All Forum Posts by: Clinton Holmes

@Ellie Miller The "@" feature didn't work on mobile. Just quickly adding it so you're alerted of the post. 

@EllieMiller I’m looking to start investing in the area as well, so I’m curious what you get for an answer. My $0.02 for what it’s worth, is talk to a commercial agent; they can give you an idea of what the cap rates in your area are, and you could use that as a benchmark. It’d be more work, but you could also talk to a local property manager, ask them them the properties they manage, and what the NOI looks like, then look up the sale price online, discount for inflation and back into a cap rate estimate that way. Either way, once you had cap rate, you could get to an estimate on cash on cash return. Hopefully, someone will just come and tell us the answer, but if not, hopefully this helps!

Thanks for taking the time to write @Ryan Evans! Is this the right RHA? If so, do you need to be a member to attend the meetings? 

I can relate to the comment about everyone being an agent. It's the same in the Greater Boston area. Any commercial brokers you'd recommend out there? 

@Julian Sibley Thanks for the welcome and the advice! My initial thought is I'd like to be able to drive to the property, so I will see if I can get on the email lists of the local REAPS / REIAS in the Tacoma / Everett Areas. I'll also add those two keywords. 

To answer your questions: 

• I'm selling just the one property. How much capital I'll have is a bit trickier to answer. I'm estimating between 100-200K. Which I think would be enough to get at least 5 units in markets like Tacoma or Everett, but immediately I haven't dived deep into the markets. 
• Straightforward answer is no. The more complicated answer is I'm considering a few options; 1) I flew out to Seattle in Oct. to interview with Amazon, the interview went while, however I'm stuck in a holding pattern until their end of fiscal. I'd say there is a decent chance an offer comes through in Jan 18. 2) I've been doing some product development consulting, and have a client that is interested in a remote relationship. 3) I have my MA RE license. I'm thinking of re-taking the tests for Washington, and either managing property under a licensed broker. I'm looking to get clarity on this front around the end of Jan. 

I've sent you in an invite to connect; feel free to ask me any other questions you'd like!

Clinton

@Joseph Gozlan You're link is broken. You missed the "." after www. Correct link is here. 

Best Regards,

Clinton

Hi Everyone!

I've been a member of BiggerPockets for a while now, but since I just got my Pro membership, I thought it was worth introducing myself here.

I've been dabbling in Real Estate since about 2014. Rather than tell the whole story, I'll give you the bullet points:

• Bought first rental property in 2014, have managed it on my own since. During that time, did full renos on both units, and got the rents up more than 50%.
• Quit my full-time job as a Product Manager at SharkNinja to work at a start-up Development company in the Greater Boston area. We did more than 12 deals in Year 1 of operation.
• Dabbled in private lending.
• Got my Real Estate salesperson license.

I ended up leaving the Development company for personal reasons, and then traveled the world off and on for 6 months while doing some Marketing Consulting for a few small businesses.

Now I'm back I want to transition to Real Estate investing full-time. I'm going to be moving to Seattle in a few months. When I do, I'll sell my property on the East Coast and will have a nice chuck of equity to invest. I'd like to start building a portfolio of a commercial multi-family within an 30-90 minutes of downtown Seattle; the short-term goal being cash-flow, long-term a potential sell-out. I'd love some help with the following:

1. Where can I find a partner? I don't want any wannabes. I'm looking for someone who is really going after it. Someone that 1) wants to build a portfolio of commercial multi-families, 2) can be a thought partner on how we're going to make this portfolio a reality, and 3) can hold me accountable. In exchange, I'd be bringing some equity, an eagerness to learn, and time (I'd make this my full-time gig).
2. Any resources you recommend? They could be books. They could be specific podcasts. They could be MeetUps. They could even specific websites / new publications.

Thanks in advance for the help, and looking forward to seeing you around the community!

Clinton

Hi Everyone! 

I've been a member of BiggerPockets for a while now, but since I just got my Pro membership, I thought it was worth re-introducing myself. 

I've been dabbling in Real Estate since about 2014. Rather than tell the whole story, I'll give you the bullet points: 

• Bought first rental property in 2014, have managed it on my own since. During that time, did full renos on both units, and got the rents up more than 50%. 
• Quit my full-time job as a Product Manager at SharkNinja to work at a start-up Development company in the Greater Boston area. We did more than 12 deals in Year 1 of operation. 
• Dabbled in private lending.
• Got my Real Estate salesperson license.

I ended up leaving the Development company for personal reasons, and then traveled the world off and on for 6 months while doing some Marketing Consulting for a few small businesses. 

Now I'm back I want to transition to Real Estate investing full-time. I'm going to be moving to Seattle in a few months. When I do, I'll sell my property on the East Coast and will have a nice chuck of equity to invest. I'd like to start building a portfolio of a commercial multi-family within an 30-90 minutes of downtown Seattle; the short-term goal being cash-flow, long-term a potential sell-out. I'd love some help with the following: 

1. Where can I find a partner ? I don't want any wannabes. I'm looking for someone who is really going after it. Someone that 1) wants to build a portfolio of commercial multi-families, 2) can be a thought partner on how we're going to make this portfolio a reality, and 3) can hold me accountable. In exchange, I'd be bringing some equity, an eagerness to learn, and time (I'd make this my full-time gig). 
2. Any resources you recommend? They could be books. They could be specific podcasts. They could be MeetUps. They could even specific websites / new publications. 

Thanks in advance for the help, and looking forward to seeing you around the community!

Clinton

Hiya! 

This thread may turn into a bit of a vent session, but that's okay! Sometimes we all just need to vent. 

I was wondering, to those of you with a Real Estate Development company, what is the biggest frustration you have related to running your business? 

Thanks in advance for your time!

-C

Originally posted by @Account Closed:

Maybe they should get some credit lines, or commercial checking account with check protection, use credit cards, find angel investors, put together joint ventures, pool family and friends, do a hybrid with the seller for a percentage, take possession with a delayed settlement.

Charles

Any advice about how to go after lines of credit or angel investors? For example, what time of information do they look for, or are there any tips you have to improve chances of getting approved. 

We've had success with a mix of hard money / private money / and joint ventures, but those are all deal based, and can be really slow. You still have to raise the 15-20% that hard money lenders want in the deal, in a market where the cost to acquire deals is easily north of 500k, that is anywhere from 75K to 100K up front. Even with an extensive friends and family network, it can take anywhere from 2-10 people to raise enough for the down payment. The business is literally passing on development projects or wholesaling deals because they can't raise capital fast enough.

The business would really explode if they had a good line of credit or a decent investment from an Angel because it would allow for more flexibility. Any ideas?

Hello fellow BPers!

I've been working with a Real Estate Development start-up in Massachusetts (rehabbers) as a consultant. They have completed 2-3 projects, they have 3-4 that are currently active, and have 6-7 solid leads on other deals, but financing remains to a challenge for them. I have no doubt this business could take off, b/c they have already demonstrated it is profitable, but I'm not sure how to help them get capital. 

Any ideas on what we could do? 

Thanks in advance!

Clinton