All Forum Posts by: David Toupin

We have done this a few times with foreclosure properties.  Actually in the process of doing one right now with BOA.  The hardest part is getting through their phone system to the right people.  Sometimes takes hours and hours but its worth it for an flip with a huge spread!

@Gabrielle Deyarmond Good questions!

I did end up getting my real estate license a few months back. I took the online class and finished the test in about a month, it was not too difficult. I joined Keller Williams as an agent and I am now a full time investor. I do not do any work in the retail sales area. I'm not sure how much KW will enjoy me not performing retail sales, but having the license allows me to have MLS access which is extremely useful as an investor (even though we do not purchase any properties off of the MLS in today's market). It is also very good to have to build credibility while working with homeowners.

As for the costs, I have a mentor that tells me "Never worry about money... Just make more of it." I have adopted that mentality and I pay my fees and don't look back (about $1,000 per year with KW).  If you do even one wholesale deal a year (which I hope every investor can do that and more!) it will cover your costs. On the flip side, you do have to adhere to more strict rules and guidelines as an agent such as displaying your broker on all marketing materials.

My personal advice would be to go for it and get your license, and then hustle as hard as you can as a full time investor!  It took me about 3 weeks to get my first wholesale deal, so its very possible.

Best of luck!

Looking for Cash Buyers to add to my cash buyers list.  I am a full time wholesaler in SE Michigan.

Please visit my website to join my cash buyers list.  Will send out emails regarding quality investment properties to buyers when they are under contract. 

www.apexreinvestments.com/buyers

Hi BP,

I am starting to wholesale deals in the SE Michigan area. I am putting together a cash buyers list and thought that posting here would be a good idea.

If there are any investors in MI that would like me to contact them when I find a cash deal please follow the link to my website to get on the list or contact me directly.

I am targeting fix and flip deals and rentals with a cap rate of 15+.

I get deals under contract at 75% ARV minus repairs and wholesale fee.

Direct Message Me or

Join the list via my website: http://www.apexreinvestments.com/buyers/

Looking forward to doing business with you all!

David Toupin

Join Buyers List

@Zach Quick respectable question! I knew the process at a higher level for the most part, I was just hoping to get some extra details from others on BP, and maybe some tips for someone doing their first multifarious property. I have since found a more experienced investor in the area that is helping to coach me through it. 

@Darryl Dahlen thanks for the advice! 

@Joshua Nicholas Thanks a lot!  That's great information. 

@Peter Mlaguzi  I found a great book on the subject as well.  It is called "The ABC's of Real Estate Investing" and it focuses mainly on multifamily investing.  It has extremely detailed information that goes over the entire process and even how you should analyze the deals.

Hello BP community!  

I am looking at a 24 unit apartment building currently.  All of the numbers work, and I am ready to move forward.  I don't have the funds for the down payment and I am talking with a few investors currently about investing with me.  It is listed for approx. $650k.  I am looking to raise about 80-90% of the down payment from investors, and I will be putting down the rest.  

My questions today are:

1. How do I structure my company to split this investment with the other investor(s)? I will form an LLC for the property. How do I split the share in the property? Lets say for the sake of this discussion we will be splitting 50/50, because I will be doing all of the work on the property. Should there just be an operating agreement that splits the profits for this company? I am looking into additional properties as well. Would I then have a holding company that has all of my potential properties including this one under it? I want to have my company structured correctly from the get go.

2. What is the process for purchasing an apartment complex?  From what I know it should go like this: (Let me know if there are any other tips/details I should know of)

-Negotiate offer

-Send written agreed upon offer with due diligence and financing contingencies (typically 60 days)

-During due diligence get further info from seller (i.e. financial statements.  I already have the past two year 8825 forms) 

-Get building inspected

-Finalize financing

-Revisit the price if necessary based on inspection and new information found.

-Close on deal.

Sorry for the long post!  Thanks Guys!

Thanks everyone for the advice!  @Rob Krach I have had some relatives that were big into commercial and my goal is to eventually own a commercial real estate company.  I have seen the kind of money it can produce and I just want to aim big.  I am currently looking at a 24 unit multifamily apartment in my area, I don't have the startup capital to acquire it but I am looking into private money to fund the acquisition.  I think I am going to make another post and see what others think of the property.

Hi BP community!

I am an aspiring investor in the Metro Detroit area (Royal Oak, specifically) and I am really looking to get into commercial real estate.  I understand that the more traditional route is to purchase residential real estate and move your way into commercial as your grow, but I was wondering if anyone has had experience in starting out in commercial, or advice for someone who would like to.  

I am considering small storefront space that I can lease out.  Would anyone be able to provide some advice for investing in commercial storefront space, and how I can find the best deals and close on them?  Any and all tips/advice is welcome.

Thanks!

Thanks for the responses @John Dudas and @Kase Knochenhauer. I appreciate the great advice. I will have to weigh the pros and cons to see if they meet the needs I am looking for. I would like to have the license to have the weight it carries behind my name as an investor and the use of the MLS, but the costs may not be justified until I am making enough to cover them through investing. I don't plan on selling properties, only investing.

Thanks again, guys!