All Forum Posts by: Chirag Shah

Hey all,

Just curious to know if anyone would be open to a real estate/business/personal development book. I'm a fairly voracious reader (2-3 books month), but I'm always more engaged and accountable when I have to share the information with a group. I also recognize that a newbie, it's critical to absorb as much possible.

A few of the books I'm reading and have read include:

- Millionaire Real Estate Investor 

- The Book on Rental Property Investing & Landlording

- Black Swan 

- Out of State Real Estate Investing 

- Cashflow Quadrant

- Rich Dad/Poor Dad

- What every real estate investor needs to know about cash flow

In the next few months, I'm planning on reading:

- How I turned $5K into $5,000,000

- How to invest with low or no money down

- The advanced guide to real estate investing 

If a group is interested in getting together to exchange ideas based on reading and have meaningful, and hopefully actionable discussions, please let me know. I will coordinate. 

Thanks,

Chirag

Hey all,

I'm considering a Joint Venture (JV) for my next property, and wanted to get your thoughts on:

1. Pros/Cons
2. 'Gotchyas' to look out for when creating, executing
3. General steps to create
4. General anecdotes

Thank you everyone in advance!

Chirag

Great information, thanks @David Ivy

@Jose Torres start talking to lenders ASAP. You seem like the IDEAL candidate for extremely favorable loan products. 

As @Ibn Abney suggested, I'd consider MFH or commercial MF, you could definitely do it, if you prefer. But, of course, starting small is a great way to learn (that's what I'm doing)

In any case, good luck. I'm sure you'll find that receiving financing is a lot easier than you expect, just make sure to shop around and negotiate!

Chirag

@William Richardson thanks so much for asking this question, I've been thinking about scale in general, and am considering OOS as well. 

All the folks this in this thread have provided some great advice, thanks to all! 

@Ali Boone I'll ping you outside of this to understand what you're doing and what your experience with turnkey BRRR is.

@Jeremy G. I just purchased my first duplex, and am following the advice of @John Casmon in renovating one of the units, moving in, then finishing it off before I put it back on the market at significantly higher rents in the next 6 months. 

My thoughts/advice on your situation are:

• A triplex at $180K, and after a discount at $165K sounds great.

An option to consider:

1. Being that it doesn't cash flow at current rents, have you thought of 'making' the deal work, meaning you reduce your offering price and then you could possibly cash flow.

I also think what you're proposing is reasonable, but the rent increases need to be incremental and sensible. Going from $690 to $1000 may cause them to leave, which could impact you via vacancy expenses if those units aren't capable of demanding $1000. I'd suggest (take this with a grain of salt as I'm also a newbie):

• Get in, raise rents to $800 immediately, then $900 in 1 year, and $1000 in 2 years. Stick to this. 
• Live somewhat subsidized until it cash flows

Also, if this doesn't work - no sweat, there's always other deals. I've started to accept that, and I think most experienced investors would agree that it's wise to stick to your criteria, and rarely waver. If cash flow is an issue here, be patient and find one that makes you comfortable and does cash flow. Sure, it will take time, but could be worth the wait!

Just my two cents, hope it helps!

@Anton Ivanov this is extremely inspiring, really appreciate you sharing your story. 

Curious about Turn Key - What are your opinions on it in today's market? Are there any particular companies you'd suggest or have worked with in the past successfully? 

@Gino Barbaro thanks for the advice! I've been crushing the BP podcasts (~2-3 per day), and have heard great things about yours as well. Will have to check it after I complete BP's.

In any case, I've always found it hard to find a community, but maybe I'm not looking hard enough? I'm scheduled to attend 3 meetups this month (April), so hopefully, that is the start of a trend. 

These are all awesome replies. Thanks for all the suggestions, they've been noted and reserved at the local library.

@Thomas Glenn how was Michael Blank's course, could I receive similar value in the books suggested in this thread?

@Matt Lefebvre thanks for your honest opinion about CI101, I think before I truly jump in I'll invest in the course. For now, reading and learning from others seem to be a cheaper option and this already seems like a fire hose!

@Henri Meli this is great advice. I'm still most comfortable in the MF residential realm and do that every day. I shall proceed to Loopnet analyses soon. 

@Michael Swan thanks for the advice, will definitely read that book in detail.

@Craig Garrow I have a friend reading that book, he's said it's pretty good thus far. I agree, already learning so much from this thread alone. 

Thanks for all the suggestions!