All Forum Posts by: Ben Tilbury

@Valerie Smith With less than a $24K upside more like $20K after improvements, down unit time vacancy and refinance costs I think you should look for a property with more upside. A rule of thumb is buy at 70% of ARV which would be about 91,000 based on your comps....a refinance on 20,000 will hardly be noticeable. With that said maybe this isn't a BRRR strategy and you just buy to build some equity and hold it to gain some experience and build your portfolio. Not trying to talk you out of buying just making sure you realize that sometimes we fool ourselves into thinking a deal is a deal when in fact it's just a slightly lower than market price. Either way I wish you luck!

@Michael Solis Congratulations on that closing and repositioning! All the great deals come from either cold calling or relationships within the industry. I remember checking out Stenner Glen apartments when I moved here in 2003 but ended up moving into the neighboring Mustang Village apartments. Does Compass Aquision Partners have any other properties in SLO or SLO County? What requirements do you have for your company when assessing a property or potential deal? I’d assume it’s got to be a certain size and value add component? I’ve got to congratulate you on that price that’s truly a steal of a deal in this market for that particular location and size. 🙌🏻 Next time you’re in the SLO area I’d love to meet up to take you to lunch or out for some drinks to discuss various projects. 

@Michelina Clark Hello Michelle & Richard, 

I’m a local investment property specialist and licensed realtor here on the Central Coast operating throughout  San Luis Obispo County. I understand your frustration with the market prices here and realize it may be easier to start off investing in another market. I’d recommend you network or partner with others who have more experience on the first few deals. Also make sure you stay focused and become very knowledgeable about the market you want to invest so I would try to narrow down the markets that you will initially be investing in, it will be easier to build a team and spot a deal as well as build relationships if you focus on one or two markets when starting. My mentors taught me to invest in my own backyard because it’s easier to manage projects and know ones own market if they live in it as well as use pre existing relationships. That said it’s totally possible to do what you want to do and invest out of state, just Ben very weary and do your due diligence before spending your first dollar. If you’d like to meet up and network and discuss RE investing and local and out of state deals I’m always happy to meet up! Let me know if you have any questions and hopefully I can try to answer them. Also let me ask, what reasons make  you  want to invest in Cleveland or Little Rock? 

Hey there @Joshua Teniente welcome to the BP family. It sounds like you’re already on tract and will learn a lot in the hands on maintenance of apartments and multifamily properties you’re currently working on. I’d say the Millionaire Real Estate Investor or MRE Real Estate Agent books are a great place to start building your knowledge base as well. I’m happy to meet for coffee or lunch sometime to discuss your goal and career planning in real estate and I can definitely recommend some great and affordable programs for getting your RE license when you’re ready. Another podcast you might enjoy is Old Capital Podcast which focuses on apartment buildings and large multifamily investing. Feel free to reach out I’m always here to lend a helping hand or some guidance.  

Hi @Tristan Cottarel, 

I’m a realtor specializing in real estate investment properties in San Luis Obispo and Santa Barbara Counties. I would recommend becoming very familiar with Area you are looking to invest and obviously maybe you are looking for ideas on places where that could be. I was always taught invest in your own backyard since it’s the easier and most familiar, it’s also easier to build a team or you meet and network with other investors such as myself that already have a team and you become extension of that. True SLO is an expensive entry market to be in but there are always still deals to be found. If you’re in your first year or two of college then why don’t you buy locally and house hack so you can rent the other rooms out and virtually live for free or at least minimize your own mortgage while building equity? To answer your question about sub markets or more affordable cities, there are even some here in our own county such as Paso Robles, Atascadero, Oceano, Grover Beach, Nipomo, Santa Maria, Guadalupe, Orcutt, Lompoc, just to name a few. If you want to get further you can look in areas like Taft, Bakersfield, Fresno, etc. the other question I have for you isn’t what is your budget and how are you planning to finance you’re first deal? Unless you’re parents or someone else’s is backing you financially you will need 2 year a tax returns to qualify for a loan. With that said if you do find the right deal there’s always money to be found if you are creative. I’d be happy to network with you and meet up this weekend ir next week to disuss you’re goals in real estate. Feel free to shoot me a message and we can connect. ~Ciao

@Max Zappas Wednesday next week should work. I will send you a message with my contact info. Also I would recommend setting up your “keyword alerts” to topics or locations of interest, that’s how I was notified on your post because it mentioned Central Coast. There are a few local meet ups that I’m aware of such as Central Coast REIA meetings, Santa Maria REIA and another one in SLO hosted by my buddy Josh.

@Max Zappas Welcome to BP Max, I’m a real estate agent/investor in living in San Luis Obispo. I’m always up for meeting and networking with like minded individuals and seeing how we can all help one another or team up on deals. I’m pretty busy this week but I’m happy to meet next week for lunch or some drinks. Just let me know!

@Jose Guevarra I’d recommend taking the C.A.R. Property Management Certificatation (PMC) and the Property Management Master (PMM) then you’ll have a designation which will give you more credit and experience going into it, plus you can add that to your list of designations with your real estate license and career. They offer over 8 online classes that have to do with Management and investment properties, they have discounts on the classes every so often but they are usually under $100 and you can get the entire class package for $456. It will also go towards your further required education as a licensee 

Robert, I’m a realtor and property investment specialist here in San Luis Obispo County. I’d be happy to discuss your best options and give you some local advice and strategies on your game plan. I was going to private message you but it seems your account is hidden. Can you message me so we can connect? Depending on what city your current house is in there are many hyper local factors to consider as you know since our market varies from much of the country. Either way I love meeting and networking with local investors such as yourself so I hope I can help you out.

Hey @James M. I'm a investor/realtor based on the Central Coast and I specialize in Multifamily and other investment type properties. I do business in Santa Barbara County and San Luis Obispo County. Feel free to shoot me a message and we can chat about what markets you're looking in and how I can help you!  Look forward to speaking with you.