All Forum Posts by: Christopher Salazar

I would just plug numbers into one of the BP calculators and go from there. There's not too much math unless your getting into larger deals with longer projections. But still, there are spreadsheets that can pump out those numbers right away. 

I think you'd have a lot easier time if you found someone in that market to help you out. They may take a cut of the profits, but it would definitely handle the objection. And if you train them properly, you'd do a lot more deals anyways. 

@Roshan K. I've read both and I highly recommend you hold on to those and take notes. Great handbooks to pick up and read every once and a while

Assuming the property can yield market rent and the demand is there in your market, 30 days should be plenty. If the property is managed professionally or outsourced, I would say 20 days is a good target. 

Any of the BP books located on this site are great for technical knowledge. For personal development, I would read Tools of Titans by Tim Ferriss and Start With Why by Simon Sinek

I look at employment rates, employment diversity, and simple supply and demand lines to make sure there's enough demand in the market. You can find a lot of this data on the census bureau for your MSA. 

@J Scott PM that oversees the CMs

@Manolo D. Thanks for the detail!

Sam, if you're putting in most of the work yourself and can qualify for 330K, you don't need a partner, in my opinion. You'd have to deploy your personal capital, but then you wouldn't have to split the deals. Plus, if you buy right, you'll be able to cash out refi and keep turning that money over. 

In your situation, with you doing the work, it seems more appropriate to enter a partnership if your partner would fund the entire deal. Your skin in the game is your time, effort, and expertise in doing the deal. Otherwise, it doesn't seem like they would bring much to the table. 

I would first look at your overall goals and evaluate what you are trying to accomplish by investing in real estate, and go from there. Once you have specific goals in place, you'll be a lot more clear on how you want to structure a long term partnership. 

If it has this many issues up front, unless you're getting this property for next to nothing, I would probably walk on the deal. You'll likely find plumbing issues since the property was vacant for so long. Unless you know exactly what you're getting into, I would walk away. It sounds like a money pit. 

I live in Chicago and have a project manager running all my rehabs in the Quad City market, and we buy about 8-10 properties per month in that market. 

If you have used a project manager in your business, what are your general expectations? How do you compensate them? What are their major responsibilities? Please be specific.