All Forum Posts by: Kyle Root

So where do investors go to find houses that they are interested in for the contact information of the home owner?

Looking for some advice here guys, look forward to any feedback.

I found a few properties through Zillow and I want to contact the seller personally to avoid speaking with real estate agents. I want to talk potential seller finance options and if they would be interested. Do you guys have some experience in doing this? Where can I find their contact information online? I listened to a BP podcast about seller finance deal and I want to way my options with owners. 

Additionally, I am going through my first BRRRR deal which is my second deal. I closed on the property and I am working with a contractor to get the price dialed in. Is it a good idea to work on another deal if I have the right financing? Or should I put all my efforts into the BRRRR deal and get that up and running before I move on to the next deal?

Any comments or advice are welcome here.

Thanks ahead of time!

Kyle

Engelo are you still doing meet ups in Toledo?

I have a property under contract and I am supposed to close 9/27/19 (2 days from now). I have one other property that is managed by a property manager. This new property that is under contract is in a different area, heck different state for that matter and it will be my first BRRRR. I want to manage this property because I feel like it will better help me improve my knowledge in what is needed as a property manager. I do not have much time right now, as I work 60ish hours a week. But if I have the right systems in place for maintenance, rent collection, mortgage payment, emergency phone calls, ect.. I should be just fine??

Do you guys recommend someone working 6 days a week become a property manager for a personal investment? I want to note: this was became an idea when a few property managers told me they charge 25-30% and said that it is national average...which I strongly disagree with.

Looking forward to hearing some feedback!

I do understand what you are going through and that you are worried about jumping in but let me tell you from my experience. I was 24 when I purchased my first rental property. I found myself talking myself out of every deal because I was to scared to pull the trigger. Will I fail? Will I not turn a profit? ect…..But I eventually told myself that I had to jump in and make the most educated decisions based upon my knowledge at the time...Well it didn't go well at first but eventually turned around and will make $200 a month starting in 2020 (I rented it out below the market value because I just wanted to fill the units). Go for it man. Don't be scared of a recession you could wait around for years and miss out on the hottest market.

@Frank Patalano I am closing on my second property right now. I would say the biggest thing for me is time. I live a pretty interesting life style as most of us probably do. I travel as a field engineer for a construction company working 60-70 hrs a week. Getting up at 3:30 to go to the gym and working till 6:30 is tough. Being committed to the times that you are able to sit down and look at deals is extremely important for me to execute on. I have been blessed with a good career but I would say time for me is the biggest hold back at this point.

@Frank Maratta partnership 101, if it doesn’t benefit both in some way it won’t work. I am in the construction field and understanding contractors from a management standpoint is my strength in real estate. Just more of an open conversation on different way to finance something that I can’t personally afford.

Good feed back, thank you!

@Frank Maratta thank you for the response. I am glad you mentioned BRRRRing is the most efficient way, makes me think i am headed in the right direction. One thing that concerns me as a young investor is I don't feel completely comfortable yet to manage other peoples money/investments. Maybe that's where I look at a partnership and find someone that's knowledgeable dealing with other investors. Great feedback.

@Matt Crusinberry Appreciate the feedback Matt. One area that I can improve on is marketing myself with other investors. With traveling with work & working 6 days a week the last year it has been difficult. But then again, that's not a good excuse. I need to start really dedicating some time going to local meetups and really trying to learn about partnerships in RE.

I started investing back in April of 2019 & I have 1 duplex and should be closing on a single family home going for my first BRRRR deal. As I continue to look for deals and learn more about the RE market (Midwest market, specifically northern Michigan/Wisconsin) I want to start looking in the apartment bldg market.

I hope to add 4-6 units over the next year which would double/triple where I am right now. What are some tips/tricks and things to look out for when searching for an apartment bldg?

Ex. $500,000 10 unit apartment bldg, 25% down would be $125,000 on a conventional (which I do not have). Outside of seller financing (which I am not opposed to), what are some other options for financing? How to minimize personal risk?

Any feedback would be greatly appreciated and look forward to hearing from you guys.