All Forum Posts by: Will Edwards

 Freddie, check out The Tribe of Titans. Great group that provides a lot of value at an incredible price. Brian has done a great job fostering community here and personally have found a ton of value through the courses and meetups!

https://www.thetribeoftitans.c...

Asset Managers of BiggerPockets! 

What are some of your biggest takeaways for managing your properties well? It's super attractive to discuss how to acquire a deal and raise capital, yet the management of those properties is where real the rubber hits the road.

I'd love to hear those pro tips and strategies that you're using to maintain operational excellence, along with any project management software or solutions that you're passionate about. I'll go first!

Pro Tip: Collect good data during due diligence. Ensure you know, and have an accurate record of, the condition of each unit. You should be able to have an understanding of the current condition of appliances, flooring, countertops, plumbing fixtures, etc. Knowing that information in advance will allow you to order supplies and schedule improvements appropriately once you receive a notice to vacate. Without good info on current apartment conditions, you're going to be going in blind and waiting on those items to be delivered, thus causing you to extend the down time of that unit and loose out on potential income.

 Couldn't agree with Taylor more. Buying multifamily is not just "buying real estate" but needs to be thought of more like buying a small business. 

Bad idea to just take that money and assume you'd be able to hire the right PM for a property. Much safer to invest as an LP in a deal with an operator with a track record of success. That will allow you to observe how that operator manages the business, allow you to have the same significant tax benefits and cashflow, and learn if being a real estate operator is for you.

If you need recommendations for operators in the Lexington area, I'm happy to help out!

Sean, in addition to Joe's book, I'd recommend Multifamily Millions by David Lindhal as a good starting point. If you're interested in surrounding yourself with other like-minded people, I'd recommend some sort of coaching/mastermind group with an education component.

Hey @Randarious Cooper and welcome to BP! Congrats on putting yourself out there and taking action. 

There are tons of active groups here in the DFW area that would love to have you. Check out Momentum Multifamily, REI Connections DFW, and Texas MultiFamily Investor Network, just to name a few. All have groups on FB and do both in person and online meetups.

@Jonathan Bell 
Getting connected with a mastermind group/mentor will be your fastest way to success with the least amount of pain. A simple search here on BP will provide you a number of threads on those types of groups and what you can expect to get out of them. Personally, I'm in a group with Todd Dexheimer and can't say enough good things about him. 

Also take a look at meetup.com for local REIAs and other investment groups that will put you in the room with those like-minded individuals.

Great question, @William Costello! 

I'd love to be able to use my skills in Construction/Asset Management to be able to find some partners looking at value add deals in the DFW area. 

@Aharon Najafi Rentometer is a great resource to search comps and their pricing is fairly affordable. If you're needing something more robust, Costar offers market analysis/comps, pulling from their apartments.com data.

@Tommy Cheng Check out The Real Estate CPA. These guys are great, super easy to work with, and focus entirely on real estate professionals. From RE agents, investors, syndicators, etc. they do it all.

Think of it as the property's emergency fund. Reserves are key to ensuring that you can weather the storm of unplanned expenses during the hold period of your property. Items such as HVAC, plumbing issues (i.e. leaky cast iron drain pipes), etc., can be paid out of that account.