All Forum Posts by: Charles Carillo

@Rex Celle

When dealing with larger multifamily and commercial properties, banks will always request a personal financial statement/net worth statement and REO schedule. I keep one and regularly update it so it is ready to go.

@Eric Boshart

I would suggest speaking to an attorney in your home state that is familiar with hard money lenders. You might also want to speak to a CPA about state taxes since you are lending in other states. The hard money lenders I know lend in 1 or 2 states and are registered in both of them as LLCs and foreign LLCs. You need to verify there are no licenses required to hard money lend. Usually there is not but this is where an attorney can assist you.

@Joann Lim

It really depends on your business plan for the property. Many loans with Fannie Mae are interest only for 2 years and then you start paying principal and this gives you some breathing room during the value-add process. Many fix and flip loans are interest only as well.

@Daniel Mendez

A turnkey property can be a good investment; especially if you work full-time and it is out of state. The thing with a turnkey property is the value has already been created/increased. You are not going to see rapid appreciation. The key with real estate is you are rewarded for the value you create. This is normally done by renovating, increasing rent and thus increasing the value of the property.

@Charlie Shew

Here are some great books:

Multifamily Millions by Dave Lindahl

The ABCs of Real Estate Investing by Ken McElroy

The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges

Commercial Real Estate Investing by Dolf De Roos

Trump: The Best Real Estate Advice I Ever Received by Donald Trump

Tax Free Wealth by Tom Wheelwright

Commercial Real Estate 101: How Small Investors Can Get Started and Make It Big by David Lindahl

Raising Private Capital: Building Your Real Estate Empire Using Other People’s Money by Matt Faircloth

The Definitive Guide to Apartment Marketing by Josh Grillo

Investing in Apartment Building by Matthew Martinez

Crushing It in Apartments and Commercial Real Estate by Brian H Murray

@Victor Goh

Welcome to BP! This website has a lot of resources with a number of webinars. It is great that you have your goals set already. Make sure you connect and network with other local investors since they can be an invaluable source of information and potentially properties as well.

@Account Closed

First I try to get as close (location wise) to the subject property as possible. Next, match the baths, bedrooms and square footage as close as possible. Year built is important but normally properties within .1 miles are usually built around the same time. Lastly you can compare the condition.

@Morden Walters

I have the name of an attorney in Newington that handles closing, refinancing and evictions. PM ME

@Wave Taylor

I purchased a turnkey 3 family home 10+ years back in a C+ area and even though most of the improvements had been done, there were still a few capital expenditures that had to be handled within the first 7 years. That being said, the property is a great property and I still own it. The point being that during the inspection, make sure you review the condition and lifetime of all aspects of the property including; roof, mechanicals, windows, condition of units etc and have a plan. Lastly, make sure you set aside a reserve monthly. This will most likely be a higher amount per unit that say a 50 unit building since there are less units to cover capital expenditures.

@Kyle Longacre

I own a 5 unit mixed-use property and I have previously done direct mailing to other small businesses around the city, posted on LoopNet and Craigslist. Currently my PM is having the most luck with just putting a sign in the window and posting on Craigslist. It seems when we keep it simple it gets rented within 30 days.