All Forum Posts by: Chris Penny

@Account Closed...thanks for the input.  The issue is that I got an Offering Memorandum and P & L from the broker and the numbers don't make sense.  For example, they did not include the insurance nor the property tax in the financials.  That strikes me as either sloppy work or dishonest.  What is more, this will be my first multi-family purchase.  I would like to have an expert in my corner who can help me understand and evaluate better. 

Cheers - Chris

Hi, all.  I am wondering if anyone has ever used a consultant to review a deal before you pulled the trigger.  I have been reading about Certified Commercial Investment Members, but most appear to be brokers.  I don't want advice from the person selling the property.  But I am wondering if I can find a CCIM and pay to have my deal reviewed.  Anyone ever done that?

Thanks - Chris

Thanks Rick.  I found a roofer and we set up an appointment.

Hello, All.  Our Single Family rental in Los Angeles has developed a leak in the room.  Water puddle on the living room floor this morning.  

Does anybody have a referral for a good roofer or leak specialist in my area?

Would also be interested in referrals for a good handyman for minor repairs.

Thanks

Thanks everybody.

Hi, all. Looking for a 5+ unit multi-family property.  Wanted to ask those of you with more experience...it seems to me that if I bought a property with all studios or small one-bedrooms, that the property would have more turnover than one consisting of 2 bedroom units.  Is there truth to this or am I off base?

Cheers - Chris

Thanks @David Dye.  I would appreciate a referral. 

Cheers.

Chris

Thanks, Rigoberto. I am taking a BRRRR approach, so plan to buy and hold. I am looking for properties five units or more so I can get a commercial loan. Ideally I can find a place that needs work so there is room to increase the value of property and refinance. Overall I am looking to invest now for income generation later.

Why do you suggest the rural areas?  Are there no good investments withing Fresno itself? Are there many apartment buildings in the farming areas?

Thanks for your input.

Hi, all.  I have been looking for a deal on a 5+ unit in Los Angeles area.  Real estate is so expensive here that I will have to go elsewhere for my next deal in order to meet my budgetary restrains.  Wanted to ask those of you who have invested in SoCal what areas you would recommend.  I have been considering Bakersfield and Fresno, but I feel I need to do a lot more homework to know the good areas from the bad. Where else might I look within a few hours drive from LA where I can find apartment buildings that are more affordable but in a stable area.

Cheers - Chris

@Bill S., so I assume there is practically no single family home construction going on in your area because of the factors you mention.  And mulit-family needs economies of scale to pencil well. 

Basically it is supply and demand, no?  If the demand is high, rents are high and I can afford to construct. If rents are not high I need to find a property with the right price and potential to improve the rents.