you - what type of investors do you work with and in what kind of properties?

@McKinley Crowley Hey neighbor, do you work with Justin Silverio?  I've seen his name around and have been looking into the company

Hi all,

I've been lurking on this forum and listening to the podcast for almost two years now.  Just graduated college (Gordon College in Wenham. MA) and am looking to carve out an investment future for myself in real estate. 

Thanks to the unbelievable resources provided by BP, I've gone a long way in my RE education and am getting close to making some moves.  I live in the Wenham/Beverly area with family currently, and have lived here, and in Gloucester, my whole life.  Planning to start my RE journey on the Northshore and expand to other areas after I've built some rapport, as the market is nuts here. 

I'm in the process of evaluating Fall River MA, Franklin NH, Skowhegan ME, and the general Southern NH and Southern ME areas as locations on the rise - and am very interested in learning more from investors active in these areas!

As far as strategy, I'm considering wholesaling as a way to gain capital and experience with the goal of moving toward buy and holds, with the eventual goal of PIRE (Passive Income Retire Early).  I also have the goal of purchasing a multifamily in the area this winter to house hack.  Looking to purchase Danvers or points East on Cape Ann.

Have recently started driving for dollars in the area, building a list of leads for an eventual direct mail campaign.  

As I work on that the main thing I'm stuck on is whether to get licensed as an agent to get some income going, or just hustle hard as a wholesaler until I have a good deal flow.  I plan to shadow some agents soon, so we'll see.

Huge fan of the outdoors, including biking, hiking, surfing, kayaking, climbing, skate, and everything else. Inspired by Mr. Money Mustache to live below my income and invest so I can have more time to pursue things that I love and causes that I care about.

Am very excited to absorb information from anyone willing to lend some - also willing to put in hard work to learn the ropes from someone more experienced!

Thanks for reading this huge intro - means a lot with how many posts a day there are on here!