All Forum Posts by: Austin Fruechting

Unfortunately I am flying out on the 23rd!! 

Best BBQ in KC: Q39 on 39th st (go for the judges plate with ribs, sausage, & something else, the chicken is amazing too)... and Joe's KC on 47th (Zman & fries!)

Your cash flow will go down after you refinance and have a larger mortgage. If you can't still make cash flow off a 70-75% LTV, then it's not a great candidate for BRRRR-ing.

The difference is the opportunity cost of that money. You can leave it in there and say make $400 per month... with maybe $40k invested... or you refinance it, make $200 per month with ZERO invested (infinite return) and put that $40k into another BRRRR. Do the same thing and refinance. Now with two you're making the same cash flow as with the one... AND you have tenants paying for two properties for you... AND you have your money back so you can go do it again, and again, and again.

Is the market inflated? Maybe/Probably... 

Is a correction going to happen? Maybe/Probably... 

When? Who the f knows... 

.

A great deal towards the top will still be a good deal after a correction.  

@Account Closed - so much of the question about tenants is going to be dependent on the class of property you are buying...

Vacancies - I run about 7-8%

City - if you have a code violation they give you plenty of opportunities to fix. I have never been fined. 

Crime - it's the lower case crime and not bad/dangerous

Beware of JV's... sleeping in the same bed dreaming different dreams...

I'm selling a 6-unit to 1031 into my down payment on the portfolio (~10%). I wrote the the contract as $890k with $100k credit. That will escrowed with the bank to be drawn on for the work. The total work needed is $150-200k. Another $50k of the work will be funded from the sell of another property, and the remains $50k I'll just do with some short term debt to knock it then refinance. The post-reno value should be $1.5-1.6M

Yes all one seller. As to negotiations, way too much to write here... 

Why is GC setting your goal? Why is it your goal? What's the purpose of the goal? What is it meant to achieve for you? Where is it taking you?

See the problem with arbitrary goals is they are just that, arbitrary. People like GC and all the BS "motivational" business hustle IG accounts get people excited and feeling good for a moment in time. Some moments last longer than others, but it rarely lasts. The excitement of "Yeah I have the power to do this and I am going to go build an empire and make millions" rarely lasts because there's no real "why" behind it. Without a real reason for achieving something, most people will fizzle out quickly and not put in the effort and energy require. That's the danger in the GC side I see. It's all on the goal side  I agree on the effort side.

Now if you can find a deep personal why for a massive goal then great.