All Forum Posts by: Andrew Schutsky

@Shannon Robnett a very good friend of mine is in the process of moving to Boise full time (job relocation) who is also interested in RE investing.  I'd love to learn more about that market as it seems to be exploding - to date I've been focused on the southeast but seems like that areas is getting too explosive to ignore. 

@Rick Oaks what part of FL are you in? Even on the larger MF outside of flood zones, we're still seeing 450-500/door which is higher than most other parts of the country we've invested in. 

The suggestions above are great - I'd also suggest putting together a 'pitch deck' with some of your past case studies containing investment details, property details, returns) to share with prospective investors.  This will give you a professional edge and will make the 'sell' much easier for future deals.  Pictures are worth a thousand words too, particularly when a property has been turned around on the outside and inside. 

Perfect - it would be good to get a few quotes and leave some margin for error when (not if) rates will increase in the future due to some force of nature. ;) Having invested in rental properties on the coast, I know this all too well! 

100% referrals have always been the best source of maintenance/contractor work for us.  I've found networking with brokers, PMs, and flippers to be lucrative in this area as well.  Sometimes fellow investors will keep their handymen somewhat quiet to keep them to themselves - as you get to know them better they'll let you  in on their "secret". :)

Of course having 75+ units in the same area will afford you to hire full time which make things much more efficient! 

Hi John - As an investor in FL I can relate to the flood zone situation! While I typically don't immediately rule out an opportunity just because it's in a flood zone, it's a significant expense (and risk) that most would consider unnecessary since there are plenty of properties outside of flood zones.  With that in mind, if you have quotes from insurance firms and the numbers work, why not go for it? 

Thanks! I'm a blessed man to have so many prospects and connections already! Hard work surely does pay off when it's focused in the right areas. :)

I've used docusign for years both for personal and for work.  They seem to be the gold standard these days!

Hey Max - your best bet is to contact several lenders (both local and national) for options tailored to that property as there are a lot of variables that will be specific to your potential deal like vacancy requirements, rates, product offerings, reserve requirements, etc.  You will see LTVs typically up to 80% for some small balance products like you could will fall into as well, but more commonly you will see 70-75% depending on the offering.

I've found the biggest value from a coaching/mastermind program comes from a few areas specifically:

1) Leveraging the network of the mentor and peers

2) Having someone to look over your shoulder and avoid costly mistakes

3) Accountability (group and individual) 

4) Possibly serve as a potential partner on deals

I don't think one should have to spend 20K+ to accomplish this, but to each their own.