All Forum Posts by: Brian Ashley Austin

Sounds groovy. Count me in. 

@Owen Dashner Our cheapest was 0$. Yup. Zero, zilch, natta, nothing. We had originally went under contract on a 2 acres 3/2 for 1,000$. We wanted to demo the house and use the property for a storage facility as it is adjacent to two major highways. Shortly after we went under contract the 200k res next to it close to a gold mining outfit! Owner was notified his taxes were going up and thus, we paid nothing.

Hey everyone. Thanks for the great questions. Hopefully we will get some more soon. Just wanted to give y’all a heads up. Michelle and I were asked to do another webinar with DealMachine last Thursday. If your interested in learning more about how we got here, please take a look and give us a like. 

@Akinwale Ajayi

Always!

@Terrell Garren

Fantastic

@Mike Reynolds I think I’ve heard this one before.

Navy Sailor:

Chief, why is the sky blue?

Navy Chief:

Because I told it to shift colors!

Thank you for the warm welcome and Brava Zulu for looking out for your friend. In our case we have made a strong relationship with a great hard money lender. We have also started teaching some of our friends and family how to put their money to work for them with hard money pending on smaller deals. We’re kind of at this point now where we have enough free and clear Realestate that while I wouldn’t say we have an endless supply of cash, but we can take down any deal we come across. We started out cash poor as well. I mean flat broke. My wife and I met when we were both going through a very painful divorce. Our first place was quite literally a one room shack… So we began wholesaling to raise capital so we could invest. The price of a stamp turned into a multimillion dollar business a short time after. Maybe your friend simply needs a pep talk. Money is not usually the problem in my experience. Cash is simply a tool just like a hammer or nail. Would you like me to give you contact info to send to your friend? Hope this helps partner. Give em hell out there! By they way I love me some Texas, but with a last name like Austin how could I not?

-Chief

@Akinwale Ajayi thanks for reaching out! This is a great question. It reminds me of my first deal I ever made with a partner. Or didn't make as it were. We ended up backing out because my partner and friend got stuck in analysis paralysis. We are still great friends today but he works 100hrs a week and my wife and I have the freedoms to spend a lot of time together. I caution this, I DO NOT PAY MARKET PRICE FOR ANY PROPERTY. PERIOD. I'm not saying I won't ever buy a turnkey property, in fact I have but I did not pay market value. My wife and I wanted fast growth in our business so we bought, sold and held properties specific to that plan. We wanted properties we could BRRR or quickly sell for a better deal. Ok so here is the meat and potatoes: Multifamily is a fantastic tool for building wealth, it's easier to manage and believe it or not people are flipping multifamily left and right currently! If the property your analyzing has been on the market for a while, there's a reason for it. Is it because no one is paying attention or is it because the property is too expensive or the seller is a pain. Identify that. If you've run the number and it will cash flow, I say go for it. There are a lot of steps involved in improving a multifamily property. So pay attention. I could go on for days about this but there are great BP videos about how to do just that. Rest assured, your team has a way of presenting itself once you start making moves towards YOUR financial future. You'll learn a lot, you'll make some mistakes, but you can do it my friend. So go ahead, make an offer, but make one that's gonna cash flow!! Best regards, hope this helps!

-Chief

@Gillian Scott thanks for connecting! Glad to see a fellow country bumbkin! Kidding. So, Raleigh is a great market, and a difficult one to get into for beginner investors that don't wish to pay market level rates on properties. (I never do this personally, but many investors do and they make it work). So I would be apprehensive about selling my only "investment" property. See what I did there? If it is an asset, I'd suggest keep it if that aligns with your goals. If you want to sell then now is certainly a good time and I happen to know a great realtor who would love to list your property! I did want to ask why you would want to use those funds from a dale to pay off dept? Paying off debt doesn't always equate to making more money, so really think about that. If your property cash flows and it has equity, consider a refi or HELOC. This could free up more cash for another purchase! Having 1 rental property doesn't make you much money once you do all the math, sometimes it actually costs you money. Having 10 rental properties, now that's another story my friend… 10 very quickly turns to 20 and so on. I will say this, you already have your first investment property, so your ahead of the game as of now. I personally do sell properties, but only to buy more properties! My wife and I are fortunate to have a business that not only pays for itself but keeps our money always working for us. Hope this helps, if you need something more just let me know!

-Chief

I wanted to reach out to all those still on the fence, those stuck in analysis paralysis and those who have done a few deals and had a question. So,  have any questions, concerns, moans, groans or complaints? Go ahead, ask the Chief!

 Thanks James.  We have had a heck of a time dealing with a bad seller realtor and management firm.  We went ahead and pulled out before we lost our Ernest monies. But we may still try to back into this deal once we get everything we need. It’s just been one thing after another.