All Forum Posts by: Ryan Howell

@James Davidson - I'm happy to talk with you anytime. It seems we may have similar stories. I was an engineer when I started investing and utilized the BRRRR strategy to grow my portfolio. @Taylor L. may be right.  It can be demanding and my day job was ~50h/wk, so as a physician it may be a lot depending on how hands-on you want to be. Happy to talk anytime and discuss what strategy works best and connect you with some great people for your team.

Buy and hold BRRRR strategy - take advantage of the W2 income to get traditional loans. If you're buying cash flowing properties you can keep scaling quickly without your debt to income ratio maxing out.

The other strategy is to house hack - buy small multifamily or SF with a basement you can rent out, take advantage of the owner occupant loans (better rates, lower % down) and move every 1-2 years and repeat.

Usually there is a time limit required to record the lien - 120 days from the work being done or something similar.  Is there a limit in FL?

My thoughts exactly!  Successful people don't say "I can't" but "how can I?" another Rich Dad Poor Dad quote I believe.  There will always be an excuse not to do something.  Those that are successful just adjust their strategy as needed rather than making excuses.

I'm in a similar position as you it sounds like.  I currently have been doing local small multifamily but trying to decide if I should try do something a bit larger where I am or look for a new market.  I've started talking to people I know in different markets that could help me build a team that I can trust quickly.  Do you know anyone in other markets so you wouldn't be trying to start from ground zero?

Sweet deal!  Congrats!

The property manager's goal is typically to get you the most money.  In my experience, they tend to try and push for the highest rent, but that isn't always what nets you the most money.  At first I dealt with longer vacancies and higher turnover which can really eat away cash flow.  After talking to more experienced investors, I learned to keep the rents a little below market.  They fill faster, you get more applications and once they're comfortable they don't have nearly as much incentive to move.

I was terrified of my first deal.  I had shady tenants, found out I had a failing septic system, neighbors calling and complaining.  I spent my vacation fixing up the vacant unit....now the property is hooked on the sewer, has good tenants in place and cash flows.  That doesn't mean I still don't get calls with problems to fix, but you learn to adjust and treat it as business as usual.  The 2nd, 3rd, 4th deals get easier each time.  

Give yourself some leeway on the first deal.  Its significantly more stressful the first time you're going through anything as you're learning as you go.  

Congrats on getting it done!

@Josh Myrick - It is very doable in WNC.  I have been buying small multifamily for the last 3 years.  I buy outside of Asheville, typically distressed.  All mine cash flow.  It isn't easy, but it is doable if you're consistently looking.  I agree a refinance is a good option.  You could also look at a 401k loan depending on your vested amount, etc.  Join our CREIA (our local investor meetup) is a great way to start networking and find deals as well.

Maybe if we get enough posts we can get David to answer for us :)

I can say that I was doing the BRRRR method for 3 years while working a corporate job and looking for a transition plan. I decided also to become an agent. Now I'm working 70hr/wk trying to grow my business. The strategy got me enough of a financial foundation where I could transition to something I enjoyed more. I still plan on BRRRRing more, but at the moment, my focus has shifted.

There are different ways to build wealth, of which being an entrepreneur and buying real estate are the two greatest in my opinion.  While I love investing, the challenge of growing a business gives me something new and challenging to push myself to grow, develop leadership skills, different system, etc.  There is a lot of personal satisfaction that comes from that.  I can't speak for David, but perhaps its similar.