All Forum Posts by: Barry Sanders

What are your long term goals? what's your intended investment strategy/ asset class?  You have to figure all of this out first to get the best advice.

  If you can afford to buy in Brooklyn and cash-flow I would advise you to do so

Transportation providing easy access to  already gentrified areas (under 1 hour)

decreasing crime rate which people may have been referring to indirectly

green space/ some space for communal gatherings/building -

increase in houses being flipped bringing in higher earning residents

increase in permits being filed

I also often browse city-data forum and read changing sentiments about areas you hear one side saying stay far away and the other who actually live there say its not that bad

depending on how early you are in the cycle  will determine the number of signs you see but location is the first sign if its the only one you see you may be waiting a while

for FHA or Conventional you are expected to occupy the largest unit (even if this isn't your business plan that's the way they underwrite the loan), they then count income from the 3 smallest units on the property as additional income for DTI ratio, the appraiser will use market rents. the property has to be able to cover the mortgage with just the rent from the 3 smallest units to pass underwriting (this is with any 3 or 4 unit). Has any of these lenders told you why they cant do it?

Try this website to find lenders: https://www.freeandclear.com/

Columbus ohio is a great market. What form of investing are you looking to do? Are you looking for a commercial real estate agent? Residential? 

Welcome to BP. I Reside in brooklyn always open to partners, let me know if you would like to network. Buy and hold and multifamily

For purchase: Look for a larger property with similar amenities and quality/condition (a, b, c, d class), determine a price per unit, use that as a starting point and work from there, determine what offer price you need to get your target cash on cash return and offer based on that. Regardless of what seller is asking you have to offer what makes sense to you

For rent comps: check trulia, craigslist, apartments.com, call brokers and property managers etc.

definitely want to know their criteria as @Nick Hedberg mentioned, depending on their investment strategy will determine how deep of a discount they are looking for and type of property, some investors actually buy at market rate betting on appreciation others want pennies on the dollar.

Multifamily is very different than single family or small multifamily. You can educate yourself and know everything but I think even more important than that is your team, you need to start networking yesterday. There is far more that can go wrong with multifamily and far more analysis needed to determine if something is a "deal" having the right team to verify your numbers will save your money and your reputation

if you tell them upfront before they apply then they wouldnt apply unless they intend to pay the fee. Screening begins with first contact but gor the application What we do is a two step screen where we only run credit/ background if someone meets the free to verify noncredit/background check criteria(proof of income, referral etc) first. This way they dont pay unless there is already a 90% chance of approval

You should build your team before trying to purchase a building. Having a team (property managers, contractors, broker, attorney) already will also help you to appear more credible when engaging new investors. The property managers will tell you the level of rehab needed and the contractors will tell you the cost and time frame. Raising money is something you should alwys be doing wether you have a deal or not

If you are having trouble finding investors talk to as many people as you can. Even ones you think may not be interested, socialize more and network (reia, meetup, any social event) so you grow the number of people you come into contact with and can potentially speak to. just dont try to SELL, youre not selling youre providing opportunities to partner on an investment.