All Forum Posts by: Chris H.

Done!

Corey White Sounds good. Not sure where this will go as I will find out more later today. Thanks!

Chris Mason thanks for the quick response. The 36 unit will be my first deal (partner involved) and we have our own SFH. I'll find out what best suits her needs and go from there. Appreciate the info!

Good evening BP!

I wanted to see if anyone out there could give me some advice on the following situation. A friend of ours recently lost her 90 year old mother, now she has inherited four SFR's and she doesn't want anything to do with them. I have a call tomorrow with her to get some information and I was hoping I could get some good questions / advice from you seasoned investors out there. I figured she may not have all the answers to some of these.

Here is the list I have currently:
Age of each house
Age of roof and HVAC on each
Have any of the homes been rehabbed / renovated? If so, when?
Lease expiration and income (rent, pet, etc.)
Are they managed by a management company?

Question I would like to know is could this be a seller finance opportunity?

She told my wife she wants to dump them so I am confident we can buy right. As of now, I haven't done any SFR deals but will be under contract on a 36 unit deal later this month or the beginning of June. I have been focused on multifamily and really wasn't looking to get into the SFR space but since this came up, I thought it woud at least be worth exploring.

Thanks for any and all advice!

Best, 
Chris

Jay Hinrichs Thanks for all of your input on these threads. Definitely having second thoughts on keeping my call with them. I would be interested in hearing your thoughts regarding turnkey opportunities in the mid west. I'm looking at an apartment deal in OK with some partners but want something on my own. Any insight would be greatly appreciated.

Lance Lvovsky thanks for the advice! Much appreciated.

Hello BP! I wanted to throw this out there to see if anyone could assist me. More than likely I will be partnering on my first multi family deal in the next month or two. What would be the best thing to do? Create an LLC, LLP or something else? Any advice is greatly appreciated. Best, Chris

Matt Clark is spot on. Find your local apartment association and join it. They may even be able to provide you the state lease for your community. I believe the NAA's website is www.naahq.org They are a great resource for anything multi family. Good luck!

These two that I recommended collect on a contingency basis. If they don't collect, there isn't a fee. Most collect on a 60/40 split...possibly lower depending on the volume of accounts. Using a company like one of these, the debt will go their credit report as a real estate debt. I agree with you fundamentally if you have to throw good money after bad though.

Hi Jessie, I know of a couple that could potentially help you. Check out www.rentrecoverysolutions.com or www.nationalcreditsystems.com. Both are national collection companies, based in Atlanta and specialize in the collection of apartment related debt. Good luck! Best, Chris