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But once you have these processes in place, it allows all the tenants to be treated fairly. So I guess you took the year to stabilize, you got your systems going, you got tenants going in there. Daniel:So right now it is winter and we are not doing that much. We are still scrolling through Zillow, Facebook Marketplace, looking for what we can find. But since we recently moved down to another part of Alaska, we are very excited to be able to start investing down here. It is a little bit different of a market, but there are still plenty of no doc personal loans opportunities. Definitely more opportunities for a flipper too, just to keep us busy and entertained, and then also acquiring more long-term investment rentals. We just have to find the right deals, where we have enough equity. So the spread between the purchase price and the appraised value also has to be really high for me.
But then rather than wholesaling to someone, I just keep it for myself. Daniel:Definitely being able to scale and setting up the processes that come into place.
But going from nothing to a lot of units, I think we were up at 15 at one point, the management aspect definitely takes a lot more time and planning than we initially expected. So having the systems in place, using a software to manage rent collection, we stopped accepting cash almost instantly because it was a headache. And then having things like fees automated, having vendors set up also has taken a long time. We have people on our list, on our roster and systems in place to be able to contact them quickly. And then once you have, you go and then you build your portfolio for a little bit. So are you flipping houses or was that an accident? But this is actually one of the ones that I was hoping to save for the Deal Deep Dive, just because there was so much that happened with that property. Daniel:And it was just in need of a light cosmetic refresh, so we thought we could pick it up and quickly bag a deal. Daniel:This property was on the MLS and my wife actually found it scrolling through Zillow. Look for houses that have been on the market longer than what is typical for your area.
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This keeps them safe and just ensures that they have enough equity in the deal when purchasing, that you have enough skin in the game. But this credit union was letting me flip it and letting us finance the greater of the purchase price or appraised value, which made it very special. I still wanted that no money down deal because I knew it was possible. Meaning, I purchased the house for 130 and I was getting a loan for 130 and I had no money in it. Daniel:Well, this property was actually a really big disaster. Things can go wrong and you definitely have to have equity in the deal.
You have to have some kind of barrier between you and losing a lot of money to keep you safe. Even though I had no money in the deal, I definitely did have equity. Daniel:But I definitely needed that little bit of equity to keep me safe through this. Because after all the remodeling, all the repairs, the vacancies and everything that we just put up with, it was a nightmare for six or eight months.
And my wife and I just had too much of it, it was an emotional drain and we ended up calling it quits on the property. We wanted to keep it as a long-term rental, but it was just too much. And by that time, I think about eight or 10 months in, we already had a really solid portfolio that was giving us enough cash flow from the other units to where we could easily sell this one off.
And this is exactly why that cushion saves your bacon. Daniel:So we purchased it in August for 130,000 and we sold it the very next August for 195,000. All of the snow, the two feet that we had in the spring melted in the course of about 10 days and everything around there was flooded. With the loan for 130 and the appraised value for 150, I had that 20,000 to keep me safe. And so that i need a loan fast with bad credit equity, keeping yourself safe, risk management is definitely something to consider even when you know how to get loans without your money involved. But there was a lot of lessons learned in the Deal Deep Dive. First of all, where do you see yourself headed from here forward? Are you going to get in multifamily ever, are you going to stick with what you have? Daniel:Oh yeah, definitely more cash flowing rentals. But definitely, definitely more opportunities for that. And then my last question, before we head to the famous four, what can our audience do to bring you value right now?
What are you looking for in your business, real estate-wise? So if you wanted to follow me on TikTok or on YouTube, I definitely break down all my deals on there. What is your either current favorite or all-time favorite real estate related book? Daniel:Definitely The Book on Investing in Real Estate with No (and Low) Money Down. Thank no doc personal loans you very much for getting me started, Brandon. David:Yeah, we hear a lot of good things about that book. I know a lot of people say it, but it still is the four hour work work-week. I listen to it about once every year on Audible and it always fires me up. We should have Tim payday loans in nevada Ferriss rewrite The Book on Investing in Real Estate with No (and Low) Money Down.
We are no doc personal loans very lucky to be living on a private airstrip and my father-in-law flies.
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BiggerPockets listeners can get it completely for free, of course, at danieliles. I appreciate you sharing your advice, your wisdom, and yeah, Keep crushing it over there on YouTube and TikTok. Be sure to join the millions of others who have benefited from biggerpockets. Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found here. Enjoy all the benefits of Real Estate Investing without all the headache! Memphis Investment Properties locates and identifies properties in undervalued, stable neighborhoods. We have no doc personal loans developed a system to streamline the investment process, enabling investors to secure the highest quality properties at the lowest price. Another year of the BiggerPockets Real Estate Podcast is in the books! Thanks again for joining us this year, we look forward to interviewing even more amazing guests in 2021 (and beyond)!
Stay tuned and be sure to join the millions of others who have benefited from biggerpockets. And if you can, go up for a weekend, take your spouse out, do it together with your spouse. David:I have never regretted any time I did something intentionally. The best friends I picked, I intentionally chose them, the best businesses I started, I intentionally chose it. Palak pay day online Shah we had on the show back on, it was show 368 of the podcast.
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