Today we bring you Part 1 of back-to-back episodes with real estate investor/appraiser/author/all-around good guy Josiah Smelser.
This first conversation was recorded pre-coronavirus lockdown, but it's packed with tips you can put into action today. You'll learn how Josiah solved the #1 bottleneck in his business (capital!), allowing him to BRRRR at scale and rack up rental properties with very little money out of pocket. Even more impressive: he's doing it long-distance (The properties are in Dallas, TX and Josiah lives in Huntsville, AL.)
And if that weren't enough, the guys go in-depth on appraisals – and the techniques you can use to help appraisers see your side of the story. Josiah's a longtime licensed appraiser, so he speaks from experience... and he shares his playbook for giving yourself the best chance to pull all your money out of your deal.
If you like what Josiah has to say, then be sure to check it Part 2 tomorrow. We bring him back on, post-COVID-19, to discuss the serious challenges he's faced: lenders pulling out, property values dropping, and even a domestic violence issue at one of his rentals.
The good news: he made it through. Tune in tomorrow to hear how!
In This Episode We Cover:Why Josiah sold his properties pre-2008 crash (and why he still regrets it!)Combining hard money and private money to BRRRR with no money out of pocketHow Josiah uses "boots on the ground" partners to invest at a distanceWhy he analyzes 8-10 deals per dayBuying houses sight unseenWhy BRRRR investors must keep cash reservesHow to talk to appraisers (like getting out of a speeding ticket!)Why a property's list price is irrelevantDeals... on the MLS, in 2020?!The square footage trick that's made him thousands of dollarsLosing out to a lower offer on a big multifamily dealAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets BookstoreBiggerPockets PodcastBiggerPockets CalculatorsZillowBring Brandon a DealBrandon's InstagramOpen Door Capital LLCBiggerPockets Podcast 126: From 0 to 400+ Units Through Value-Add Investing with Brian MurrayBiggerPockets Podcast 212: Buying a 115-Unit Apartment Complex for No Cash Out of Pocket with Brian MurrayGoBundanceCheck the full show notes here: https://www.biggerpockets.com/show382