All Forum Posts by: Charles Granja

Websites will always give different numbers. But, you should just be looking for your range of numbers.

You have to talk to someone on the deck to know what numbers are in real time. Those are the only numbers that really matter.

ROI/NOI/CAP/IRR can be important to know

For someone starting you just need to understand:

What is the money coming in? 

What is the money coming out? What expenses am I not accounting for? PITI, Capex, Repairs, Vacancy, Property Management, Snow/Mowing lawn, Do I cover utilities?, etc

Does this put me in a profit or loss scenario?

I wouldn't recommend relying on a calculator you made because you don't know everything that goes into a deal yet. I would recommend you use a calculator so that way you can learn. If you google Rental Property Calculator that's what I normally use to get my numbers

35k

Not sure if you are trying to discuss the possibility of multifamily 

But, 

https://cdn.hostcompliance.com...

If you have a lot of equity you could do a cash-out refinance.

It sounds like you have a solid rental that will increase even more in the coming years. New Builds right in your backyard?

But, I guess it all depends on what you plan to do with the extra money?

And where you think the economy will go short term?

To start, I am no financial advisor but can give some beneficial clarity.

Everyone must critically evaluate their financial plan to achieve wealth. It is good that you are doing this. There are so many different routes you can take. 

Continue your current path

Invest in real estate actively or passively outside of minimal 401k contributions(Rental, Flip/BRRRR, Syndication, REIT, etc)

Invest in real estate with 401k contributions 

Some would even say invest in a life insurance plan (Probably shouldn't do this)

No one can give you the best answer because your financial situation is something we are unaware of.

Investing in real estate is a good option amongst other investments. The tax advantages are what make it so great. Depreciation is probably something you are already aware of, also the ability to write off 25k to personal income depending on tax bracket

My advice: Be very critical of who you listen to. And once you fully understand the benefits of real estate: Appreciation, Mortgage paydown, Cash flow, Tax Benefits (Massive), make your decision. The best decision you can make is to invest! I wish the best for you in your investment journey!

You will need to find a good agent to walk through the property, and send you videos (One that you can trust)

Get a solid inspection, identify contractors that will give you bids for any big-ticket items prior to you hitting contingency dates. 

There is normally a warranty in real estate contracts for specific items as well.

The reality is: If you are buying your first property, what are the chances you identify something that the professionals cannot? I wouldn't be so concerned about identifying problems, but the fact that you may not even like the feel of the house. I've looked at properties on a website, but when I see them physically, the setup is terrible

It's not so scary once you understand what is at risk. Is it better to live life scared? Or is it better to have attempted to win, only to return back from where you came? I used to be scared of debt as well. You have to realize... You are trained to be scared of debt. Once you understand this things will change. 

You just need to make sure you are not over-leveraged, keep good reserves, understand what you are buying (Cash flowing asset). It's not scary then. It's math

You will find tenants in 2 weeks if you hire a property manager. What if you can't? Then you pay 1 month's rent until it is filled. That's what accounting for the vacancy is for 

What if you can't resell? Depends on your exit strategy. If you are buy&hold the market high or low doesn't matter. You are playing long.

The advice I can give:

2nd homes are different than investment properties, and you can claim some but for the days it was used as a rental

Your options for using a second home vs investment property should be tied directly to your application of use.

If you purchase a property in your name you have to give a guarantee. Banks have a due on sale clause. You should talk to them

Best of luck!

Hey everyone!

It's been an interesting year! One video on real estate (Biggerpockets) led me to spend countless hours researching real estate. With the knowledge I acquired, I found a market and purchased 3 cash-flowing properties in Kansas City, Mo in Class C neighborhoods

However, I've come to realize there is much to be gained from BRRRR/Flipping in areas such as this, and that is attainable for me (Out-of-state investor).

My question: What has been your most successful system for producing quality real estate leads to enable these BRRRR/Flip cycles? Direct mail, SEO, Cold-calling, Text messaging, Door knocking, MLS, Networking. And do you have any recommendations/fore-warning for someone with only a couple years of real estate experience getting into this side of the market?

Thanks for your time