All Forum Posts by: Brandon Rush

Hey Derek,

It sounds like you are ready now. Before you leave, you may want to consider taking out a HELOC on the property if you have that much equity. It does not sound like you are moving too fast, just do not make any emotional decisions on your next purchase and stick to your numbers. Make sure you have some reserves in the bank and you are good to good. Go after it my man, you are in a good place right now.

Good luck!

Hey Matt,

Great to hear others want your services! I am in Connecticut and you need to have a broker's license here as well to run a property management company, "BUT" you can perform property management services as an agent working under a normal broker. The same may apply in OH. If that's the case, all you need to do is find a broker who is willing to sponsor you as an agent and allow you to perform property management services. They will get a cut of your profits being your broker, but this may be your way in. 

Hope that is helpful and good luck!

Hey Victor,

Underwriting 2-4 unit properties is relatively simple. It's actually very similar to underwriting 5+ unit properties. If you are able to obtain the current income and expenses on the property, you can assess how the property will perform on day one. Once you start trying to determine the property's potential value after any kind of value add, that's where things will differ. With the 2-4 units, you are generally only going as high as the highest comp in that neighborhood. With the 5+ units, you will examine the new net operating income to help in determining the new potential value. 

Hope that is helpful and good luck!

Investment Info:

Large multi-family (5+ units) commercial investment investment in Duncanville.

Cash invested: $72,000

Limited partner on a 201 unit syndicated multifamily complex in Duncanville, TX. Utilized funds from a SDIRA for our investment in this deal. Expected returns are 15% IRR, 8% COC, and 1.9x Target Equity Multiple.

What made you interested in investing in this type of deal?

Very interested in syndications and decided the simplest way to start would be to invest in one

How did you find this deal and how did you negotiate it?

Two members of my mastermind are General Partners on this deal

How did you finance this deal?

Utilized funds from a self directed IRA account

What was the outcome?

This is a 3-5 year hold. We will see what the results are when the project is completed

Lessons learned? Challenges?

It's pretty easy to invest in a syndication. The hardest part is picking who you will invest with. I was fortunate to know these General Partners personally for over a year before investing with them. They provided tons of education prior to this offering, making it an easy decision to select them once they presented the opportunity.

**Special Event This Month & Registration Required**

The NEI Real Estate Investor Meetup - August 2022 Announcement

Date, Time & Location: Thursday August 18, 2022 | 6pm

Serenity Woods, New Hartford, CT

Sponsored By: REvolution Properties LLC

Come join us for a showcase of David Haberfeld's unique short term rental property, Serenity Woods, and an evening of networking with real estate professionals throughout the state! Event begins at 6pm. There will be a speed-networking hour starting promptly at 7:30pm where everyone will have the opportunity to network with new people through a fun, structured activity with 4 minutes per pairing

The event will include a buffet style dinner catered by DaCapo of Avon, alcoholic and non-alcoholic beverages (self serve) and dessert. The ticket cost is $50 if purchased in advanced or $65 after August 12th. The buffet will consist of chicken marsala, penne a la vodka, spaghetti & meatballs and eggplant rollatini for main dishes. For sides, da capo salad and apple salad. Desert will be an assortment of pastries and sweets along with smores to make by the fire.

Event is capped at 100 attendees so get your tickets NOW

Register via the following link: https://www.eventbrite.com/e/3...

Hey Melissa,

Getting financing on a property under and LLC is not necessarily more difficult, it's more expensive. You will probably end up paying a higher interest rate and higher closing fees compared to a conventional loan. I would recommend you find a lender who does both kinds of loans and see what the difference in cost would be. Since it's your first one, don't linger on it for too long and let this hold you back. I personally purchased my first and second property in my name, not a huge deal. If you go in your name, just make sure you have good coverage and move on.

Good Luck!

 How nice of you @Bogdan Constantin Stefanide :) 

Hey Jason,

So your COC return will be based on what the property is brining in via net rental income vs the money you left in the deal. Based on this deal you have $21k left in the deal. If you are netting $1500/mo, that's $18k/yr. That would me your COC return is 85% ($18k/$21K x 100 = 85% COC). Just change around the numbers, plug in your net cash flow, and you will determine your COC return.

Hope that helps and good luck!

Hey Nikki,

I am both an investor and full time agent located in Central CT. Would love to help you out. I will send you a message. Thanks!

Zach, 

Welcome to BP! Very exciting to hear you are looking to get into real estate. I would recommend you start with the following process:

1) Read a couple of fundamental real estate books such as The Millionaire Real Estate Investor by Gary Keller and the ABCs of Real Estate Investing by Ken McElroy. Reading these books will give you a base understanding of how real estate investing works. This will also allow you to have more specific conversations when you meet other investors instead of approaching them and asking questions such as how do I get started in real estate

2) Attend local meetups. Start attending your local meetups and building relationships with other investors. The more others see you and get comfortable with you the more they will be willing to help or work with you in the future. If there is not local meetup start one! You can also attend online meetups which you can find all throughout the BP events section. Also while at these meetups, see where you can bring value to other investors. Identify the handful of things you are really good at and see if you can help another investor who may not be so good at them. 

With just those two steps, I believe you will find what you are looking for. It's going to take a little time, but as you will learn, its all about relationships.

Good luck on your journey!