All Forum Posts by: Ruchit Patel
Ruchit Patel has started 5 posts and replied 378 times.
Post: Fix & Flip Agent ~~ BRRRR Agent in the City of Columbia, MO
- Bay area, CA
- Posts 383
- Votes 306
Hello,
One of my family members lives in Columbia, Missouri. Have enough cash to purchase a humble deal and rehab it. The city is right in-between Kansas city and St. Louis.
Looking to get connected with an expert or an experienced person/agent to get help with this.
Thank you,
Ruchit
Post: Fix & Flip Agent ~~ BRRRR Agent in the City of Columbia, MO
- Bay area, CA
- Posts 383
- Votes 306
Hello,
One of my family members lives in Columbia, Missouri. Have enough cash to purchase a humble deal and rehab it. The city is right in-between Kansas city and St. Louis.
Looking to get connected with an expert or an experienced person/agent to get help with this.
Thank you,
Ruchit
Post: How to allocate my cash to get started
- Bay area, CA
- Posts 383
- Votes 306
Your idea is good however, buying for pure cash flow limits the future buying capacity!!
Targeting more equity is the faster way to boost your net worth than $1000 a month cash flow.
Instead of buying a cash-flowy house in the midwest with my $40,000 cash, I signed a construction contract in a good neighborhood, and after 18 months, that $40,000 turned into $110,000. Now you can buy more cash flowy assets!!
Post: $40k/month goal. Which strategy will get me there faster?
- Bay area, CA
- Posts 383
- Votes 306
Quote from @Chris Hill:
Quote from @Kevin Ludwig:
Easy.... Use HELOC to buy 5 or more single family investment homes. Use the cash flow from these investments to paydown your apartment loans quicker. Let these homes appreciate in value (most homes double their value in 10 - 15 years). Sell these homes to payoff your apartment loans. Live on the beach and enjoy pure cashflow without debt. Enjoy your coconuts.
You are already doing great. You don't need random people's advice!! If you still want, we can connect and I can explain how I invest out of state ( as I am in California ) for cash flow as well as for huge equity in new construction contracts.
Nowadays, you don't need the experience to do SFR, as there are many turnkey providers in the market and many of them are high quality.
Post: Earn up to $1200+ monthly cashflow per car!
- Bay area, CA
- Posts 383
- Votes 306
On paper, it sounds juicy, however, any business with depreciating assets needs fewer mistakes to be successful.
Where do you find cars for $3500?
Who are these people renting it out for $45 a day instead of buying a $3500 car by themselves? For what purpose, they used the car?
Post: Fair Price Range for Beginner Investor on First Property
- Bay area, CA
- Posts 383
- Votes 306
It's less about the price point and more about having people you trust and knowledgeable for the first investment. Wherever you have those people, invest there in the deal they recommend. If you don't have those kinds of networks, better make that first, before deciding the price point of the deal!
Post: Cash Flow States out of California
- Bay area, CA
- Posts 383
- Votes 306
Yes, prices in California have killed cash flow for many years now. For people starting out, it's almost impossible to invest in a highly competitive market. Cash buyers are paying the full market price to beat up houses!!
I started investing out of state for cash flow in the summer of 2021 and it's going great. Message me and we can connect and I will share my experience.
Post: Turnkey Investing Feedback
- Bay area, CA
- Posts 383
- Votes 306
I have worked with RTR, DM me and I can talk about my experience.
Yes, high-interest rates are eating away the cash flow and waiting might be the right move, however, there are other ways to invest too. Instead of buying, one can build. Turkey providers are offering those kinds of deals too!
Post: Rent To Retirement Review
- Bay area, CA
- Posts 383
- Votes 306
Quote from @Juliana Molina:
Quote from @Diana Jing:
@Elsie Q. we completed our first build and actually had a tenant lined up before the house was even completed. So we had zero downtime in renting it once completed. The rent projected on it was $1,850, but they actually rented it out for $2,050 which was a big win for us! The value on appraisal also came back much higher than expected. So overall we are very happy. The build took a bit longer than expected, but I think that is the case everywhere right now with material delays. We actually went under contract to do two more builds with RTR after seeing how well this first one performed. I wish we had more capital to do more!
Also, a question for you, and for everyone else ... with new build or turnkey properties, how do you scale? Don't you have to leave your down payment on it? Let's say I have about $200k to invest ... In my area, I could use that to buy a $140k home, put $40k in repairs, + $10-20k in closing/holding costs/etc. Ideally, the house would appraise for $250k, and I would be able to do a 80% cash out refi to get all the money back and repeat the process (the famous Brrrr).
But with turnkey/new build, the appraisal will probably not be always higher than the price you paid (I'm guessing with new builds, it might, but with turnkey, it probably won't) so you can't do a refi. So, let's say the down payment for a turnkey is $40k ... with my $200k, I can do only 5 of those and then done?
I'm very interested in working with RTR (or another turnkey/build-to-rent provider), I just don't see how to scale if we can't refi right away or a handful of months later to take our down payment back and repeat the process.
Juliana,
That's a good point. Scalability can be tricky without huge equity. However, in the area, RTR is offering, equities for new constructions are more than 6-figure, so you can cash out refinance to buy more properties. I am doing the same. Happy to discuss the details.
--Ruchit
Post: Rent To Retirement Review
- Bay area, CA
- Posts 383
- Votes 306
Juliana,
That's a good point. Scalability can be tricky without huge equity. However, in the area, RTR is offering, equities for new constructions are more than 6-figure, so you can cash out refinance to buy more properties. I am doing the same. Happy to discuss the details.
--Ruchit