All Forum Posts by: Angelo Behar

@Account Closed 

Landing investors for high priced deals, how'd you do it?

There is a question. But the context of your thread is what I was addressing. 

 You never asked a question :) My opening question (actually it was a rhetorical question) was explained in my second statement showing why you don't see $5 million discussions. 

I would recommend The Snowball: Warren Buffet and the Business of Life if you'd like to see how to big time deals are done. Great book, a bit long and drawn out at times, but a good aspect of brilliant minded investor. 

@Account Closed If you had $5 MM, would you let a rookie handle your deal? 

Most people doing $5MM deals aren't coming to BP forums for advice. Not to say there aren't people doing $5MM deals here on BP, its just that, their discussions won't be on public forums...

The handful of millionaires I know have never heard of BiggerPockets (yes, I asked them), but, correlation doesn't lead to causation. I know there are millionaires on BP, just not openly discussing big time deals like the ones you're looking for on the forums. 

@Stephan Haas Just wondering, have any of the units been built as an addition to the existing building? For example, a duplex added two more units some time after. 

The reason I ask is because, if the unit has been built after the fact, the unit may not be properly registered with the city. If one of the units is not properly permitted and registered at the courthouse, the appraiser cannot include it as part of the living space. On the appraisal, the 4th unit may just appear as an "accessory". Which also means you will need to make sure the property has been permitted properly.

Are all the units on separate water and electric meters, to include the common areas?

 I just started using truerent.com in December. It's pretty straightforward. I don't use their services for rent payment, I only use their property management software. It's user friendly and there are some neat options and features. Give it a shot, its free.

 So, you're wondering why your brother, that's basically a hard money lender, is having reservations about working with two partners that have zero skin in the game? And yet you're all equal partners? Wow. Your brother got the raw end of that setup. 

It always amuses me how my family and friends come up with ways to spend the money I've saved. You seem to have convinced your brother once, his reluctance is understandable given the setup you described, but the numbers don't lie. 

Convincingly detail how you have the numbers and everything else for that matter in order, and I hope that you do have everything in order. If not, you may have found the reason for your brother's reluctance. 

Welcome! Tom Brady is a demi-god. Two rings for each hand should look good on Tom :)

I avoid pools because of the extra maintenance an cap ex involved. You can place the burden on the tenant, but you're adding a variable and a possible area of contention. Leaves and debris not being cleaned out jam up pumps, chemical balances are a constant annoyance, possible plumbing issues, extra water costs. And issuance will be more, at least it is in Florida. 

The liability is also not fun. Regulations on fences and locks change without notice on a city ordinance level and if you're not up to date properly you can get drowned in a lawsuit... (you like what I did there?) Overall, for rentals, I don't think they're worth it. Check out the cost differences between renting places with a pool and places without, and if you think the extra upkeep and maintenance is offset by rental value, dive in. 

I'll own a house with a pool but I won't own a rental with a pool. In your spot, I'd house hack places without a pool if I intended on renting them in the future.

@Tyler Bedle Epic. Man, I love Florida :)