All Forum Posts by: James Dainard

 Hey John,

Congrats on your equity position! Great idea to shift it into apartments.

Make sure you've got a good commercial lender lined up, we've got a couple we can recommend.

In terms of finding a partner, you're in the right place! This site is filled with experts who can give you insight into any questions you might have.

 Hey Suyash,

It's not impossible but you have to be creative like others in the thread are saying. Typically your scope of work will have to be something that other investors aren't willing to take on.

Have you considered hard money at all? The leverage would increase your return on the right project.

 Hey Azu,

Great job on doing what you can to educate yourself!

BRRRR is great for building equity fast but you have to make sure you're making the right purchase with enough value add potential. This typically costs a bit more since you need to be able to fund the house and the renovations at the same time either with cash or with hard money.

Come check out my market update, the link to register should be posted soon. We'll talk about this stuff in depth.

If you have contractors you've worked with in the past you can have them walk the site before you buy something. Our team has budget sheets for our clients to show them the breakdown of what a budget would be for a project.

If you're looking to maximize your investments while starting out you might consider using a Down Payment Assistance loan through the Washington State Housing Finance Commission. They offer a range of programs that can help you cover your down payment (0% interest 0 payments over the life of the loan as a second) and you can keep your cash on hand for renovations. The program requires a course which our office teaches. There are income and credit limits you can check out on their website.

You're always looking at comps. What does the data tell you to do to a house? Then you have to find the material and install rates for each of the line items that needs to be done on a house.

Reach out to some teams in your area to see who can help you with this process, you're not the first person to go through this and the right people will help you make leaps and bounds towards your goals.

Feel free to DM with any specific questions and best of luck!

Hey Justin,

Congrats on the deal, looks great!

Hey Jim,

Warren Buffett once said that it is wise for investors to be “fearful when others are greedy, and greedy when others are fearful.”

This happens in almost every market for a variety of reasons. If you can be the one to manage and mitigate the risk effectively in those situations you'll be in a good spot.

Make sure you're padding your calcs for the additional insurance expenses and vacancies that may result from flooding (or any other risk that people are running away from).

I agree there's opportunity there, be careful though!

Hey Hassan,

I typically recommend investing locally first. You know the market and you have more control over BRRRR projects.

If you've got good connections elsewhere (ie: people you trust who can check on a property, with the subs/a gc you trust in place to handle the project) you might consider those areas.

That being said no one will keep an eye on your project like you.

Best of luck!

Hey David,

Awesome looking project, congrats!

Hey Cade,

A lot of the bigger companies will be outspending you on cold calling and texts. With their increased coverage and leverage it's going to be hard for you to compete.

If it's just you the biggest impact you're going to have is going to be face-to-face.

Consider getting a list of owner-occupied properties with long-term owners with good equity built up in their houses. Drive the list and see if you can find distressed properties that might be attractive to an investor and target that house.

You can do the reverse of this as well where you start by driving around looking for houses, note the addresses of ones that need work and look up the owners and try to get in touch.

If you are an agent or working with and agent you can get a list of expired listings and go after those, know that those owners will be getting hounded by other brokers/wholesalers as well.

Hope this helps!

Best of luck and keep at it!

Hey David,

Congrats on the deal!

Navigating a city's codes can be pretty difficult but if you've done it once you can do it again. Put systems and people in place to make the process you just went through smoother.

You made money and you learned. That's a win win!

Yikes! Are you able to get a long-term tenant in there to cover your expenses?