All Forum Posts by: Chris Hake

There have been a lot of great suggestions and advice. My one question is what do the numbers on your deal look like? Again, if you are a flipper then our model is get in, get out and don't be greedy. As many suggested, there are several things you can look into to see if you can make some adjustments to figure out why, but at the end of the day flippers live to get in and get out. Make adjustments as needed to make that happen. NEXT. Good luck.

I would look for referrals from other local investors. If you are not already a member of your areas REIA or meetup I would plug in a talk to others who have used and liked the GC's they worked with.

I would say that Realtor might be shooting themselves in the foot by saying that. 3 Days or any amount of days is not a determination that a property is good or bad. That is what you figure out when you do your due diligence, ask questions, run comps, run analysis, etc... What I do know is in my area the MLS for the past 4-5 years has NOT been the place to find a deal (too many newbies and unexperienced investors that are fudging their numbers to get a deal or they just plain do not know how to underwrite a deal so the fear of loss kicks in and many times they overpay and then regret later after its too late). Not saying you cant find a deal on MLS, but that pool has too many people fishing and it only takes ONE buyer to overpay and everyone else is out of the game. I suggest turning over rocks, networking, direct mail, door knocking, bandit signs, etc... to find the hidden market sellers. That is where you will find the greatest deals! Good luck

Love to see you are in the game and starting to swing the bat! Regarding Rentaus, I have been down that road and yes their training is an investment, but so is any part of advancing yourself in this business. IMO, Renatus does have some great instructors and yes you can learn a ton, but they are also pretty aggressive on becoming a marketer and that in my opinion can derail your efforts as it takes away focus (again, just my two cents and I am speaking from experience in the Renatus model). 

You have to decide what YOU want for your life and business first before heading down any path. IMO, you need to make sure that you pick ONE path to start on (Rehabbing, Wholesaling, Buy-n-Hold, Etc...). Focus on that ONE THING and be great at it, learn from others who are doing it, make money at it, systematize it and then venture out into other areas. The biggest problem most newbies have is they try to learn everything the bootcamps, courses and gurus throw at them right out of the gate and then the majority freeze up because they have no idea where to start or what to do first and ultimately do nothing. 

Plug into your local REIA and network like crazy!! Find others who are doing what you want to do, talk to them and ask a ton of questions. Ask them if you can shadow them on property tours, talking to sellers, negotiating, etc...

The only way you will fail in this business is if you quit. Good luck :)

The podio you use, is that the standard version with no additional 3rd party apps to do other specific tasks? I have heard others tell me that Podio has many many add on apps that allow it to be very powerful. Again, I am looking for something to get names in order and follow up with potential to grow the platform as I grow the business model.

I am growing a Capital raising and syndication company for multifamily properties. I multiple lists of names/addresses/contact info for clients, brokers, banks, private lenders, etc... and want a tool that I can easily track info, contacts, notes, to do's and reminders for follow ups.

What are others using? I like the K.I.S.S. method so hoping to find something like this, SIMPLE but effective.

thnx

The 1% rule has always been a pretty good measuring stick of monthly rent / purchase price. I know in my area (and i suspect in many areas across the US) that anyone who can pay rent of $3K month can probably afford a $300K place. I would research what the average rental rates are in your area and develop an acquisition plan around buying doors that will allow for the largest pool of renters to want to olive in your property, which in turn will probably give you a solid rate of return (of course depending on what you have to put down). Good luck

Brian, Greg and Mike thanks so much for your insight. SUPER SOLID advice!

Have you thought about using private money instead of the banks?? Are the 6 properties you mentioned flips or rentals? Are you a member of a local REIA?

I am looking for advice/counsel from anyone who understands the mindset and desires of someone that has $5,000,000 that would be interested to use to invest in a larger apartment syndication deal.  Either you worked with these types of folks on past deals or you ARE one of these folks. What does someone with this kind of resources expect for a return? Percentage of deal? Equity position? Flat fee for using funds? All of these? Something totally different?

What are they wanting/requiring to see from the skills/experiences of the Syndicator?  What questions am I not asking that I should to better understand how to best have this conversation? Thnx