All Forum Posts by: Andrew Seeker

Hey Investors, 

I am in need of some cash and am offering my investment in Grant Cardone's Cardone Fund VI, LLC of $15,000 for $10,000, plus I'll cover the $750 transfer fee.

Got into the fund on August 22, 2022. Holding period is around 10 years. Current yield (paid monthly is 5%). On exit, there is an 80/20 split, with 80% going to the investors and 20% to Grant Cardone. 

Here is more about the fund: 

Cardone Equity Fund VI was opened to accredited and non-accredited investors who seek to capitalize on real estate investment opportunities with a focus on current yield and/or long-term capital appreciation. From February 2019 through January 2020, the fund purchased four apartment communities in conjunction with Cardone Equity Fund VIII - 10X Living at Addison Place, 10X Living at Panama City Beach, 10X Living at Columbia Town Center and 10X Living at Retreat at PCB. In total, the fund raised $29.5M of equity.

Thanks for your consideration, 

Andrew Seeker
 

Rich, 

Yes, there is a plethora of private lenders that will finance new construction. 

Andrew

@ Zane 

Okay, it appears you have really thought this all out. I wish you all the best with this deal and hope you make it happen!! Please do keep us posted. 

Hi Abdul, 

I take it your primary residence is free & clear, correct? Assuming it is, what is the current market value of your home and how much are you looking to borrow against it? What would you use the funds for if you had it? 

Another thought: why not just refinance the 4 investment properties? Are the loans on these investment properties maturing? 

Andrew Seeker

Zane, 

Very interesting. $40,000/month? Whew!! That's quite a lot for a $4,200,000 property that's currently vacant. You're approach sounds good to me if you can get the seller to take payments down the road.  

Is there a pre-payment penalty? If not, you should consider getting a conventional loan once the property is stabilized. I calculated that $4,200,000 at 7.5% with 30-year amortization will be around $29,400/month. Keep in mind this is just Principle & Interest.

While this looks amazing at first glance, I would suggest you dig a little deeper into this deal. He is putting the renovation costs on you, plus all the other holding costs. If you default or run into trouble, then what is your exit plan or strategy? 

Not trying to be a party-pooper here, just asking. 

Hope this helps. Good luck with this acquisition and please do keep us posted. 

Andrew Seeker

Had the same questions and concerns. Just found this on National RE Insurance Group: https://nreig.com/insure-subje... 

If you are still looking for an accountant/bookkeeper, I'd be happy to talk with you to see if we're a good fit. I have 10 years experience raising capital as well and am confident I can provide you with the services you are looking for. There are 3-6 new construction lenders I have in mind as well. Please let me know if you're still open for a conversation. Thank you. All the best. 

As an active investor, I've seen many offering memorandums and financial statements that are inaccurate and messed up. One glaring example are rent rolls. Many of them show current market rents while the actual rents collected are much lower than what shows up on the pro-forma statement. Another example is when an investor has owned a property for a number of years, has no mortgage on the property, and now wants to 'cash-out' and enjoy retirement, but has not kept accurate financial statements. Lenders scrutinize all financial statements and rent rolls and turn projects down when they see inaccurate numbers. 

If you need help straightening out your books or financial statements and need help with property analysis, please contact me for more information. 

All the best.  

Austin Monroe - Thank you for the information and comments. Never heard of OneSite but will check them out asap. Very helpful! 

To anyone else reading this post, if you have any other property management software not mentioned, I'd be interested in hearing about that too. Also please share how the platform/software is working for you. Thanks in advance. 

Fellow Investors, 

Does anyone have any experience with the following online property management software? I am looking to acquire an out of state MFR and am pondering self-managing remotely or hiring a property manager or occupying one of the units. Any advise or comments would be appreciated. Thanks