All Forum Posts by: Andrew Freed

@Jonathan Greene - Great post, I totally agree. These are all common pitfalls I see people when doing flips, BRRRRS or even multifamily. I personally think proactively addressing these items is best practices across all of real estate. 

On additional reason I would say is not doing their full due diligence. That means, if the seller tells you something, you verify it. Seller's make claims all the time.... you can build up to 12 units on this land, you can subdivide this into another parcel, rarely are these true if you call the city and do some legwork. Verifying these claims of "value add" potential is critical to ensure the investment goes as planned. 

I vote for HELOC or retirement funds first. Playing with credit cards is dangerous.

@Jordyn Gegg - No I think you are overcomplicating this. Also, this is why you pay for a good real estate and business focused account.... so you don't have to try to figure out something that is not your expertise or specialty. 

@Jordyn Gegg - I have a PM company that oversees all of my individual LLCs. The LLCs pay the PM company anywhere from 7-8% of the revenue and the PM company oversees the assets and employees my staff. I personally like having a separate PM company for many reasons since it clearly separates staff and other resources into one bucket. It also allows you to grab debt from bank easier since there is more revenue and expenses going through this compiled LLC vs. each individual LLC. That is just my take.

@Chris Seveney offered great idea. Chatgbt is been super useful in helping with resources like this. Here is an example of what I utilize for onboarding value add multifamily. I own and operate around 300 doors. https://docs.google.com/document/d/13SEAyhH7We1kjI8DlDVfxERP...

1-2 months in my marketb (Worcester MA) assuming they pass rental criteria, e.g. no evictions, makes 3x rental income, 650+ credit, good prior landlord references etc. 

@Terrance Coleman - Nice, well if you're looking to do fix and flips in your market, I highly recommend you find someone doing fix and flips in your market and work to provide them as much value as possible / expect nothing in return. The goal is to get in their world, see how they operate deals and follow their formula. The easiest way to be successful in real estate is finding someone doing what you want to do at a larger scale and more of less, copying their recipe. It worked for me. Best of luck on your journey! 

@Nick Burrell Welcome to the BP community my friend! What was your plan for your portfolio? What type of asset class will you be investing in? What is your plan to scale? I'd love to learn more about your goals so we as a BP community can offer advice and guidance. 

Thanks for the introduction @Jonathan Greene. @Shannon Hartzell Welcome into rea lstate investing. Mass is a good market if you know how to play in it. Happy to answer any questions you have about the market if that helps. I focus in the Worcester MA market and own a couple hundred units around here. 

@Janet Taylor - You could market it to another short term rental investor, fully furnished ready to go and they might pay a premium for that. I've seen other investors buy out of the box short term rentals before. But to sell based on how businesses are evaluated doesn't make sense. It's a piece of residential real estate, that is not how you value this type of asset.