All Forum Posts by: Ace Kaspar

James, I think you are underselling your product, most people would of said that property with the toilet that looked like someone dumped a portajon on it would have been rent ready and turnkey with minimal light rehab required. Probably $15k max

Originally posted by @James Wise:

Originally posted by @Ben Leybovich:

This was entertaining :)

I did not watch the video. Life's so short, after all.

@Lenza M. - James sells investment properties in Cleveland; TK. If you don't understand the implications of this, you should likely not be a buyer.

That said, James, as you know I play in the big pond. The rationale you put forward, that because this is not commercial, it's somehow different and expectations for disclosure should be lowered is flawed to the bone. Let me explain my thoughts...

The reason I buy communities and the reason I deal with Berkadia on my debt instead of a local bank is that both the asset and the process are more institutional, rational, and efficient. By contrast, small multifamily is a highly inefficient market.

You teach underwriting to the average, which is the correct way to do it. However, if I want to know the average rent per sq.ft., economic loss, insurance cost, or any other = line-item of OpEx for large multifamily in a given town, there are a number of statistical publications for me to reference. All of these things on an institutional level are much more trackable and transparent.

However, in the small stuff - who the hell knows. You have to be a local operator to really know anything.

You sell TK investments to out-of-town folks. I would think you would go the extra mile and provide them with the trailing financials to help them make an efficient decision in a highly inefficient market. I can't imagine closing a $20M deal without a whole lot of disclosure. But, for a lot of people, a $50,000 deal is akin a $20M to me.

lol Ben c'mon you're just trying to stir the pot. You and I both know that you can't look at 1-4 unit properties and honestly believe that the standard of financial disclosure isn't going to be lowered from a 100 unit apartment building. Prior to you move out of Ohio when you were buying your iddy biddy singles and doubles for your seller financed portfolio you knew damn well the type of sellers you where dealing with didn't always have or provide historical data.....

Ben, while you're here let's chat playa......What about Joe blow duplex owner who's a disabled vet. He lives in the down unit of his duplex and he let's his step son stay in the up unit. He wants to sell so he can move to Phoenix and get a tan like you. Ben why don't you go watch the episode of my show in question. When you're done come back here to explain to Mr Lenza why the fact remains, if he wants more info then I provided to him, then this property ain't for him.

And for the record. Ben is slightly wrong. I don't typically sell turnkey assets. A more accurate example of what I do is provide the turnkey experience to investors on assets that are not currently in turnkey shape. Mostly stuff owned by mom an pops......With Ben being as big of a fan as he is, I am saddened that he made this misstep.

I am grabbing my popcorn reading this and I keep seeing you reply with nothing lol

0 Votes

Cleveland, Ohio

Quote from @Noah Bacon:

One of the most common questions I see as a Landlord when leasing out my properties is around Pet Fees/Pet Restrictions. When renting with my furry friend in the past, it was not uncommon to run into Non-Refundable Pet Fees, Pet Security Deposit, and a Monthly Pet Rent.

What are you charging in Pet Fees?🐶🐱🐰
Have you increased any of your fees recently?

Hi Noah,

For all my properties, have a non refundable pet fee that depends on the size of the pet.

Pet fee as well ranges depending on the size of the pet.

What are your thoughts on ESA? I have seen some people apply with an ESA pet to try and get around the pet fee and everything that comes with it. I understand its an ESA but there are other people that would happily pay the fee so curious on your take.

0 Votes

Quote from @Chris Gormley:

Hey all,

I am a real estate investor/developer who just moved to the Charlotte area. I specialize in housing development (luxury condos, multifamily, residential, etc) and would love to connect with anyone who is in this space be it brokers, builders, developers, deal-finders, architects, attorneys, etc. I'm big on culture, love spending time with family/friends, seeking out adrenaline-activities, traveling and closing deals!

Thanks!

Hi Chris,

I am always happy to connect with others in the real estate space.

I don't know too many developers and It would be interesting to chat over the phone about some of your ideas and how you got into that.

DM and lets connect soon.

Best,
Ace

1 Vote

Charlotte, North Carolina

Quote from @David Ton:

Hey everyone! Newbie investor over here looking to connect with like-minded people in the Charlotte area! I just graduated college this past month and will be moving down to Charlotte from Boston. I'm looking to meet as many real estate fanatics as possible to talk our ear's off about what direction the market's headed and the like.

I've visited Charlotte a few times and have a general understanding of the "hot" neighborhoods and also the areas I should avoid, but I'm open to hear any thoughts/opinions about the Charlotte neighborhoods, as well as any real estate difficulties encountered while in Charlotte (aside from trying to find a good deal in today's market haha).

I have experience in underwriting and deal sourcing as an acquisitions analyst for a small RE firm in Boston, and am now looking to purchase my first investment property with my partner to house-hack. Any information would be greatly appreciated!

Thanks!

Hi David,

Welcome to Charlotte!

