All Forum Posts by: Joel Owens

I can just tell you my experience. I am a commercial real estate broker specializing in investment properties.

On all my listings there are always buyers trying to do hair brained ideas.Generally the buyers putting forth vanilla contracts with no junk with proof of funds valid within the last 30 days gets the deal.

Sellers will not take offers on a long shot financing or deal structure when stronger buyers are in line. Why do you think many of these people are hocking courses you purchase? The reason is it is easier selling systems then finding that diamond of a deal. It is never as easy as they say it is in the books.

Is the check real they put in the program sure it is but that was one grand slam out of ten singles they hit on deals they made.

If you have no money you need to partner with someone who has money and get a mentor.If you have a little money you can get owner finance sometimes but the seller will want above market terms because you have no leverage and they are carrying you. good luck

From my experience most investors are having much more success buying the note pre-foreclosure.

One reason is you buy the note and then for waiving the deficiency against the seller they sign over title to you. Saves foreclosure costs and eliminates redemption rights and timelines which vary from state to state.

150 units for 700,000 is dirt cheap. You are at about 4,667 a door before your value-plays.We have some at that level here in Atlanta but the areas are really bad. You would have to hire security at night and build in costs for that while repairs are ongoing. Otherwise just like houses in Atlanta as soon as you start fixing they strip,and strip again delaying fixing time and costing extra labor for re-installs and tens of thousands in replacement parts.

With the c properties or older usually those are held long term and not for improvement and flips. Many investor groups won't buy that age because of difficulty of exit strategy upon resale. When apartments start getting really old the exit strategy is usually a tear down and JV equity interest with a development group or to sell outright.

When the seller files BK the reasons might be for not just that property but the overall picture.

Wow reading through this topic is 5 minutes of my life I will never get back! LOL

I will say this statement is incorrect "knowledge is power".

ACCURATE and APPLIED knowledge is power.

Many times people learn the accurate knowledge but never apply or do anything with it. Other times people try to apply knowledge that is completely wrong or is partially correct giving them mixed or unsuccessful results.

So every time people should research to see if they have the right info and then implement what they learn.

I think for sure you are making it to hard on them. Many renters just like buyers want the best rental and area for the best rate.

Depending on type of renter some will just want a place to crash and not care about upgrades or condition.I know by you living there it will eliminate many possible renters.Me personally owning the complex wouldn't want a tenant knocking on my door all the time and if I was the tenant would not want to feel like my every move was being watched.

When I look at property for purchase I run numbers off the bottom 50 percent of rental rates for the area based on class A,B,C,D building and then location. The reason is with conservative numbers I will attract many quality tenants for the low rate and anything over that is icing on the cake but not needed to hit my return projections.

When renting out always put reserves aside for paint,carpet,mechanicals etc.The biggest mistake I see is counting on the full rent money and then getting in trouble when other expenses occur suddenly.

It's just like businesses. If they put money aside from profits and keep re-imaging to keep new and fresh they thrive.If they never re-image they get old and tired and start having problems.

The biggest opportunity for purchasing multifamily is bad managers who are owners because they are easy to turn around.

Is there are college or vocational schools nearby?

A professional going through school or an internship can sometimes be a great long term tenant.