All Forum Posts by: Mariano Medrano

@Ligmon Williams

Hi, I’ve been renting and flipping in Okeechboee since 2016. The market here is low income to mid income. There’s so little inventory right now that everything and anything is being rented and sold. Let me know if you have any questions and I’d be happy to help.

@Chase Yokoyama I started using the BRRRR method. I bought a local courthouse auctioned house for 30k. I was able to find a bank to loan me out the 30k I bought it for and used that to rehab the house. I started renting it about 4 months after I bought the house for $900 a month. After 6 months of owning it I refinanced it with the same bank that loaned me the 30k and was able to refinance 80k and used that to get myself into my next BRRRR property. I did 3 more times until I got myself into a turn key rental and I haven't looked back since.

@Greg Dickerson

Thanks for the heads up. I started talking to a local engineer who has done several apartment buildings and commercial plazas. I’ve been picking his brain for ideas and best use for my property. I’ll make sure to update my findings as I continue this project.

@Melanie Stephens my worst mistake was having to find out the importance of appraisals. I found out the hard way that it doesn’t matter how nice a remodel is if the local neighborhood doesn’t allow the home’s appraisal to be higher than what you put into it.

I have 12 acres of vacant land in the middle of two neighborhoods. The possibilities are endless and I’m trying to narrow it down to a few different strategies that could set me up for long term wealth. Any ideas?

@Will K. Sorry I’m replying so late. I really need to turn on my notifications or learn how to use this portion of BP. If you’re still interested in help or info I’m happy to do so. I’ve done 13 deals and currently have 2 projects going and just put in an offer in a flip. Sorry again, I’d be happy to answer any questions you have.

@Yulia Minina welcome to real estate! The best advice I got was to learn and apply. I know that sounds vague but I’ve literally learned different strategies and applied them as soon as possible and it’s worked out well. Like the BP podcast always says, you have to jump in. Good luck!

@William Well, if you move into a duplex for example you can live on one side and rent the other side. This method has you collecting rents on 2 doors. Either way if you decide that you wouldn’t want to live in a duplex or quad I’d adopt the @Mindy Jensen approach and buy a fixer upper in a good neighborhood so that once you can fix it up you’ll have a good amount of equity built up. In a few years you should be able to do all over again and keep adding doors to your portfolio. Good luck William.

I'm an investor in Okeechobee and I'd be interested in buying your properties when you're done clearing them. Thanks, talk to you soon.

I took a loan out against my 401K to buy a courthouse auctioned house. I utilized the BRRRR strategy to do it a few more times until I could repay the 401K loan off. Now I don't need to barrow from my 401K and I have 9 rental properties. I took like 4 BRRRR's before I decided to pay off my 401K loan and by that time I was able to fully fund the next projects from just using the BRRRR strategy. In my opinion it's ok to use your 401K as a loan option but I'd only take an early distribution if you're planning on going hard and full time real estate investing. Happy investing.