All Forum Posts by: Nick Shri

Quote from @Anurag Chauhan:

Hi @Kenny Lundgren - How has your experience been so far? Who did you invest with?

This is a 3 year old post revived by someone who is trying to start I guess :|

Quote from @Tym Pearson:

Hi There! 

I'd love input on what I have going on over here. I have three properties, and my goal is to acquire more rentals. One of my properties is in town and brings in $700/mo. My second property is in a highly sought-after area not far from town on 5 acres that I've remodeled with $250k of equity that I've rented out to clients that are house shopping (only covering mortgage). My third property is my primary that I've completely remodeled and sits on 4 acres down the street from the lake where I now have around $430k of equity. My goal is to acquire more properties that generate passive income by incorporating the BRRRR technique but I feel I need to sacrifice one of my country properties in order to get started. Is it worth selling a highly desirable country property knowing that I could never buy one of these again for what I paid or is there another alternative that I'm not thinking of? Most of my money has been sunk into remodeling both properties.

Thank you in Advance! 

I am a bit lost, are your highly desirable properties making you a lot of $$$ in CF or if you sell them? If the high return is via a sale, I would sell them. What is desirable today may not be tomorrow. If they are CF high then why think of selling? You can pull out equity via HELOC or Cash-out refi and then re-invest that sum on new properties. If you pulled HELOC and sunk that money in remodeling the properties then your only option is cash-out refi assuming your remodels increased the equity significantly.

Quote from @Mimi Halloway:

I’ve been interested in investing for many years now. I live in Maryland. I was wondering if it would be best to invest in Cumberland, Baltimore, or out of state.

 MD in general is not a landlord friendly state. Your name shows you are from Annapolis and Cumberland is on the other side of the state for you. If you are willing to invest 3 hrs away then why not go a little farther out and invest in a landlord friendly state such as OH, IN, FL and so on? 

Quote from @Justin Schrey:

Hi, my name is Justin. I live in the San Diego Area and my family and I are looking to finally jump into some investment real estate. I am trying to ingest as much info and education that I can and figured I would ask this question here…

Goals: To have a supplemental income when I retire in 8 years and enough knowledge and capital to try to pursue real estate investing full time in retirement.

We have about $400,000 available to us in equity in our home if we did a heloc but with interest rates going up, it seems way more risky to go that route. We have about $20k that we feel comfortable putting down on a down payment which means we will be investing out of state. We have family in the Wichita, KS area which helps because we travel there every few years and our family has good area familiarity that we dont have. I have found a few duplexes for right around $100k which would be great for our down payment and we could absorb the entirety of the payment if we had issues renting it for a period of time. The problem is, at that price point, the properties are in areas that have higher crime and are labeled as “bad areas” to live. Single family homes are available in better areas of the city but would bring in less cash flow. I would like to do this model every few years and hopefully have 3-4 properties within the 8 year time-frame goal of retirement and then move onto bigger and better properties. 

Any thoughts? Thanks in advance!

You may want to up the ante to up to $35K and target homes in OH or IN in the price point of $150K. You can find good quality duplexes in C class neighborhoods that cash flow. You could even pursue turnkey route that provides you not only with a rent-ready property but also connections to lenders and Prop Mgrs. That can be a good way to start, feel free to connect and DM if you have more questions on out-of-state, happy to help. Cheers!!!

Quote from @Mike Kundla:

Hey friends! My wife and I are just starting out and trying to get the ball rolling on our first real estate investment. I'll be completely honest, I'm a little overwhelmed. I just finished David Greene's BRRRR Method and I've been trying to absorb as much information through listening to the BiggerPockets and RealEstateRookie podcasts on a daily basis. The concept of the BRRRR method makes so much sense - but all I keep reading about and hearing is how difficult it is to implement the BRRRR Method in today's market. Any recommendations on what niche to jump into right now? We've always been interested in out of state STR... I just don't know if going out of state is the right move for our first deal. As you can see, I definitely have a bad case analysis paralysis.

We sold my condo about 6 months ago and have about $60K left over after we bought our current home.

