All Forum Posts by: Account Closed

Good stuff @Michael Kennedy - I'll be sure to really dig deep and learn and interact as much as I can then!

@Jon Q., thank you for pushing me in the right direction! I'll be sure to answer all the questions you put forth and focus in on conscientiously committing to being laser sharp in specifics!!! By the way, special thanks for point #4! This is my first time seeing the acronym "APOD". I'll be sure to get on that! Thank you for a great start of questions to ask/answer. I look forward to looking back on this thread and seeing not only my growth but knowing the answers to all of these offhand and with confidence!

Hi @Michael Kennedy and thanks for joining in. First off, congrats on getting out there and getting started! I'll definitely keep that in mind. As I plan to be in your position a short time from now, I will certainly not skip the inspection or having a contractor view the property upfront. Are there any other things that you'd wish you'd have known or done, in retrospect?

I think that pretty much gets to the crux of it, thanks @Paul Ewing!

Hey @Jon Q., thanks for joining the conversation. I'm pretty new to all this, but I firmly believe knowledge and a sound foundation is always the first step in achieving any goal or major undertaking. While specific steps will differ per endeavor, being unclear on basic concepts simply won't do. So I can see how it likely isn't the ultimate question, but I don't think it's necessarily wrong. However, to your point: how would you advise me in achieving my first investment goal of acquiring a cash flowing multifamily property in Memphis, TN? I've read and researched a lot, but first steps tend to differ. I'd love to hear your perspective on first steps!

Thanks for your straightforward reply @Account Closed! I especially appreciate your perspective, being that you are a contractor. Would you happen to have any tips on finding quality contractors when personally managing RE rehab? I'm sure each market is different, but any general guidelines for a complete renovation newbie would be appreciated.

@Mayank S. I really appreciate you breaking it down that way! I'm really learning a lot from this thread. I can tell I really didn't understand some of the key nuances involved in BRRRR. Thanks for such a detailed explanation!

Okay @Glenn McCrorey, when you put it that way I can certainly see what you mean! Thank you for including the numbers, as that aspect really helps clarify the differences. That's actually pretty cool, especially when you put it in the perspective of just having invested 3K.

Thanks for elaborating @Kyle Kufeldt! So awesome

Congratulations @Kyle Kufeldt! Your story is truly inspiring! I was wondering (if you don't mind me asking), did your decision on when to transition to REI full-time depend solely on your RE deals making enough to replace your corporate income? Or were there other benchmarks - knowledge, experience, network of REI, etc - that influenced your decision and timeline?

Thanks @Mayank S.! That definitely gives me more to think about. So I can easily see how BRRRR can be more time and possibly capital intensive; however, why is it that you would still choose this approach over buying a TK property? I believe I must be missing something. I'd hate to assume incorrectly, but is it that BRRRR properties give better returns?

Thanks @Glenn McCrorey! Can you tell me a little bit more as to why you've personally chosen not to purchase via a 3rd party company? Also I'd love to know what factors seem to make your BRRR properties better deals.

Thank you @Douglas Skipworth!