All Forum Posts by: Sierra Crisp

There is always someone smarter and better than you. Fortunately for you, you don't have to be the best to be successful. This is not a race with only one winner. Focus on you. Learn from the people around you and channel what you learn rather that be discouraged by it. You do not need to win, you need to be successful. Hold on to caution, but let go of fear and self doubt. Those are destructive.

I have been using the same private lender for sometime and I am finding that most of the companies I call when shopping him, would like 30% down. I hear stories of people who don't have to put money down but pay a higher interest rate. Does anyone have a company or a person they could suggest? I have done two BRRRR's in the last 6 months and have an off market deal to acquire my third.

I currently have several investors backing me as well as my own cash. On top of that, I have extensive flipping knowledge and can handle almost any renovation. But fortunes are not made by sitting and renovating one home at a time myself. Once you have the money and the skill set to renovate or handle distressed properties how do you move to expand. I want to pick someone's brain. We usually have all these excuses for why we can't expand such as money, time, or opportunity. I have the money, I have the time, and I know the opportunity is there. I want to dig in and find it. What have you done to expand your portfolio? I would like to purchase 20-30 buy and hold properties this year. How can I pick up the pace? How can I find more off market deals and for better pricing?

@Karen O. the amount that you purchase plays a factor in price. If you purchase a 2 million dollar policy you may pay 100 dollars more than the 1 million. For most people the one million is sufficient. Keep in mind that this is in ADDITION to you underlying limits. So if you have 500 thousand dollars of liability on your auto, you effectively have 1.5 million dollars of coverage. (At least in California. Insurance guidelines can vary slightly by state.) We actually charged more depending on your underlying insurance. 

 - how many drivers are in the household

- how many cars are you driving

- how many homes do you insure

- do you have a pool

These things all play a role in your cost, even if they aren't huge increases. We charged 10 dollars more per year for every pool, 10 dollars for every car, and 25 for every extra driver. (55 dollars if that driver was under 25.)

You will have to take care of this debt to move forward in your investing life. While you are doing this... I would network to see if you can get contracting jobs for flippers and or investors. We are always looking for good contracting work, and this would give you a good chance to pick their brains and carve a path for yourself. Find people who are in the field you really want to be in and work for them.

I worked as an insurance agent for six years. I would definitely purchase an umbrella. As stated in the previous comment, an umbrella policy works on top of your existing auto and home limits. It is a great product to have especially if you have a rental. Tenants often feel at home in your rental and due to this, seem to do things that are more likely to result in injury or liability issues. I had one even before I owned rental properties. The cost of an umbrella is usually around 200-300 dollars per year if you only own a couple rentals and just have one vehicle. The Benefits and protection are so great, and the cost is so minor...

This feeling is normal when you first start investing and purchasing property. This will pass over time. Investing is a numbers game, and you need to choose the numbers that will work for you. This isn't about feelings. If your realtor chooses not to continue with you afterwards, they probably weren't the realtor for you. I would be upfront with what your planning to do with your realtor. They should help and guide you through the process. If they don't, then it may be time to confided a new realtor.

I am new to the bigger pockets website though I am not a new listener. I currently have three rentals and am looking to move into larger complexes. I am looking for like minded individuals in the Santa Clarita area to meet with and network with. It appears there aren't really many local networking events in my area. Is their anyone local interested in starting something to bringing like minded people together?