All Forum Posts by: Brian Singer

I'm searching for ways to partner with a syndicate sponsor. I'm an experienced house flipper, and have been very successful. My partner is a licensed real estate agent. I'm a licensed contractor. 

We want to pursue bigger commercial apartment deals with 20 to 60 units or more. But I don't want to necessarily be the syndicate sponsor out there raising money. 

Without going to a major syndicate, How would I find someone who is already a sponsor, or wants to be a sponsor to partner with on larger deals? Or maybe someone who has sponsors one of two small deals and wants to go to the next level?

@Account Closed don't forget about about U2 Joshua Tree album... Its still a tweeker town..  hahah

You're right though about it being a rich hippie "mystic" town...  Unless you like rock climbing and smoking weed there not much else there.... Don't get me wrong... I like it...  but its still an enigma... 

Yosemite, Tahoe, Newport Beach, Lake Arrowhead, Napa, .........  Joshua Tree?

Hey @Josh Bloemendaal Thats too funny.. I'd love to meet up at your place. We just got a new one in Yucca Valley... 

I'll hit you up on DM... 

@Josh Bloemendaal Thanks for your input... I have done a ton of research for Joshua Tree. I knew our buyer would be from LA. I know the Airbnb market is super hot... what I can't wrap my head around it WHY? 

As a Southern California native growing up in Orange County... the "high desert" and Joshua Tree are not at all sexy. I don't really get it... I understand that its turning into a mini Palm Springs and i see it is becoming a destination spot for out of state and even people from France, Germany and other spots...

I got into the JT market by accident. We got a call from a seller, and it was so cheap I couldn't refuse. But at the time, i literally thought the high desert was a bunch of meth labs and crack houses. (sorry to any locals reading this.. LOL). After some research we discovered this crazy hot vacation market... we remodeled our house for a hip LA buyer and it sold in 22 hours for cash.... see pics here... https://goo.gl/gyk4Cf

Again... I know it's hot... for me the appeal is the interest from high end buyers and renters for Modern architecture in the desert, but cheaper than Palm Springs. But as far as I'm concerned, Joshua Tree is like a Jackson Pollock painting... yea, he's famous, it looks cool, but I still don't get it!

So Please... as a New Yorker, explain to me what you see and what's so hot about Joshua Tree. I need an outsiders perspective... :)

Thanks

Why would you self-manage? That becomes a full time job on a building that big. Your full time job should be to go find the next deal. Evaluating large multi family buildings is a very time consuming job which you may have already discovered. Cap rates, IRR, DCR, cash flow etc. it's hours worth of work for each deal you analyze. I'm looking for a multi family apartment myself, it's along and frustrating process. Look up grant cardone and micheal blank on YouTube. I'm not saying they are the bees knees for REI, but they make some very good points about buying bigger properties and having a professional managment team in place.

I was going to reply but John Barr hit the nail on the head. Patience. Make relationships. Partner. And look at a $hit load of properties and make lots of offers. And be patient and persistent. And don't look on the MLS for deals. Door knock. Talk to people and find the people who haven't realized yet that they NEED to sell. Motivated sellers.

Welcome. I'm in Huntington Beach. Happy to see fellow SoCal peeps here. Im a contractor my biz partner is a realtor. Always happy to help out a fellow REI Don't know much about house hacking, but I sometimes which I could start over in my twenties. .. haha Find a duplex or triplex. Live in one and rent the others. Is that kinda what you mean? It's gonna be hard to find a good deal in OC. If your young and single, you might be brave enough to go to a sketchier neighborhood like Santa Ana, Anahiem, Fullerton. I take that back, not that they are "sketchy". But lower income areas with older properties you can buy cheap and fix up over time. But even those areas are pricey. Corona, riverside, Colton, if you don't mind a commute. Or save your money, rent in Irvine and invest out of state. You can buy houses in Georgia, Detroit, Cleveland for cheap. Like $50k and rent out for $900 a month. I know a guy in his twenties who owns 6 houses out of state. Hit me up if you wanna connect

Philip I have talked with many people that have millions to spend. Trust me, they have high expectations. Unless he recently became a millionaire he will expect a high return and want to inspect every deal in detail. Just remember this one rule of thumb. "What's in it for him" My advice. Do a couple fix n flips and split 50/50. Unless you have some skin in the game there is no reason for him to give you any more than that. All of my millionaire investors still expected me to put at least 20% into the deal. Think of it this way. If you were on a date with a super model. You're not going to skip dinner and ask her to jump into bed. Take is slow. Prove your value. Get to know and trust each other. Then move to bigger deals. Also think of this. If you have nothing invested in the deal he could easy screw you too and walk away with all the profit. That has also happened to me. Food for thought.

Another option for the ceiling is drywall over it or skim coat it.... if it's those square cardboard looking tiles then just sheet rock over it with 1/4 inch drywall.

I live in California so I don't know about Texas specifically. I'm also a contractor. The rule of thumb for asbestos is don't touch it.... meaning you don't have to abate it if you don't disturb it. Paint over it, drywall over it, cover it. Leave it be... Asbestos only becomes a problem if you're gonna sand it, demo it, move it in some way. When it gets airborne then it's a danger. Example is, leave the black glue on the floor and carpet over it, or better yet, tile over it. It will stay there for another 50 years and not be a danger. If you have popcorn asbestos ceilings then paint them. Cover it and leave it alone. This is he safest (and cheapest) way to solve the problem. There is no law that says you must abate asbestos. Unfortunately, you've had it tested and now you probably have to disclose it if you plan on flipping the house.