All Forum Posts by: Bruce Scannell

Totally understand @Justin Young. What specifically are you working on? I really think, if you want it bad enough and work hard enough, the pieces will fall into place. Keep moving forward!

Thanks @Danielle Fattizzi and @Account Closed. 

Thanks @Sarah D.. I would say the numbers are the easy part, it's just the intangibles that are hard to quantify and I'm sure are very dynamic from one deal to the next. We got this building for a cap rate of 8.5%, fully occupied. Its a value add play with the rents well below market, and the expenses higher than they should be. 

Thanks @Ruth Bayang. It can be a trying experience, but keep at it and I'm sure you'll figure it out

Wow...I've heard of some horror stories, about multi-family deals taking forever, then falling apart at the end, and we almost had exactly that happen. But in the end, after much persistence, perseverance and some dumb luck I'm sure, we closed on our first larger multifamily (26 units) last Friday, from 2000 miles away!

I'll spare all the mind numbing details (long distance, aging sellers, attorneys, conservative lenders...), but the process has taught me how different a commercial deal can be compared to any other SFR or small MFR I have done.

I do want to thank a lot of members on the forums here, as well as the many podcast guests, who have knowingly or unknowingly, helped me through this ordeal. 

With that said...I can't wait for the next one!!!!

Bruce  

Thanks @Jeff S., I'm leaning towards IRA Services as well for the time being. See how it goes.

@Jorge Ruiz, I know your pain. Personally, I wouldn't and don't invest in California, for a lot of reasons. To invest out of state though, you definitely need a team. I invest in my home state of Michigan, but besides knowing the area somewhat, the only benefit I've received from having family there is a realtor in the family. The rest of my team has been put together out of necessity. As with most investments, you won't ever have all the answers and I think a leap of faith is needed. How bad do you want it? If you want it bad enough, and you buy it right, I'm sure you can figure it out, it might take a little longer sometimes since you're not local, but keep being persistent and don't get discouraged!

Good luck,

Bruce

I think you answered your own question when you used the word "could" be happy. I would never go into the deal thinking everyone could be happy. In my experience, more often than not, there are additional things that pop up that weren't accounted for, instead of it being the other way around. I believe if you have to fudge your numbers or criteria to make a deal good, then its not a good deal.

Good luck

Bruce

@Mark Nolan, would you be willing to talk on the phone about my options? I am available at about 330pm today, if that works.

Thanks for thoughts @Dmitriy Fomichenko and @Justin R.

I would love to attend the REIA, unfortunately we just had our second child and the evenings are pretty booked...I'm not one to make excuses, but right now, if I can't bring a kid or two it won't work. Maybe in a a couple months when things stabilize again.

Here's where I'm at. I have a couple old stagnant 401s and I'm ready to roll at least one of them into a SDIRA to invest in some others apartment deals. One of them in particular has just under 100k and I'm thinking about starting with that one. I don't plan on the account being particularly active, just initial investment, then distributions, hopefully. I know some about the checkbook IRAs, but not much, so correct me if I'm wrong. They allow more freedom since there is no custodian but set up fees are higher, correct? If its an LLC, its probably subject to those high California fees as well, is that right? In my case, which do you think is better?

Thanks,

Bruce