All Forum Posts by: Chris Allard

Shawn Tang send me a private message, and I'll let you know. I don't want to broadcast the location. Hope you understand. Thanks!

Shawn Tang I would have to agree with Bill Manassero on Cali being too expensive for multifamily investing. My wife and I went out of state to invest. You just need the right team. I was fortunate enough to have former teammates doing REI in another state that wanted to help me get started and grow long term wealth. We currently have a 8 unit apartment complex under contract for $307,500 that produce 5k in gross rent. It's actually under rented and we can get $675/unit in current state once we close. They also have skin in the game to make sure that my investment is protected. They spilt cost/revenue w/ my wife and I 75/25 (75% to me and my wife, and 25% to them). They also manage the property at a 7% gross rent fee, which helps to keep more money in the biz. You need to find like minded ppl that you can trust. Good luck and happy hunting!

@Matt Turbitt

@Brandon Hall

Thanks guys!  That answers my question.  I won't qualify as my income is above 100K.  I would be owner occupying the property. Living in a mobile home attached to a permanent concrete foundation and renting out the "kennel" (it's more like a studio apt.) to a tenant.  I'll have to go back to the drawing board on this one. 

Hello BP,

Can someone explain to me if I can write off my PMI when I go to file my tax returns?

Thanks!

@Franklin Romine

I would have to agree. The list price is ok, but ARV is greatly over estimated. I've look at property on that street for my own home purchase before deciding to become a real estate investor, so I'm fully aware. If it had a pool you may get $310-320 for it in todays market with some fluff upgrades.

@Kevin Yoo

I mispoke about the dollar for dollar partnership in my earlier post.  They will put up 25% of what it cost to acquire the property and I will put up the other 75%.  Each party will be responsible for the percentage associated with the company, so 75% cost/revenue to me and 25% cost/revenue to them.  The PM is factored as a cost associated with managing the properties (which their PM company will handle at a 7% fee).  They are looking to scale their PM side of the biz and having skin in the game for me helps protect my investments.  I would have to pay 10% at least to anyone else to manage (w/ no history of another PM), as I'm not investing in the same state I'm living in.  Both comps get to grow together, and have a mutual interest in see it happen.  Essentially, I'm paying a small price to learn more of the biz, but will only be an owner and never an employee.  My goal is using my ambitions for building financial freedom to explore other interest, and securing my family's future.  I've made millions for my current employer and wanting to do this for myself.

@Sean Tracey they will only charge the 7%. No additional fees.  They are vested in the biz enough to try and keep money in it for long term wealth. 

Keep up the good work @Brandon Turner and @Joshua Dorkin

I'm pumped up for what has happened so far this week.  Finalizing partnership with old teammates and putting our first property under contract in the coming days. I drive a lot for work, so hoping to get more of your books on audio.

@Sean Tracey

I've tried to get REI feedback, but haven't had any luck. I did get feedback from my colleagues at my full time job, and they like to structure. I just pre-finalized the deal today. We're my wife and I own 75% and the other 25% will be owned by our partners. They will put in 25% of whatever we invest and get PM rights at 7% PM cost (that can be discounted even more base on number of units purchased). I also have full control of the Inc. and final decisions on where to take the company. Also, they cannot pull money out of the company until we do (25% of what we pull out of course). Our goal is to scale as quickly as possible in the next 5 years. Then have the company debt free in 10.