All Forum Posts by: Mitchell Riggs

Hi BP Members,

Is taking pictures and/or videos while touring a prospective property allowed?  I am touring a house later this evening that only has external pictures on the listing, so I am wondering if I am in the right to take pictures and videos while inside?

I understand having no internal pictures on the listing is a red flag to the potential quality of the interior, but I shall see later today!

Thanks,

Hi @Patrick Froehlich,

I have bought The Book on Rental Property Investing, The Book on Managing Rental Properties, Long Distance Real Estate Investing, BRRRR, and The Book on Estimating Rehab Costs.

I read the Book on Rental Property Investing first, then David Greene's BRRRR, and am now reading The Book on Estimating Rehab Costs. I definitely recommend these books for their price, it is just a small investment towards financial freedom. It was beneficial reading Brandon's The Book on Rental Property Investing earlier on, and if you're interested in BRRRR I'd say David's book was well worth the read.

I plan to read the Book on Managing Rental Properties when I purchase my first deal and get to the managing phase of my investing journey, and am planning to invest locally at first so I will read Long Distance when needed/have the time. 

One note about the books, the editing is not the best. There are some grammatical errors here and there that stood out to me, not sure how the editor's missed as many as they did.  However, I still understood their points and it didn't take away from the substance of the books.

Let me know if you have any additional questions!

Hi @Felix Torres,

When it comes to BRRRR investing, the goal of taking equity out is to leave as little of your own money in a deal. When someone owns a property free and clear, the entire price of the property is their own equity caught up in the deal.

To maximize your money working for you in BRRRR investing, you will initially purchase a property with all cash. This can be your own, private/hard money lenders, etc. Pulling out equity comes in the Refinance step of BRRRR investing. Because you bought the property in cash if you are using the BRRRR model, after the rehab, rent, and the seasoning period is over, you will want to Refinance with a conventional loan or similar loan using Loan to Value (LTV). This is a loan on the value of the Appraisal Price after you have rehabbed the property and your lender's seasoning period is up.

This allows you to pull out most/all of your original equity in the property and immediately put it to use on your next deal.

Hope that basic explanation helps!

Hi all,

New to the forums here and glad to be apart of this community! I have been listening to the podcasts for a little while and have always wanted to get into real estate investing. I am hoping to start with buying/holding or buy/rehab/hold (single-families, duplex, etc.) using BRRRR or similar strategies. The caveat, I live in Illinois which isn't in the best financial shape and doesn't have the nicest property taxes.

Does anyone have any suggestions on how to make real estate investing lucrative in Chicago's western suburbs and/or Chicago itself? Or any other suggestions?

Thanks!

Mitchell