All Forum Posts by: Brian Wheeler

Hey BP fam,

Looking to start my section 8 portfolio in Fayetteville and wanted to get your experience with their HUD office? I understand that every office is different but wanted to get a feel about Fayetteville's.

Thank you in advance

Thank you all for the valuable insight!  

Hello everyone, 

I am currently looking at a value-add office building. The value is converting the current tenants who are all on a month-to-month lease into annual leases and filling current vacancies. Most tenants have signed these leases 2-3 years ago and still occupy the building which shows their commitment to their space and would make a case of asking them to sign an annual lease. Obviously the risk is that in attempting to convert these leases you lose some occupancy (the building is currently at 63%) or worse case all of the current tenants. I deal mostly with annual leases in value-add deals so converting month-to-month leases are a new avenue for me. Can anyone share insight into converting these leases and the best course of action?

Much appreciated,

Brian 

@Jeffrey Grieshop I value my time tremendously and quite frankly I don’t have time anymore with sellers who are willing to be unrealistic. From my experience when I have come across a seller who is in a desperate situation (they always know they are but never like to admit it...who does?) I am up front with them and let them know that I am willing to be fair and help them get out of their situation, but I am also in the business of making money and it needs to work for me as well. I am a little more direct with people that is just my personality. I have found that most sellers respect that instead of having a “yes” man that can’t close or tries to retrace them over and over. 

Need some guidance, 

I am currently creating a pro forma for a possible industrial property and all of the tenants are on NNN leases. I am looking to see if any of you use a certain software that deals with NNN lease models. I am tripping up on how to project the cost of expenses since the tenants will pay for a majority of the expenses.

Any insight will be much appreciated,

Thank you, 

Brian 

@Jillian Sidoti thank you for the advice I appreciate it!

@Dave Van Horn thank you for the input. My partner has wealthy connections as well as his friend who we are adding his existing brokerage business under our main firm. We are talking with university endowments, sovereign funds etc.  So thank you for the input.  

My business partner and I are starting our own Private Equity firm. My main question is when we start a fund, how should we determine how much capital we will want to raise for that fund? Is it based on the size of the portfolio we want? Is it based on how many investors we have? Or is it just a number we feel we want to raise? 

@Scott Allaire you do not need a great credit score to start doing real estate. You can start off by wholesaling, which is getting a property under contract and then flipping the contract for a fee. You never actually purchase the property so there is no need for a bank. However, if you wish to make a career in real estate and actually invest (wholesaling is a sales job) then you must do everything in your power to repair your credit. Banks are going to be one of your best partners in the industry and without a credit score, good luck. 

No one with 20-25 million is going to want to waste their time with flipping homes unless they are top dollar properties that you can make a few hundred thousand on. They could partner up with some of their firends who I am sure have big real estate deals. To make a good impression you need to think how a millionaire would think. Give them big deals that make sense and they will be more apt to want to invest.