All Forum Posts by: Dean B.

Hey All! Happy New Year! I was curious if any of you have any recommendations for Property Management in San Antonio Tx. We own 27 doors and our existing management team is really not performing like we'd like them to (to say the least). We are looking for a new reliable manager. All are MF properties, lower price points ($800-1100). Feel free to PM 

Hey BPers!

I've had limited luck and figured I'd post this to see if I can get any bites. We've done solid job the last few years building a solid RE multifamily portfolio and we have been very interested in "trialing" one or more our properties into a tokenization through crypto (STO); Ideally looking to create REIT that is investable through this same pathway. Then looking for investors to invest in fractional shares of these assets reaping COC return through dividends. We've had a few interviews with "Crypto RE gurus" but I'd love to sync up with any fellow BPers that are or have done this type of RE play.

Thanks all,

Dean

Greetings bp!

we are in the process of acquiring multiple multifamily portfolios as we have a significant 1031 exchange amount. We are already 10 units in and are in contract for another 27 spread across multiple States, mostly California and texas.

my question for all of you is if you have any recommended lenders for multifamily or apartment complex commercial loans. And also ones that can get under 60 days closing. These seem to be two very challenging challenging criteria to find.  We are seeing quotes in the mid-fours but closing at 75 plus days through private lending versus credit Union or Bank lending with less favorable rates. Do any of you represent any funding entities or know of any that would be great for commercial loans? We have solid capital liquidity as well as cash flowing properties at this time.

thank you so much as always for taking the time to read this and responding if you do.

Great points and I agree with a lot of them. I think we've just soured on MF here locally so we're exploring formulas in SFH. How are MF in Ohio area? If you happen to have any leads on bigger MF properties, please let me know. We are open to all options.

Hey BP SFH Pros! We have been bouncing around ideas of investing out of state because seeing any possibility of buying "investment" property anywhere near our home (SF Bay Area) seems unlikely. It's bananas here (as others have posted) for SFH and Multifamily - multiple bids on every property we are interested in.

I'm curious to hear feedback from BP members with a large SFH portfolio (outside of the state they live in). We're looking into Ohio, Tennessee, Nebraska markets. Our goal is to buy 25-30 homes over the next few months with goal of 100+ within a years time. We have about $1.5M to put to work now with an additional $3-4M to put in a few months.

Any feedback on the pros/cons of this setup?  

How is your experience using local prop management companies? 

Buying a portfolio of homes vs. hunt and peck individual ones at a time?

Any recommended portfolio lenders?

Devils advocate...why not Multifamily? Why do you like your SFH portfolio?

We're liking the numbers a SFH portfolio like this can generate (when buying the right houses) compared to the variety of other options we've evaluated: DST, TIC, NNN, Multifamily, OZ. Any and all feedback would be greatly appreciated.

-Dean

@Scott Wolf Jumping over to our local Casino almost has as much odds of success as local Development success given the strains on cost of construction in North Bay.  We're currently shooting for 2-3 syndications (one our own, and 2 outside).  Just tough to pull the trigger on any one.

@Darius Ogloza  Marin is tough, Petaluma is Tough (where we are), Sonoma County is equally challenging.  Its amazing the variability in the area with quality vs. cost vs. demand. A not so beautiful house in west Santa Rosa went for $502k at auction (sight unseen) yesterday...Zillow has it at value of $520.  Crazy stuff.  We've been thinking about Marin or SF but haven't found that perfect deal yet (looking the last two months) - have seen a few good ones slip by though. 

Investment challenge - consider this a way to showcase your special investment talents :-). Plus, all of us are bored working from home so this is a good way to get your creative juices flowing...

So up front, we recently made some modest profits on a deal and I thought this would be an interesting way to get some perspectives from fellow investors across the country. I'm located in northern California -in Sonoma county with quite the challenging market forces in cost per square foot but not increased rents and thought this would be a fun game to play. Given current market dynamics (covid), the potential changes due to the upcoming transition in presidency, and any number of factors specific to you (risk tolerance, mfh vs sfh, fix and flip, etc)...
If you had to spend $500k liquid cash, what would be your strategy (and why) in the next 3 to 6 months to put that money to work for the Long term?

1. Multifamily

2. Spread over multiple sfh with 20% down payments taking advantage of low interest rates

3. 1031 before biden gets in office

4. Commercial

5. Reit or fund

6. Diversify with all above

7. Other

8. Dig a hole in the ground and save it

9. Development of vacant land

And go.

Investment challenge - consider this a way to showcase your special investment talents :-). Plus, all of us are bored working from home so this is a good way to get your creative juices flowing...

So up front, we recently made some modest profits on a deal and I thought this would be an interesting way to get some perspectives from fellow investors across the country. I'm located in northern California -in Sonoma county with quite the challenging market forces in cost per square foot but not increased rents and thought this would be a fun game to play. Given current market dynamics (covid), the potential changes due to the upcoming transition in presidency, and any number of factors specific to you (risk tolerance, mfh vs sfh, fix and flip, etc)...
If you had to spend $500k liquid cash, what would be your strategy (and why) in the next 3 to 6 months to put that money to work for the Long term? 

1. Multifamily

2. Spread over multiple sfh with 20% down payments taking advantage of low interest rates

3. 1031 before biden gets in office

4. Commercial

5. Reit or fund

6. Diversify with all above

7. Other

8. Dig a hole in the ground and save it 

9. Development of vacant land

And go. 

Hi BP community, 

Turning to the pros here in OZ. As I mentioned in a previous post, we entered into a PSA with an affordable housing dev group. When the list came out from the state of all applicants we shook out #3 out of top 6. Our likelihood of closing seems better than not. With that being said, we are trying to wrap our heads around what to do with a capital gains exposure of $5M. Before anyone comments on TIC or NNN, we are aware of these options. More what peaks our interest is OZ, OZ Funds, and OZ Businesses. Would anyone here with experience in these areas be up to connecting via phone? Our initial thoughts are to form our own OZ fund or our own OZ business here locally and develop OZ projects (as we originally intended). We definitely want to be more hands on with the funds than not. Lots of places to find information on google (we've already filtered through a ton of content) but I figured I would try and find a real person on BP, not an advertising OZ company on google. I've had at least 20 hours of legal conversations about the different entity structures options but hopefully someone here can provide a little insight. The thought is to gradually bring in investors to our fund as we develop larger projects.

I hope all is well with everyone in this crazy low mortgage rate time. 

-Dean

Hi Jay, This group in particular was for profit but they have a non-profit subsidiary.  They specialize in Affordable Housing Credits.  The "uniqueness" of the deal was funds available and inventory.  My understanding was that CA, in particular, had $500M in credits going to the most in need counties.  In addition, the unusual part of these credits was the removal of correct zoning requirement at time of application.  So investors were tying up properties around the state with hopes of rezoning, submitting plans, and getting CDs all in a very small window of time.  We luckily found a somewhat bullish, capital ready group that had very few contingencies (other than awarded credit)...so now fingers crossed we are in the top 3 in # of units for the county (the tie breaker metric).  Hopefully it works out for all parties: affordable housing for county, some bubblegum money for myself and partners, and a long-hold for the developer.