All Forum Posts by: Tapan Trivedi

@Chase Yokoyama, I flipped my first house in the closest good hood from my house. If I had to do it all over again I would find out my investor profile (people person, paper person, property person) and then choose a strategy closer to who I am. From my vantage point most investing careers or portfolios wither or fail because the strategy wasn't chosen closer to who they are as a person. I flipped houses because that was what was presented as really cool -and it was for a while- but burnout is real. I found out I am a people person so I am much more suitable to raising capital or negotiations. So for me now it is partnering up with people and raising money. There is money to be made in so many ways in REI. Being closer to who you are is a good way to start.

HTH,

Tapan

You are right. One of the members of your team on the ground would definitely be ......your lender. As for the LLC vs Corp your CPA should be able to direct you but one important thing to think of before LLC etc is Umbrella Insurance. As soon as you acquire the property get that.

Where are you investing?

Tapan

YOu are in what is commonly called a 'Difficult to launch ' market for deals. You have markets for deals and markets  for money. YOu are in an EXCELLENT market to raise dollars. If you find a great market for investing elsewhere you can match the two and enjoy the results.

Tapan

I started doing flips but now I am mostly doing Multifamily. Its a lot closer to who I am as a person.

Try to find who you are and what would work for you.

HTH,

Tapan

Maybe instead of feeling just look up the data for Cleveland,Ca.

HTH,

Tapan

Please find a good one. Your local permit office may be able to help you. Whoever is coming there a LOT is probably your person. I know of atleast one person that had to pay extra for a small parcel because the Mobile Home Park he bought had homes that were in his neighbor's lot and they were for a LONG time (think decades). A comparatively small expense for a land survey would have been a very LEGIT expense that would have save the hassle. 

HTH,

Tapan

Dominique,

Welcome back. Bandit signs are good . Just be careful you don't get dinged by the sign police!

Sincerely,

Tapan Trivedi

William,

Ask yourself this- what is the monthly expense you are trying to meet.

Is there anything besides proximity that is pushing you to invest in this deal?

If it meets your ROI requirements do that but on the face of it ...I am not seeing any expense calculations.

TIMMUR Taxes, Insurance, Maintenance,Management,Utilities and Reserves.

If you KEPT your day gig and used the rents to pay off the mortgage you can't with a hard money loan as it will be

interest only. 

If you did BRRRRs in a different place (midwest or southwest) with your 100k you would be MUCH better off with a lower risk profile and much better numbers.

My 0.02$.

HTH,

Tapan

Phat,

Most investors that invest in fixers would LOVE to get a conventional mortgage on a fixer house. We can't. That's why we go for

1) Hard Money Lenders (10-12% APR , 2-4 points etc)

2) Our Own money (which eventually runs out as we do more deals)

3) Private Lenders (my favorite but I have to really cultivate and hide them).

So if you got a conventional mortgage (4- 6.5% APR) for a fixer - you are already ahead of a lot of us.

285 + 35 = 320 with a 350 ARV you are at 91% ARV .

Depending upon cashflow you may or may not keep it. 

HTH,

Tapan

Gabriel,

Get yourself on the title on the right property. (Purchase, owner finance, lease option). Choose a path - Cashflow, Equity or Appreciation or any combination of the three.

Be hyper focused on your cash flow numbers. BP is awesome. Connect with people and kick a$$.

HTH,

Tapan