All Forum Posts by: Chad Miles

@Lane Kawaoka im curious why you say that? Have you had bad experiences in Detroit?

@Daniel Chang thanks for the response Daniel! My question regarding Venmo revolves around this: what do I need to maintain "good books"? What kind of data do I need to be recording and how should I be recording it if I utilize Venmo?

Hello BP!

Today I was curious about paying contractors. I have a contractor that is doing some financial analysis work for us right now and since we will be paying him every 2 weeks, I wanted to know what you thought the easiest way to pay was. 

We want to make sure that come tax time, we are all taken care of, but writing and sending a check every 2 weeks also does not seem efficient...

We have thought about using an app like Venmo to send money, but wonder if that leaves enough of a paper trail come tax time?

Any suggestions? 

Thanks, 

Chad 

Hello BP!

Today I was curious about paying contractors. I have a contractor that is doing some financial analysis work for us right now and since we will be paying him every 2 weeks, I wanted to know what you thought the easiest way to pay was. 

We want to make sure that come tax time, we are all taken care of, but writing and sending a check every 2 weeks also does not seem efficient...

We have thought about using an app like Venmo to send money, but wonder if that leaves enough of a paper trail come tax time?

Any suggestions? 

Thanks, 

Chad 

Hello BP, 

Today I wanted to get your opinion on any investment analysis courses you may have taken and your opinion on them. My brother and I are building our investment company that specializes in multifamily properties. We need more guidance and experience with our analysis of properties since we know that "buying right" is the most important step in the process. 

Has anyone taken an analysis course that they recommend? Or even taken one that they don't recommend? 

We are specifically looking at the Property Metrics CRE Investment Analysis Fundamentals course. The course is $400 and seems to be a pretty comprehensive course.

What are your thoughts on the subject, or experiences with your learning? 

Thanks in advance! 

@Michael Upshur based on my research and experience you should absolutely answer these questions. Brokers will get many calls from people saying they want to purchase properties, but many people will not have any answers to questions about what asset class they are looking for, price range, location or other investment criteria. Brokers want to separate people who know what they are looking for (and thus more likely to close a deal) and those that may be wasting their time. If you do not have experience, your professionalism and your thought out answers to their questions will help to prove that you are serious and they will be more likely to work with you. 

@Parker Ihrie great input again! It seems like contacting a local player in the multifamily industry and seeing how I could be of help to them in order to gain experience would be a great idea. I am willing to an "un-glamorous" job if that means that I can learn all aspects of the industry from someone with experience. I think that is the main thing I want. My goal here is to gain as much well rounded experience in the shortest amount of time that I can take with me into my business. 

@Alexander Felice I understand the networking part of it, but I am wondering if you of any schooling/certifications needed to become a commercial loan officer? Just because I know doctors doesn't mean I can become a doctor tomorrow. 

@Joe Fairless that is a great point Joe! 

@Josh Hooper makes a lot of sense. I can see where from a networking/meeting investor standpoint that could work out very well. However, as you mentioned before, those are things that I can try to do outside of my job. I really want to find something that can help me understand apartment deals and how to evaluate them so that I can get better at that aspect of it. 

@Alexander Felice that's something I have thought about so I can experience analyzing deals from a banks standpoint, but I know little about getting into that field. Do you have experience or know what it takes to get a position for a commercial lender? Do I need schooling/certifications? 

Great input @Josh Hooper! So, are you thinking that by getting your real estate license and acting as an agent for a while you will gain contacts for multi family? If you could explain your thinking behind how you want to be ingrained in the multi family network and why you are pursuing your licence to help get you there that would be great!