All Forum Posts by: Account Closed

Is it possible to set up a partnership to buy multifamily (no one being GP, LP) where one person is property manager and gets compensated accordingly?

Im having a difficult time finding deals in CT, RI or MA. Does anyone have some non traditional advice to finding off market deals? And if anyone is looking to potentially sell, I'm interested :)

After a tenant was evicted in a C-class building in a C area of Cranston, RI I've decided to do a remodel of the unit to demand a higher rent. The former rent was 700. Among other small things, we are replacing carpet with vinyl floors in the living room, and may do it in the master as well, although we have heard some people tell us to put carpet in the master where others have told us not to. Anyway, with the renovation we are confident we are going to be able to get around 775-800 for rent. If we went stainless do you think we would be able to go much higher. The kitchen also doesn't have a dishwasher. 

I have a 7 unit C class building built in the 1960s, and I feel as though my management company is charging me absurd repair and maintenance fees. What are normal repair/maintenance expenses per unit per month? 

@Joel Owens its almost fully occupied but we are doing some value add to increase the rents and bring then to at market levels.

@Chris Collins Im investing out of state, in Florida. Also what is the abbreviation KP, a loan guarantor? 

Hey BP, 

Im putting together my first syndication deal on a 50 unit. I've previously had one 7 unit multifamily property but no experience in the syndication world. I've got a small group of investors and a great team around me, Lawyer, CPA, and a Property Manager who I completely trust. I would love to hear if anyone has experiences with their first syndication that they would like to share, any advice, or pitfalls in general to avoid. 

Thanks!

Colin

Hi BP,

I'm a multifamily investor in the Rhode Island area and was wondering if anyone had any recommendations for property management companies in the area. 

Thanks, 

Colin

NEW LOCATION: Sign of the Whale in Stamford, CT 

SAME TIME: 7-9pm This Thursday 

Please feel free to message me if your have any questions, thanks

@Steve Bracero@Michael Noto @Holly Scanlon @Craig Bellot@Chris Tracy@Carrie Angyal @Chad Fagan @Rick Santasiere @Jeff Saul 

Hey everyone - I have created the event! 

@Mario Bellavia @Rick Santasiere @Giannina Biala @Chad Fagan @Carrie Angyal @Chris Tracy @Craig Bellot @Holly Scanlon @Michael Noto @Steve Bracero

https://www.biggerpockets.com/forums/521/topics/553409-connecticut-multifamily-mastermind-group

@Steve Bracero I financed the acquisition ($332,000) with 80%LTV, 5yr fixed rate @ 5% with a 25 year amortization through a local credit union. Its a value add property that we are hoping to hold for 4 years, have a 2.0X equity return with a 25% IRR, so far we are on track! Also please send me the Facebook invite that sounds great.

As far as the CT Multifamily Mastermind Group it seems like there is a lot of interest, so LETS DO IT!! I'll set up the event's location and keep you guys posted.