All Forum Posts by: Alex Franks

@Don Harris @Chris T. are correct get involved in the meeting. This business is best when folks learn to network. Setting time up each night to read post and what folsk are saying here. Here is a list if I was starting what I would want to know and learn.

I used to do alot of speaking this was one of the last seminars I did. Make sure and pay attention to the very last one. 

• Knowing the NUMBERS( more folks should take time to do this than anything else)
• Educating yourself the business
• NETWORKING!( a must in this business)
• Building power TEAMS ( only as good as the team we build around us)
• Mentors ( to truly understand this word and why)
• Your WORD and why it is so IMPORTANT
• Credit, Reserves & Credit line( things that will help knowing while starting )
• GOALS / Roadmap / Accountability Partner
• HEALTH!
• HUSTLE!
• Mission statement “Both Business & Life”( business is great but must know what we want in life as well )
• 4 D’s In Life and Business and life(dedication, direction, drive, desire)
• Market Cycles ( understanding where we are today and heading tomorrow)
• Rush and Real Estate( never together in this business)
• Passion, Patience & Persistence
• Passive Income
• Stop and Enjoy LIFE!
• Hope this helps 

Originally posted by @Brent B.:

Hey everyone,

Been lurking around BP for a few months and finally decided to start getting more involved. I've lived in Charlotte, NC for a few years, working as an accountant for one of the banks here. I'm interested in learning the ropes of the REI world. Right now I'm just trying to learn as much as possible and network. Would like to get my start in Wholesaling within the next 6 months or so. Eventually want to own my own RE through house hacking, flipping, and/or rental property investing. My overall goal is to reach Financial Independence.

Nice to meet you all!

Brent

Originally posted by @Artie Wrightson:

Thanks @Alex Franks!  Looking at zip code 28205 for duplexes and condos in 28262, 28213.  Also, can you expand on why cap rates do not apply to duplexes?  Thanks for your help!

Alex 

Originally posted by @Artie Wrightson:

Howdy BP!  Trying to evaluate the local cap rates.  Any insights where we can find and compare cap rates for duplexes in Charlotte, NC?  Do you have a working knowledge of cap rates in duplexes in Charlotte, NC?   Thanks!!

If you want drama jump in. Otherwise walk away and let them battle it out.

It's not your problem.

Alex

Originally posted by @Erik Pacpaco:
We have owned a 4 plex that we purchased 2 years ago and inherited 3 tenants. For the time that we have had these tenants they have been wonderful. They never complained, took care of our property, made the place a wonderful community and home. Everyone seemed to get along well until recently where we have heard complaints against one another to the point where they are contacting the police on one another.

Wondering if any landlords have had similar experiences like this and would be willing to share advice about how to deal with this

For me I want to build a few houses a year. Yet adding a few rentals in the same areas I been buying and selling in for years in Rock Hill . For each area I am investing in building a larger portfolio around those areas as well. Yet staying in 60 mil radius of all of our projects.


Alex



Originally posted by @Mike G.:
@Alex Franks

Alex that's a great little twist on the topic at hand. How smart to just flip it on it's head and think of what I don't want to do instead. I don't want to do auctions I don't want to do tax liens as far as I know of I don't want to be a flipper But I would like to BRRRR Goals I want to have the maximum amount of cash flow coming from the least amount of work ( least amount of doors) then add more doors when necessary. My ultimate dream it to own a cash flowing portfolio of mobile home parks. That's the nice I see myself thriving in more than any other niche.

And property management .... yeah I don’t think I want to do that either. Glad you touched on your experience with that Alex. Thanks for the insight.

Ask away my friend thats what makes this site awesome

Alex

Originally posted by @Nicholas Bolcon:

Thank you @Alex Franks and @Sam Shueh for the insight. 

So a bit of an update.  I did not get a chance to talk with the building official prior to putting in an offer on the property.  So the offer went in based on having to do work for the permitting.  And running the numbers the property should still work out well even if it needs to get torn out completely.  The seller accepted the offer after trying to negotiate, but myself and my partner stood firm at our offer, citing the lack of permits for the additional living space so it doesn't officially count.

Also I figured I could use my due diligence period to get more info from the building department which is what I did.  Talking to building official it seems that as long as the egress is fine (which it seems to be based on a home inspection) I should be able to pull permits and have it all inspected.  The process for getting it properly inspected may require some breaking into drywall to access electrical or plumbing but in my opinion that should not be a huge deal provided its not overly extensive.  All in all it seems to me that getting the additional bedroom and bathroom to be legal should cost under $1,000 for permitting and inspection and potential drywall repair.  That is good considering I believe I am buying it at a price that does not really reflect that additional living area being there.

Alex

Hope all is well

Alex

Originally posted by @Alina Trigub:

@Alex Franks

I have done a little bit of everything here in the Carolinas. Reading every one post instead of what to do. I thought more about what I don't like to do. Then I focus on the team building aspect around what I do like. So that is what I focused on the last two years.

I made if a list of what I like and hate about this business. Deciding then to focus on the niche that I prefer. Always diversifying within the business. Yet when choosing what I really do like. It's not working its enjoyment. Finding deals and running numbers is one thing I could do every day.

On the flip side, I hate I mean hate dealing with contractors they frustrate the hell out of me. So the team building concept comes into play.

I found by focusing and downsizing dealing with just a few things. New Construction homes, cash flow rentals ( That I can pay off in 3-5 years ) small multifamily ( one project a time )

I also tried my hand at property management. Something I would never do it again we were completely horrible and really just takes a certain person to be work that side of the business.

So the question would be what are your goals? What are you trying to accomplish? Then build a team around that.

I also make sure to find things that make you happy in life away from this business. Mine happens to be gardening. As for your question yes I look at mobile homes parks in both NC and SC but try to stay in a one-hour radius of my house.

Just my two cents 

Alex

@Originally posted by @Mike G.:

@Alex Franks what investing methods have you used in your career thus far? Ive made some offers on MHPs in SC and I like that niche there. Have you looked into that?

I was about to hit a tax auction here in SC then the auction got canceled. What would you consider the best way to get involved in tax lien investing? 

Alex

Originally posted by @Ned Carey:

Everything works somewhere, Nothing works everywhere.

@Mike G. My main strategy is tax lien investing. But that is not something I would recommend for most.  Fundamentally I consider myself a vulture.  I am looking for the best deals, regardless of how they come or where they are.