All Forum Posts by: Jack Medford

@Jamison Conti Decentraland is an interesting experiment. I imagine there will be others that follow a similar model. Doubt this one will work based on the way current investors are hoarding the digital land. The cheapest plot equals roughly $600. That is a steep price for anyone new looking to get involved. 

What sort of experience do you have with Decentraland, and crypto in general?

Parts of southern Columbia county have pretty good rental markets. Lodi and Poynette come to mind specifically as places where values are similar to slightly cheaper than Madison, yet there is a huge demand for rentals. 

To answer your question fully though I'd need to know your goals. Are you specifically looking for cash flow? Are you willing to sacrifice some cash flow to buy in a really nice area? 

I'll also throw out there that we have a local meetup group in Madison that meets every other Wednesday. There is actually a meetup this evening at 7pm at the Brink Lounge. If you happen to be free tonight you are more than welcome. 

@Courtney Richards Sorry, I don't have a good contact at the moment. You can give @Dawn Anastasi's site a try, as she has various vendors listed. http://coreprop.biz/contractors.htm

Lately I've just been using my PM's construction services to handle any rehab/maintenance I've needed. You might be able to ask @Matt Maurice who I believe does walk-throughs for a fee, and then you can decide whether or not to use his crew. He'll have to confirm though.

Also, I'd suggest getting access to the Brew City Facebook group from Rebecca Knox. You can do another search in there. 

@Courtney Richards Definitely have. Honestly, most deals are going to fall into this category. It isn't easy to find a discounted property that reflects the price of the work needed. I've looked at a bunch that seem good initially, but then a little digging reveals more problems. Just a part of the process unfortunately.

@Courtney Richards The process has a big learning curve, but one that isn't insurmountable. I started off by looking for a deal and then putting the pieces in place. I'd recommend actually starting with picking a management company or two to work with. @Matt Maurice is a great option in that regard. 

I've received estimates that have "essential" repairs but never tried to get around that. Mainly because the essential repairs were standard safety items, or necessary cosmetic updates. I'm pretty sure the landlord class is just for owners who are self-managing. I've never taken it, for instance. 

@Courtney Richards I am currently investing in Milwaukee. Taking things slow at the moment but always looking. I actually just got back from a visit to LA where I'm originally from. Nice to see others from CA finding value in Milwaukee.

What do you mean by "the process?" Are you talking about the entire process from finding deal to analyzing to offering to closing?

@Mike Mannello Yes I do. In fact, Milwaukee is my main focus. I currently have 3 properties there. Why do you ask? Curious about the market?

@Mark Yesa I'm sure you have very little time since you have a 9-5 plus are the caregiver for your parents, but my first suggestion is to find a local meetup to attend. You can find local BP events on this page, and you can also search for local REIA groups. Meeting with local investors and telling your story is incredibly valuable when you're just starting out.

Based on your second comment, I think you should jump in now. Yes there will likely be higher cashflow deals in the future, but that shouldn't stop you from jumping in now. If you learn the ropes in a difficult market, like the one today, then you will be ready to crush it once easier deals start coming along. 

Define what a good deal looks like you today, and then commit to analyzing at least 10 deals a week. After 5 weeks you will have analyzed 50 properties and likely have found at least one (most likely more) that you are interested in offering on. For help with analyzing deals, sign up for this free webinar. 

@Mark Yesa Tell us more about yourself. How much capital do you have to invest? I'm guessing properties are pretty expensive since you are in the Seattle area? What kind of investment are you looking for specifically? House hack? Just a straight rental property? Something else? 

Without knowing more about your situation it is hard to give a great answer. One more question, what prompted you to ask? Do you have specific concerns regarding the state of the market vs where it might be next year? (I guess that was two more questions.)

@Scott Doyen I mean it is highly improbable for a newbie to score a BRRRR off the MLS. At least in the current market climate. 5 years ago you could probably throw a dart at the MLS and find a BRRRR deal, but those days are past. Wait a few years and maybe we'll see those days again.

Do BRRRRs exist on the MLS today? Sure. But they are very few and very far between. And who gets them? The pros who have their processes down and can offer on the property the day that it hits the market. As a newbie, if your plan is to use the MLS, here are my suggestions to maximize your effectiveness:

1. Focus on interviewing contractors until you have two you're comfortable with.
2. Find out from these contractors what "typical" prices are for various items. (Use the J Scott book on rehabbing to get the full scope of what jobs can entail.)
3. Talk to various hard money and traditional lenders to know what kind of debt is available to you.
4. Pick a very specific geographic zone (no bigger than one zip code) and intricately learn this area. 
5. Only once you feel like an expert in your designated zone do you expand to a new zone. 

Doing this will help you know when a deal shows up in your specified zone, and will give you the confidence to jump on it when it arrives. Keep in mind that you don't have to follow these steps. These are just my suggestions to go from newbie to competitive BRRRR investor as quickly as possible.