All Forum Posts by: Alex Cordero

@Jose Alvarado I was comfortable borrowing off a 0% credit card offer, 0% for eighteen months, I typically would not, but I ran the numbers on the deal myself and was involved throughout the project and felt comfortable doing so. 

@Kelvin Tam I appreciate it!

Hello all, 

* Has anyone had success with using ringless voicemail to fill their pipeline in regards to pre-foreclosures or owners who are in distressed properties?

* Bulk SMS Marketing?

* Listsource to pull lists accordingly then import to Mojo and dial away? Currently manually dialing, having good conversations, but I can only make so many calls per day. 

* A way to expedite a list of all property managers in a particular state that would include phone number, e-mail if possible?

Any and all input would be greatly appreciated. Thank you.

Investment Info:

Small multi-family (2-4 units) other investment in San Diego.

Cash invested: $50,000

Business partner owned a multi-family, three units needed to be fully rehabbed to increase value. Rehab was completed within four months. Refinanced and pulled out equity after appraisal was complete and value add confirmed. Exciting project.

What made you interested in investing in this type of deal?

Making my money work for itself.

How did you find this deal and how did you negotiate it?

Met this particular business partner at a Hospitality networking event at Las Vegas, also happened to be a real estate investor.

How did you finance this deal?

Creative Financing, 20k of my own funds and 30k borrowed at 0% for eighteen months.

How did you add value to the deal?

Rehab units that were in poor condition and not taken care of.

What was the outcome?

10% return and a percentage of profit.

Lessons learned? Challenges?

Multi-Family is an entire different ball game than single family flips.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N/A

@Shiloh Lundahl entitlement gets people nowhere. Fortunately for me, I realized from the start that rei is a time consuming, rigorous and slow, but rewarding process. Just about a year ago I started listening to many different podcasts from B.P, right away noticed all of the successful newbies had one thing in common. Many made less on their first deals, gave away some of their profits in return for learning and growing. I just recently partnered up on my first deal, I know I'm not getting a great return, simply hoping for a small return, while gaining much more knowledge and information. 

Thanks @Wayne Brooks

Thanks for the replies. Sorry for not being clearer in the original post. I was presented with an opportunity to invest up to 77k in a rehab (of one unit in the three unit property). The rehab is owned by a friend of the family, it's a three unit property in San Francisco. I would be given a 10% return within 120 days of the contract being signed. Of the three units, one was going to be rehabbed, at which point the owner would refinance and pull some profit from increasing the value of the property. He is a friend of the family, so everyone told me not to worry and proceed (sorry, not going to happen). Upon questioning him, I asked what would be used to protect my investment. "The property we're going to be rehabbing, is tied into our LLC, that protects your investment (The building was originally owned by his father and is now in his, and his two brothers names)." I did do the research on the property, and it's worth. My man concern was verifying the property IS tied to the LLC. Other concers were:

* Other than asking him directly, are there places I can find out information such as if he has already borrowed money against the property, if so, how much has been borrowed. And how many current mortgages are on the property.

* If he were to pass away, how is my investment protected considering I now know that without a deed to the property, note or mortgage on the property the LLC holds no value or protection to me.

All of your replies have been extremely helpful, and have made me realize I need to do more homework before investing in any particular deal. Have my i's dotted and t's crossed before I potentially lose my a**. So thank you.

Is there a way to research the value of an LLC? I have the name of the LLC and the name of the person it is registered in. I'm interested in investing in a particular deal in Oakland that like a great opportunity. I have some concerns.

* This would be my first time working with this rehab agent. 

* He owns a property in San Francisco that is worth approx. one million

* I was told that my investment is secured by the property that is tied to the LLC.

My main concern is verifying that amount his LLC is worth. I was given an answer by him, but I would feel much better if I was 100% sure that this property is TIED to the LLC and is what is protecting my investment. Any input is greatly appreciated.

Hey @Jerryll Noorden send me your blog links when you have time, would love to follow! Also, congrats on your latest deals, thanks for the insight!

Interesting post. I received a flyer from "OpenDoor" a couple of weeks ago. As soon as I saw it I knew their intentions. I didn't follow up, but their flyer, setup, presentation, and delivery are all very professional and seamless. It does seem like they could shake up the local market in Las Vegas. Guess it's time to do a bit more research. 

@Account Closed I really appreciate the insight. It allows me to learn how to make sure the correct safeguards are in place to protect my investment in a worst case scenario situation. I know that this particular deal is operating through an LLC which does have other properties tied to it. I did have a conversation with him about unexpected scenarios such as if he were to pass in the middle of the deal. Everything was answered in a way that was clear and made sense. I do trust this partner, but then again, in business I'm always hesitant to provide a full level of trust because I've seen greed can get the best of anyone.