All Forum Posts by: Chris Soignier

I never advocate investing more into a 401K than your company match.    In your case, that would be 0% since you won't vest in your match.  

I don't have much time to write about the downsides of employer-sponsored 401K's, but go to 401kaos.com and download/read the free book for more insight.    I took a Rich Dad, Poor Dad class from the author, and he's a really sharp guy who really opened my eyes.

I was interested to know my score as well, but at the end of the day, what difference does it make?    Your score has very little relevance to how well you'll do as an agent.

I'd call new carpet and paint a make-ready, not a renovation.   At any rate, have Unit B Tenant sign a new lease if moving into Unit A at the current prevailing market rate.    You could probably command even higher rents (and increase the value of the complex, if you have more than 4 units) by doing true interior upgrades like upgraded appliances, fancy backsplashes, faux-finished countertops, etc.

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What specific actions are you going to take to fill the sales funnel to close that many deals in the next 90 days?    

Sounds risky to me.   What's to prevent them from running up a lot of debt in your name, and then leaving you holding the bag?

I've been known to lend to lend to people of less than stellar credit, but on an over-collateralized basis.    I'm not about to add them as an authorized user on my personal credit, though!           

Expenses of $20K look very low to me, which implies that the owner may have been doing a lot of things (PM, repairs, etc.) that should have been outsourced, or books are inaccurate.     Quite frankly, I'm skeptical of any deal I see on loopnet, since the best ones get scooped up before they hit it.

I don't expect my CPA to opine on my property taxes or fight them, just take deductions on the $ I actually paid.   They could be 10% of the property value, and it still wouldn't change his role in tax prep and advisory one bit.

Fair market value is typically defined as the price that unrelated seller and buyer agree upon in an arm's length transaction, esp. if it's an MLS-listed deal. When properties are underpriced, often multiple offers will bid it up to the FMV.

It's not just about $/sq. ft., though.   Often when a property goes for what seems like a cheap price, it may have underlying issues that negatively impact value - foundation, roof, plumbing, etc.    It helps to review the listing details, including the seller's disclosure if you can get it, to understand what factors might negatively impact the value.

It sounds like you might be better off focusing on single family for now while learning more about how MF works and building capital.     Yes, you can raise money from other investors for MF, but there are a lot of upfront costs you'll typically need to absorb before being able to sell the deal, and even then most investors are going to want a new, unproven sponsor to put some of their own money into the deal.