All Forum Posts by: Crystal Smith

Hello BP Community,

I've learned over time and through BP that working with a partner may be the best way to begin my portfolio. The reality for me is that I have little capital to start and it hasn't helped watching a million gurus on social media talk about the "ease" of utilizing OPMs. I keep asking myself, "who wants to work with someone with zero experience and no capital?" I'm willing to put in the "sweaty equity" and am very eager, but are partnerships in these situations possible beyond my own network?

I appreciate any advice, suggestions, real talk. Thank you!

Hi! I joined BP a few years ago; but, I haven't really done a great job of taking advantage of the forums and the content that is available here! I listen to all of the podcasts (Bigger Pockets, Real Estate Rookie, On the Market).  I've done some wholesaling, completed my first fix & flip last year and I'm presently doing some private money lending. I'm working on building my retirement account and some cash reserves so that I can start to build my portfolio. I'm plugged into most of the investor groups here in the Richmond market and I'm looking to expand my network here locally and outside of Richmond. 

I've looked into 15 properties, all of them show negative cash flow, is that true ? how do i find a positive cash flow properties ? Or am I doing sny wrong

I'm using the BP calculator

Hello this is my first time posting and looking for a little guidance and advice. I've had my own company for the last two years which makes it a little harder to get financing. I already have a primarily home with a mortgage but I do have over $300,000 in equity in that home. I have been considering getting into Long or short term rentals and developing. I live and work in the Park City area which is where I have been thinking of doing my investing. The only down side of the area is that all types of properties are more expensive. On the flip side of that rents are pretty high and any homes that are more affordable sell quickly.

I have been considering getting into developing but I would have to get partners to help with the financing. I would bring the licensing, experience, crews for infrastructure, building and local real estate agents. I am not sure though how to find those kind of partners and how attractive that would be to others.

Going the rental route seems like a good way for me to go also but I'm not sure if I can scale it and make it cash flow with the prices and interest rates.

I would love to hear any thoughts or ideas on what I've been thinking.

Curious to hear your thoughts on Chicago, haven't heard much about it. Thanks!

Hi everyone,

My name is Andrew and I am currently located in Boston, MA. My girlfriend and I are looking to move to Chicago some time in 2025 (likely the fall) for her job, and we are looking to buy a small multifamily property (2-4 units). We will live in one of the units and rent out the other(s).

I became extremely interested in real estate investing in 2023, and with the help of my dad I actually purchased an out of state single-family investment property in Northwest Arkansas that is set to close in a couple weeks. I have already secured renters and am very excited to get started.

Regarding the Chicago market, I have come to understand that there is an abundance of multi-family properties, but it is important to note the property taxes outside the city limits can be very high. It is also obviously important to make sure the property is located in a good neighborhood.

I am still over a year away from buying a property in Chicago, but I wanted to post here to get to know some people in the market and hear any advice/thoughts any people on here may have. While I do currently have one investment property, this will be my first house hack, so I am very excited to learn any tips and tricks to look out for in this particular market.

Looking forward to hearing from you guys!

Andrew

Hi everybody. I'm just about ready to househack one of my rooms in my 3b 2b SFH. I have a potential lead, but I need some assistance on getting started. I know I need a separate bank account and rental forms. I also need the background check app, and probably something else that I'm not thinking of. Any suggestions? I would appreciate it.

Hello all, I’m new to world of real estate investing and just closed on my first multi family property in October of last year. 
I recently discovered a leak in the basement coming from my 1st floor toilet. It seems like the previous owners or manager used a piece of metal to cover up that leak since the metal was rotting of water. After a plumber repaired the leak, he told me that the plumbing System did not have ventilation. He would have to break through the wall and add a ventilation system. Which would cost over 5k. None of this was disclosed to me or mentioned in the inspection report. Is this simply a done deal, nothing I can at this point or is it worth bringing up to mine or seller’s attorney? Any advise would be appreciated, thanks. 

So currently we have a number of duplexes being held each in its own LLC, with separate bank accounts and everything. I feel that before this venture gets too large, that I should create a Property Management LLC to be the "face" of the business. This is the name that I will use to answer calls, post rental signs, use in all paperwork to the tenants, etc. Then each of the buildings are like separate owners for which I am managing.

How do I handle the logistics of this? What is the best way to do the accounting? Have the tenants send rent to the PM and then the PM will send the income minus a property mgmt fee to each of the building LLCs? All or some expenses run through the PM and offset the income? For specifics, I can check with my CPA and RE lawyer, but they aren't experienced Property Managers. :-)

Anyone else use a PM company to handle all of their rentals set up this way? Any words of wisdom would be awesome!

Thanks!!!