All Forum Posts by: Dallon Schultz

@Brandon Patrick welcome to BP. I am based out of the Phoenix area and also invest here. We host a monthly meetup group that is 1 of 5 that I know of that focuses exclusively on multifamily investing. We educate, inspire and bring in guest speakers to provide insight. Our speaker last month is actually a retired marine that lives in San Diego and invests in Phoenix and Tucson. I'd be happy to connect the two of you and if you're ever out this way feel free to stop by our free meetup!

"You can't expect extraordinary results from ordinary effort"

Introducing our guest presenter, Kellen Driscoll, a high performance coach with extensive experience coaching multimillion dollar corporations, professional athletes and everyday entrepreneurs who are all looking to get to the NEXT level.

JOIN US in person or via zoom if unable to attend in person.

ZOOM LINK:

https://us02web.zoom.us/meeting/register/tZ0pf--rrz0pGdzdWrHhzf04zv_R9yMzXYDh

Why is it that many of us receive and have access to the same knowledge yet only a select few turn it into something tangible?

What could you accomplish if you were consistently in the right mindset? Being held accountable for what you said you were going to do that week? Month? Year?

What would happened if you learned to compound all your activities so they built upon each other and produced massive results?
When you learn to change your mindset and take focused action you position yourself in the fast-lane to wealth and freedom.

Come get motivated and receive clarity to reach your next level in real estate!

There are mentor and coaching groups every where we look in the real estate world. We're plastered with adds on social media and often referred to some by friends or colleagues. In full disclosure I am not looking to join one, I simply want to hear from those that have.

If you have currently invested in a group such as this, what was the value you saw in the program and what was the determining factor that made you decide it was worth the investment?

@Johnny McKeon our focus initially is a little larger, 10-20 units and we're looking in Pinal County. Let's chat some more.

@Logan Reeve you picked an excellent time of year to relocate to Phoenix, the weather is perfect! Congrats on getting started in the real estate game. It can be an exciting path full of excitement, surprises, hardships and lessons learned. It definitely weeds out those that aren't serious about it pretty quickly. 

It'd be great to connect further. I'm not sure what your long term goals are but I'd love to hear more about what you plan to accomplish. Multifamily is where are team focuses so I'd be happy to answer any questions you may have in regards to it.

@Jason Malabute I appreciate your post about this and think its a great reminder to both new and experienced investors. I've heard on multiple accounts how experienced investors through their success began changing their criteria as their confidence grew and it came back to bite them. I also believe many new investors to multifamily do not realize how crucial it is to know and understand your criteria. Knowing this information allows you to be more efficient with your time and is easier to find team members because you know exactly what you want. Great info!

@Account Closed is correct in what I meant. The more specific you are on what you want, the more focused it makes you on identifying the properties that fit your criteria. Out of state lenders/agents/pm will gain more confidence in you. Are you looking for development, value add or capital preservation? Light value add or heavy lift? Single family or Multifamily? Age of building? How many units? Price per door? Cap rate? 

Performing all your due diligence and speaking with a lender to really know what you and your team can qualify for may help in determining these points. No point in looking at 50+ unit properties when you can only afford 5-10. 

For Example:

"Hi Mr. Agent. My name is Troy and I am an out of state investor focused on acquiring small multifamily in your market because of reasons one, two and three. Combined our team has over 15yrs experience of owning and managing 1-4 unit rental properties. We are looking to scale up and based on our experience shared with a local lender, we know we can confidently purchase up to a 20 unit value add property built in the 80's or newer with current rents $150-200 under market. Our ideal purchase price would be around $60k-80k per door. This would enable us to carry out our business plan effectively and obtain the target ROI we have set for ourselves."

If you present yourself in a similar way then there is no question as to what it is you're looking for and makes it easier for agents to take you seriously and not waste their time or yours sending you properties that don't fit your criteria. 

Hope this helps!

@Megan Winterberg if I were to offer a suggestion it would be 

1) identify your desired market (steady population growth, job growth, rent growth, decrease in crime, household income and value) www.city-data.com can provide a lot of useful metrics.

2) identify your submarket using same approach as above. Additionally start reach out to agents in investors currently operating in that area and ask questions. Vet the area to determine it's where you want to be

3) Determine your investing criteria. This will be crucial to enable to your qualify or disqualify properties quickly until you find the right deal.

4) Have your financing squared away prior to talking to agents. The last thing you would want is for your potential team member to feel like they're working for free. Have your ducks lined up in a row so you can pull the trigger when a property is presented to you and fits your criteria. 

5) start building your team with local agents, property managers, contractors, title companies, insurance agents etc.

The more specific and prepared you are on what you want, the easier it will be to build the appropriate team to make it happen.

@Tyler Clark there is a lot to consider when adding additional units. We are currently looking at a property, outside of Maricopa County that is also zoned R-3. We were able to gather some information from the City's Planning and Zoning page but ultimately called the City and spoke to the representative over planning and zoning. He gave us additional info to consider, such as required retention, landscape, outdoor living areas, parking space requirements etc. Now this is going to vary by location and city. Once you factor in all the additional requirements you may find that adding additional units may not be realistic even if its zoned for more. I haven't dealt with the City of Phoenix Planning and Zoning so unfortunately I can't offer any suggestions on communicating or working with them. Hopefully this provides a little more insight on aspects to consider.

@Lance Neighbors like you said just keep grinding. I've heard this before, I don't always agree with it, but I've also personally experienced it. "When the timing is right everything falls into place." The deals that have worked out for us seemed to almost fall into our laps BUT we were doing everything we could to find the right deal. I truly believe in timing but YOU also need to be doing your part to prepare for the opportunities as they present themselves