All Forum Posts by: Dan Marzec

I own a home with aluminum wiring and it's been insured with state farm for 20 years. No issues and my rates are normal.

I've mitigate the wiring myself over the years using CO/ALR devices and my own pigtail solution using an antioxidant paste at the connection points. I honestly think the expensive COPULUM is a bit of a scam and the specialty connectors and overpriced and no better than what I've done. 

I'd like to get some feedback and opinions on this.  Is it worth rehabbing a professionally remediated meth house?

The house is in a class C neighborhood with a lower crime rate according to realtor.com.  It has been gutted to the studs by a professional remediation company.  The exterior of the house is pretty decent, nice actually.  The house can be purchased for next to nothing (approx. $2,000).  Could potentially be flipped, but would rather keep as a rental.

Should investors run from these properties or are these great investment opportunities?

@Joe Davalos From what I've heard on multiple BP podcasts is that if you are able to find great deals as a wholesaler and price your deals attractively, you won't need to worry about a buyer's list.  If you truly find and offer great deals, people will flock to you.  I'm no expert...that's just what I have surmised after listening to dozens and dozens of BP podcasts.

Hello @Jeffery Waicak, unfortunately I was not able to make this meetup as I am out of town for work this week.  Do you plan on scheduling another meetup next month?  Thanks!

@Chandler Smith The right time to invest in real estate is when you find a great deal.  If you analyze the deal diligently and it provides appropriate cashflow (whatever you deem appropriate), then it's the right time, I believe.  If you implement dollar cost averaging, just as you would in stocks, you are buying less when the market is high and more when the market is low.  But the point is that you are still BUYING.  Waiting to invest and trying to time the market is a fool's game.

Congratulations @Jen R. !  How many BRRRRs have you now completed?

Hello @Daniel Fico. We share a similar path as my formal education/work history is in physics and software development and I too would like to eventually move away from that and run my own REI business full-time. I've dedicated a lot of time over the last year researching and learning about REI, but I have not yet acquired my first property. I have also run a small successful side business for the last 5 years where I've done about a half a million in gross sales over that time period. My goal is to continue with that business as well as build a substantial real estate portfolio over the next 5 years. I share your passion and believe there is nothing better than being in direct control over your own financial future with the eventual goal of financial freedom.

I am interested to learn more about the REI market in JAX. I have spent a great deal of time in Florida, including my high school years and some college, and always love to go back. I have some family and friends in JAX as well. I hope to hear more about your experiences with REI in that area in the future.

@Joseph Catalino I live in Northeast Ohio so I'm familiar with the area. But I have not yet completed a BRRR - in fact, I am still looking for my first rental. However, if you have any questions about the area I can try to get you an answer. Also, my oldest son recently graduated from Ohio State and lives/works in Columbus. If you have a specific question about the Columbus area, I can try to get an answer for you from him.

@Kristopher Hanks I would love to hear more about your BRRR experience in Cleveland. I've been focusing more on the Akron area, but I'm open to all of Northeast Ohio.

@Jon Q. - no one here is arguing those points.  Most of that should be obvious to anyone who is starting a business.  I think you have misinterpreted what we are saying regarding mentoring.

@Amanda Groover - based on my (somewhat limited) experience, REI is as much about relationships as it is about anything else. Build relationships organically and a mentor will probably reveal him or herself in time. @Jon Q. seems interested in selling mentoring services based on his profile (not saying that's good or bad) so his belief may be that you should pay for it and not expect anyone to offer it for free.  Personally, I disagree with that.  I'm not saying you should never offer a mentor something in return, but I have found that many people are generous with their time because they know that it will generally be reciprocated and often in quantities more than expected.

Again, these relationships are built organically over time.  Offer to take people out to lunch or buy them a cup of coffee or a beer.  The worst they can say is no.  And always ask (even if they say no) if they know of anyone else you should talk to...other investors, agents, lenders etc.  Eventually, you will really connect with someone and hopefully build a long-lasting relationship with them that will prove mutually beneficial for years to come.  Many of these principles transcend real estate and apply to many aspects of life, whether you're networking to find a new job, raising funds for a community project or school or trying to start a business.  It's all about relationships.  Though no one wants to feel taken advantage of, many people get great satisfaction by helping others.