Thanks for listening,

Mike

Why limit yourself to BRRRR strategy? It sounds sexy on paper, at least to me considering potential returns, it is also quite challenging for a new entrant. In BRRRR you make your money in purchase, meaning you have to find a wholesaler who is willing to provide a good deal to you. Good wholesalers have good investors they are working with over years, so you will be at the bottom of their list. You may not even get any deals from them for a while till you build relationship, and that requires time. If I were you I would jump in buying a rent ready house to start the investment journey. Become a landlord and see how it feels, do you enjoy managing property on your own or do you want to outsource to PM. PM relationship, good stories, horror stories - you will find them all here on BP forums. For $60K you can easily pick a nice du, tri or quad-plex in OH big cities - the 3 Cs. You could get a larger property if you go out to smaller towns. Take action and dive in. In a year or two of ownership of investment property you will have learned enough to go after BRRRRs, economy will have changed, hopefully the looming recession won't be too bad and even if it is, means you will have opportunities to pick up properties. Get started with something, don't wait for the perfect property to BRRRR on where you can hit home-run. Consider a batting average of .3 as stellar - get those singles and doubles and you will get good to hit homeruns in future. Sorry for long winded advice, wasn't my intention but I realized that's what my post became :) Just take action buddy and if you want to chat a bit, feel free to to DM me and we can set up time to talk, I have nothing to sell - I am just a fellow investor!! Goodluck...

Quote from @Chris Criss:

I am a new investor looking to build my investment team to invest in Cleveland Ohio. Looking to invest in duplexes around the area.  

 I invested in Cleveland OH last year using a super-lazy passive strategy, TurnKey. As a noob I didn't understand the complexities, and nuances - I technically didn't buy a Turnkey, it was more of rental resale. I have a duplex in CLE, one thing I would recommend is to look up @James Wise blog - https://www.biggerpockets.com/... if you are considering Cleveland to understand the neighborhoods. I am happy to talk more, just DM me and we can either chat or if you had like I can jump on a quick call to help you out. Good luck to you.

Quote from @Ryan Santelises:

I am a real estate investor from Miami looking to buy  Mulltifamilies  out of state(mainly midwest/ and southeast US). Obviously its been difficult trying to find feasible deals in Florida and that is why I am looking to expand out of state,  If anyone knows any good wholesalers and realtors that can help or provide any guidance. I would really appreciate it.

I invested in Cleveland OH last year using a super-lazy passive strategy, TurnKey. As a noob I didn't understand the complexities, and nuances - I technically didn't buy a Turnkey, it was more of rental resale. I have a duplex in CLE, one thing I would recommend is to look up @James Wise blog - https://www.biggerpockets.com/... if you are considering Cleveland to understand the neighborhoods. I am happy to talk more, just DM me and we can either chat or if you had like I can jump on a quick call to help you out. Good luck to you.

@Gilda L. Sauceda welcome to BP and welcome to REI world! Read BP forums as much as possible, listen to podcasts, I recommend listening to early BP podcasts, they are very helpful and lot of the content is still relevant. You can start searching for rental properties in your hometown, start off with scanning redfin and zillow. Use the BP calculator to run your numbers, you may require few more tools to assess average rent and expenses and so forth. And there is also out-of-state investing that you could consider. DM me if you need more help in any specific areas of running the numbers or if you had like to just have a short conversation, happy to help!! Cheers!!!

Quote from @Michael Hunt:

I'm a novice investor trying to get a better handle on which state to look into for a duplex investment property with a goal of cashflowing. 
I would like to invest in either the Midwest or Southeast as it is my understanding that those regions are great at cash flowing. Based on my research on landlord-favorable states, I came up with:

Midwest: Indiana and Ohio

Southeast: Arkansas, Louisiana, Alabama, Georgia, North Carolina, West Virginia

Would you not invest in any of these states, and if so, why? I was thinking of potentially ruling out Louisiana due to flood risk.

Thanks in advance!

PS: I'll be an out-of-state investor from California

Mike - I invested in Cleveland OH last year using a super-lazy passive strategy, TurnKey. As a noob I didn't understand the complexities, and nuances. So I technically didn't buy a Turnkey, it was more of rental resale. I have a duplex in CLE, one thing I would recommend is to look up @James Wise blog - https://www.biggerpockets.com/... if you are considering Cleveland to understand the neighborhoods. I am happy to talk more, just DM me and we can either chat or if you had like I can jump on a quick call to help you out. Good luck to you.

Quote from @James Wise:

Quote from @Chris Criss:

I am a new investor looking to build my investment team to invest in Cleveland Ohio. Looking to invest in duplexes around the area.  

 Welcome aboard Chris. While looking at Cleveland I think you'll get a lot of value reading The Ultimate Guide to Grading Cleveland Neighborhoods.

Good luck out there.

 @james wise mind updating the grading blog? Its 5 yrs old, or has CLE neighborhoods unchanged over 5 yrs?