All Forum Posts by: Assaf Arie

@Ryan Hutton

For sure! I can share some contacts with you for both in a private message.

@Michael Ludwig

Check out MeetUp for local meetings in your area - and good luck to you!

@Ryan Hutton

Hi Ryan,

There's always a hard money lender options that are likely to work with you (I personally prefer a more traditional LOC or cash equity).

From a banking stand point - please look into first time home buyer options, as you may be able to purchase your parents home for 3-5% down, so you could keep most or your cash for your first investment.

Real estate is fun! But take your time through your first investments, a bad purchase could set you back big time.

Don’t take on more than you could chew on, and always assume that some things will not go as planned.

Good luck to you!

@Will Sifert

I’ve been in real estate for about 10 years - 1. Investor 2. Own a property management company. We never waited until a tenant moves out in order to show, and we typically get the place ready within 24 hours for the move in. We do that with a lot of respect to the current tenants and their space ‘ belongings, but it’s part of renting vs owning... we are in MN - not sure if some states may have limitations around that, but not here.

Good luck!

P.S

We do use MatterPort as well and it’s ****ing awesome!

@Diana Dorantes

Some fundamentals of economics, psychology of the masses, real estate and general trends- the “sale” will not begin when everyone is expecting it. It will begin when least expected...

To do well in any type of equity investments, and because none of us (or maybe very few of us) can predict the market, you want to actively buy into good markets, and bad markets. You want to buy with a plan - appreciation, cash flow, reserves, vacancies, take everything into consideration to make sure you aren’t giving the keys back to the bank at some point.

Real estate works like a treasury bond - it will make you good money, over 30 years... a property with a given rent will be priced differently when interest rates changes. This is a given. When rates creep, prices will move down (or sideways), as long as rents stays the same. All time low rates = all time high real estate. Good tie, to secure long term financing.

Good luck!

I’ve yet to find anyone that does this, however I use rent to property tax ratio (need to know the local market for this to work).

@Robert Neal - excellent question / topic!

I’ve been in real estate for about 10 years, when I started I was looking at the current financials, make sure it’s solid and that my investment will work for the long run - that helped me build a solid and stable portfolio, and would recommend to most people to follow this strategy at first - this is the learning stage.

Nowadays, I look at what the property COULD be after my purchase; what are the value add opportunities, how can I improve the property and increase value (and cash flow) over the initial 12-24 months. I plug it in, and run multiple scenarios that gives me 9 future values (3 differ cap rates, and 3 different rent scenarios).

@Adam Sharp - I would strongly recommend to glance through Fair Housing Laws (for your own protection!) (HUD +your local state, and sometimes city as well). The thought behind what you are asking, and some of he suggestions below are at most borderline... you are likely in violation by taking multiple applications if not properly disclosed. Although, this may change if you charged an application fee or not, and also may change if you are renting a room within a property that you are residing in ("house hacking").

As a guiding principal - create a one pager “qualification” document and provide it to your applicants before they apply to avoid discrimination. If you have a document as such, approve the 1st person that submitted an application and is qualified. Having a document like this in hand will help protecting you from discrimination claims in the future, and turn you into a more serious real estate investor.

I’ve seen some comments with comparison to “highest and best” in real estate transactions, and this comparison is simply wrong and does not apply here; By accepting an application and application fee you established a contract between you and the prospect. An offer on real estate, on the other hand, is not a contract YET until signed by both parties...

Good luck!

@Jeff J. $50.00 is a decent starting point, and would change if it’s heated / have electricity, etc. also based of street parking availability and winter restrictions. In Minneapolis we charge $50 for off-street designated parking (no garage), and in Newport we charge $50-$75 for garages (no heat / no electricity).

Storage - sometimes we give it for free when the building is lacking amenities, and other times we charge $15-35 depends on the storage size!

Good luck!

Hello BP community!

We’ve been practicing multi family investing for 10 years now. Through blood, sweat and cash-flow we developed a decent model that generated above market returns for us. We started our own GC company so we have end-to-end control over our rehab process, and my crazy ideas (“Let’s try an island here” “Butcher counter top would look great here..” “I hate this!” etc..).

We just Got under contract for a beautiful building with a ton of historic features, and instead on coming in and completely gutting out the units, we want to work around these classic features, while providing modern touch and feel; mainly the woodwork around the unit (beautiful floors,trim, doors and kitchen cabinets that I don’t want to touch much).

We typically come in with a VERY modern approach, however we’d like to adopt for this one. We are looking for resources and/or inspiration for color scheme, hardware / fixtures ideas, restoration tips, and mainly to connect with some of you that have done this kind of a project before.

Cheers!