All Forum Posts by: Brandon Beaudoin

@Christopher Hunter Hi Christopher, thanks for the info. I'm considering private lenders as well but like some of the flexibility in a HELOC (low, as of right now, rates, ability to keep going back to the well, etc).

Once we have identified a list of prospects, talked to some lenders, and further researched our targeted market areas you can bet your bottom dollar I'll be physically out and inspecting the properties/areas.

Cheers!

@Twana Rasoul Appreciate the feedback, Twana. I 100% plan on drilling down target market areas and getting in touch with some brokers. We haven't listed our properties yet so we have some time.

As for the 20%, I'm an optimist :) I understand it will likely be 25% minimum but we'll see. I plan on reaching out to a handful of lenders on Friday.

Thanks!

B

@James Wise I truly appreciate the reference and feedback. Your tips are noted. Cleveland and Cincinnati were two areas I was considering, albeit lower on the list in priority.

@Greg Dickerson

Thanks and I agree. I am not limiting myself to 8 units, per se. But based on my price range I've been researching and filtering properties based on what I can do solo, minimum cap rates, what's turnkey, and non (or minimal) value add properties I found a lot more in the 8-12 unit range based on where I was looking.

Good evening BP fam!

First post here but I've been plowing through the forum and articles. Long story short I'm (mostly) getting out of the SFH REI marketplace (I have 3 SFH rentals) and looking to branch into multi-family commercial properties. Shout out to Grant Cardone and his BP podcasts (yes, I've been flipped) for the extra motivation I needed.

I wanted to lay out my position below, seek some thoughts and feedback on options/approach and also test the water for any interest in partnering my first MF deal.

1. Selling 2 of my SFH rentals that are in great seller markets with anticipated closings no later than Sep or Oct at the very latest. Combined sales price will be in the $810k-860k range (depends if I do remodel on of the homes).

2. Sales will be 1031 exchanges. Looking at a local QI in San Diego, CA (Exiter 1031 a good possibility) but haven't yet talked to any

3. I should net ~$75k -$90k from the SFHs depending on final sales price and closing costs. That's about half the down payment I'd need for a 20% commercial loan on a like-kind property. I have ~800 credit scores and pretty substantial primary income (i.e. not self employed, have solid income history and a decent DTI).

4. Looking at 8-12 cap properties with no less than 8 doors in AZ, TX, FL, possibly OH and a couple others. Looking at properties in the $750-950k range (no mobile homes). NOIs north of $60k.

5. Willing to consider partnering with another investor but am also considering using a HELOC on my current primary residence to come up with remaining down payment.

Thoughts? Advice? Additional questions? Interest?

Thanks much and looking forward to hearing from the crowd!

B