I do not live in Charlotte, I live in Raleigh but am more than happy to chat.

I am open to chatting about the Charlotte market as that is always a market I am looking into.

DM if you would like to chat more!

Best,
Ace

1 Vote

Charlotte, North Carolina

Quote from @Ryan Briggs:

Greetings! I am a new wannabe investor (i.e., with no deals yet) with a solid financial and legal background (I am a real estate finance attorney licensed in both CO and NC). I would love to connect with individuals investing in North and South Carolina to find out more about their experiences. I am interested in many areas of RE, including, mid-term rentals, storage units, and multi-family.

Hi Ryan,

As an NC native I know NC very well. Charlotte and Raleigh are at the top and Durham follows right behind.

More than happy to discuss this over the phone or some other time.

Best,
Ace

2 Votes

Denver, Colorado

It would have to be the journey of it all.

The learning, the growth as a person, helping others and loving the bad just as much as the good.

0 Votes

Denver, Colorado

Hi all!

I am looking to get to know others in the REI space within NC and Texas. I have lived in NC my whole life (29 years) and plan on looking into Texas as a possible place to move to.

I know there are meet ups around here but I would like to do more to connect with people in the REI space.

I am interested into STR/MTR, the REI industry, storage, and also curious about crash pads.

Comment here or DM me to connect and chat.

0 Votes

Quote from @Lauren Breiner:

Hi BP community,

I am a relatively novice real estate investor (own 4 properties – 3 LTRs) and am wanting to obtain another this year. I do not have a deal identified yet but, I think I am ready to move into something bigger potentially the multifamily world. That being said, I am trying to figure out the best way to get the capital. At this point all my properties have been purchased through personal conventional loans. I was originally thinking about trying to go for a portfolio LOC but the only bank I found willing to do this has requested for me to move all my existing notes to them, which I am unwilling to do, due to the current terms of the other notes compared to what the terms would be if I moved them.

Any guidance on new loan products, creative financing, etc. would be amazing.

Anyway, any and all advice is welcomed and thanks in advance!

Hi Lauren,

For someone new wanting to get into the space a good strategy is to team up with another investor but that all depends on how you like to go about things.

If that is not for you then I would explore creative financing but that is a little tricky and finding a seller willing to do that can be tough.

As someone on a similar par as you, I would either do it solo or with a partner given how the market is currently.

If the interest rates or home prices were lower, I would do a BRRRR and I could either finance that myself or through a hard money lender to start.

Always open to bouncing ideas of people and my DMs are open if you would like to discuss more about real estate.

0 Votes

Quote from @Carlos Ptriawan:

If real estate is a stock, it seems based on seasonality buying in winter and selling in spring is the best strategy, There's always a noticeable trend within these two seasons. I can see myself, someone purchased an SF in Livermore for $699k ; the same neighbor is selling for $800k-ish now. The house already made $100k. This month between November 2022 and March 2023, is the weirdest season ever in real estate. From one people open house to 100 people visiting the real estate, so let's say demand increased by 100; but supply depleted by 1/5 from June 2022. The intricacies between supply and demand are just amazing.

To be blunt, this is not a good way to invest in real estate.

0 Votes

San Jose, California

Quote from @Adriaan Sierra:

Just wondering how y'all still managing to find good deals out there. I've had a strong focus on West Cleveland, with an appreciation component on my play (e.g. Lakewood) and the last quarter we only close on one property. This is the lowest number we had since we started.

All of the available inventory is way outside our buy box, and I recently saw a MF sold for twice what our highest bid would have been. Most of the deals that are currently available for MF on the regions where I buy would have you at negative cashflow. Last year, we were aiming for a 10% cash on cash at a minimum.

All to say, who are the crazy people that are buying at these prices / rates !? I cannot understand most of the current buys unless you plan to house hack or something like that.

Just curious if you are seeing the same pattern.

With how the market is right now, with high property values and higher interest rates than past years, it will be difficult to find those deals.

It was easy when interest rates were 2.5-4.0% but now that were around 6.5% it's not looking to hot in most areas.

You can always refinance but make sure your numbers make sense. Maybe your market is not the best to buy in right now and that is alright. There is always an area to buy in across the US, you just need to do your research and run the numbers.

0 Votes

Cleveland, Ohio

All Forum Posts by: Ace Kaspar

Ace Kaspar has started 17 posts and replied 106 times.

Post: Is Holton Wise Sale of Quad in Cleveland a Scam? (7809 Franklin)

Post: What do you charge for Pet Fees?

Post: Charlotte Developers - Networking

Post: New to Charlotte... Hey real estate enthusiasts, let's connect!

Post: Looking to invest in NC or SC

Post: What EXCITES you the MOST about Investing in Real Estate?

Post: Connecting within the RDU/NC + Texas area

Post: Advice Request - What next?!

Post: Buy in November Sell in Feb/March strategy

Post: Are people finding it harder to find deals these days?