All Forum Posts by: Taylor Lorei

@Alexander Felice That is all solid advice, super helpful, I appreciate it. I've got to focus on my next step and network. Thanks so much!

Thanks for putting a name to it, it is quite frustrating and is something I'm currently struggling with as well. I appreciate your advice! 

One problem I come across is narrowing it down to a market that makes sense, then hearing from agents or other sources that it's flooded with investors and competition is high. Being new without the power of reputation and connection, it becomes intimidating and makes me feel like I need to narrow down a different market all over again. Any idea how to overcome that? Is it worth it to still continue in the market as long as it makes sense, and just take my chances? Or find a market with (if even possible) *less* competition?

@Byron Scott amazing, congratulations! Your determination and passion is inspiring, as is your story. I hope this is only the beginning of your journey, enjoy every second of it!

I haven't done it yet, so I can't speak of that experience just yet. 

But in researching a market, I did call a local bank there about there cash out refinance terms. They were happy to help, answer any questions, and did confirm that they do it after a 6 month seasoning period. You can try that, maybe you just haven't talked to the right banks.

It's definitely a part of the BRRRR strategy that makes me a little hesitant. I would never go through with a deal without speaking directly to a lender about the refi. But people are doing it, so the lenders are out there somewhere!

Following!

It's really useful to watch this unfold, and exciting to see the great job you and your team are doing! It looks great so far. I'm researching and considering investing in CT from OOS, currently trying to focus in on markets. 

 I look forward to seeing the end result!

@Ali Yes definitely won't be looking in LA, OOS is what I'm aiming for. I agree about really knowing the numbers, I know it's crucial. Even after carefully analyzing a deal, I know that I will ask another set of eyes to look it over to be sure. Thanks for the great info!

@david awesome David! I would love to connect with you, thanks!

Hello BP!

I'm a newbie and this is my first post, so I guess I'll make a quick introduction! 

My name is Taylor, I live in LA and am looking to grow my wealth by BRRRR'ing with hard lenders, starting with SFR or small multis and growing from there. Being in LA, I'm looking into OOS and other places in SoCal (basically out of state, hello traffic).

I'm from the Yucca Valley area originally and am looking there to start, thinking that starting with something in an area I'm somewhat familiar with/can visit somewhat easily would be a more comfortable way to start. But overall I'm not too afraid of going OSS. 

My biggest source of discomfort at the moment is estimating rehab costs. That's why I'm thinking about the YV area, or nearby, to start so that I can do a walkthrough with a contractor to get a feel for that process. 

My question is- at what point should you do a walkthrough with the contractor? I don't have experience rehabbing or in construction, so I'd want a well done, conservative rehab estimate before I make an offer. 

I want to do the walk through with the contractor so I can gain the experience to be able to estimate it myself for analysis purposes. If I want to be able to estimate the rehab on my own, I would have to pay for the walkthrough first without being under contract, which could obviously prove to be fruitless, but would be good experience nonetheless. If I wait until I have the property under contract, theres a chance I underestimated my rehab when I did it during my original analysis. 

That's a lot of words for probably a simple question so I apologize for the length, and thank you for being patient with my newbie Q's! 

Any advice is welcome, and if anyone has rentals in the area feel free to chime in! I'm looking for a good agent out there who works with investors as well, any leads with that would be helpful.

I'm excited to be a part of this community, and look forward to experiencing the process for myself and connecting with like minded people. Thanks in advance for any advice!