All Forum Posts by: Brenden Mitchum

Hey @John Gabaldon, welcome to the BP community!

This is a tough time to find financing if you're just starting out for a couple reasons. 

1. Most hard money lenders are closing up shop temporarily to avoid making bad loans in uncertain times (and portfolio lending has ground to a halt). 

2. It's tough to network without meetups. Meetups are usually a fantastic way to find partners. However, your only networking option is to get online. 

So my advice to you is to join local FB REI pages and start some conversations. Don't just peddle your deal because one of two things will happen, everyone will ignore you and you'll become "that guy" or you'll find a crappy partner. Another great place to network is right here on BP. It sounds like you are already starting to do this so just get stay active here on BP. Answer questions and reach out to local investors.

Hope this helps! And please, if you ever have any other questions or just want to chat shoot me a message anytime!

Hey @Ismael Candelario!

First off, congrats on getting out there and taking action! Driving for dollars is a fantastic way to find some great deals if you stick with it.

This site gives a great explanation of the terms. However, depending on your area you may see these used interchangeably. For example, here in Atlanta, I rarely see "active under contract" but am typically seeing "pending" for anything that is under contract. You can still make offers on these properties but your offer will simply be held as a backup in case the current contract falls through.

If you have any other questions or just want to chat, please feel free to message me anytime! Good luck!

@Sean Bizjack

I'd also like to add onto @Anthony Fontana's excellent advice there and mention that building a complete syndication team will be incredible tough without any investing experience. Now this does not have to come in the form of SFR and small MF. You could instead partner up on a larger MF deal with an experienced investor. So it will be up to you which route you decide to take. With all the uncertainty floating around right now, it is the perfect time to focus on building a team. Lack of experience will only hamper you from building some of that team e.g. investors and brokers.

Good luck and please shoot me a message if you have any questions or just want to chat!

Hey @Jeffrey Fendrick, welcome to the BP community!

Definitely do everything @Craig Curelop mentioned. Except you probably want to put a local meetup on hold for the moment. So instead just get super involved here on BP!

On top of this, I will add that now is the perfect time to start investing in your education. I do not mean in a monetary sense, necessarily, but with your time. Many of us are currently facing a newfound abundance of time so why not throw as much of that time into learning about REI? Definitely read those books but don't stop there. J. Scott has also written a terrific guide to calculating ARV.

You will also want to get some education on what is currently going on, economically, here in the U.S.. This will help position you to capitalize on the current crisis (which is likely only just beginning). For example, you would probably not want to go in on a BRRRR at the moment as there could be a halting of mortgages coming (portfolio lending has already frozen). The BRRRR method is entirely reliant on that refinance; without it you'll be stuck with a hard money loan or private/your money left in the deal.

So educate yourself, build capital and be aware of what's going on in your market so you can be ready to pull the trigger when stuff starts to go on sale!

Please, feel free to message me anytime if you have other questions or just want to chat!

@Nader Hachem

My pleasure! Good luck!

Hey @Chris Bown, welcome to the BP community!

I do not believe BP calculators have any kind of depreciation/tax advantage calculations. However, check out dealcheck. They do have a depreciation feature. I have never used it though so cannot speak to how accurate it is. Should be solid if it's anything like the rest of the calculator.

Please, feel free to message me anytime if you have questions or just want to chat!

Hey @Josh Beller!

If you have not found it already, here is an awesome and lengthy thread on the topic. I am not sure if they answer your specific question in the discussion but this seems like the perfect place to pose your question!

Hey @Nader Hachem!

So for rental properties, you only really care about how those extra features effect the market rent. Typically, having a garage or a basement is not going to have a huge impact on rent. However, if a house down the block does not have a garage and charges $1200, you could probably get away with $1250 or maybe more. It all really depends on your market. Many of these sites that show rent averages for an area don't have much information on the comps so I would recommend speaking with your realtor to get a more in-depth rental comp analysis.

Please, feel free to message me anytime if you have other questions or just want to chat!

Hey @Jonathan Lancaster!

I am really liking dealcheck right now. However, once my free trial ends I will definitely give cashflowexpert a go before deciding on a paid service. Thanks for the tip!

Hey @Jessica Luan! 

I just dm'd you with an inspection company that I have used recently and was very pleased with. Great price, great service, great people!

Please feel free to message me anytime if you have other questions or just want to chat!