All Forum Posts by: Dan N.

@Lane Kawaoka I am a passive. 

Yes, I have invested in 11 syndications from Lifestyles members in a little over two years. I have met dozens of people who have also. You're welcome to PM me if you have further questions. 

Hi @Vince Mayer, 

Forgive me but how does a BPO differ from typical comps? 

Regards,
Dan

Hi All, 

A buddy of mine inherited a house in rural Missouri (Gilliam, MO 65330). Per a local realtor, there are no comps. It's a 10 acre property with a house built in 1855. Folks don't so much sell properties as inherit them. He currently has it listed and it has been on the market 70+ days. For tax purposes, he needs to determine the fair market value. Any ideas how to accomplish that? He has consulted Zillow, but I cautioned him that Zillow may not be so reliable. Redfin does not cover his market. 

Thanks in advance for any advice,

Dan

Hi @Ashley Wolfe, 

The main thing I would change is that if it's non-refundable, I would use the term "pet fee" not "pet deposit." I hear you on the "no aggressive breeds" thing, but it's excluded by my landlord insurance. I could quibble that your pet rent and application fee are not high enough, but see what others are doing in your market. Consider calling your Lifestyles friends and mentors. 

I would not specify a specific credit score but rather exclude folks with specific kinds of credit issues (evictions, judgments, bankruptcy, and recent foreclosures). The NTN score I get is on a 0-100 scale and doesn't show a specific credit score anyway. 

You might consider additional deposit or risk fee for higher risk tenants, but I don't know if that should be in writing. You should have written criteria available to all applicants. I also include a privacy policy because I read somewhere that was required. 

Good luck!

Don't manufactured homes go down in value over time?

@Brian Burke, one of my deal sponsors just posted this article from Forbes about San Antonio, calling it the next boomtown: http://sanantonio.culturemap.com/news/city-life/01...

I am a partner on 5 properties in San Antonio purchased over the last two years. 

Welcome to greater Austin! Let me know how I can help. @Rodney Dsouza, why don't you tell us what type of RE you're interested in?

Austin is strong, but from what I've seen the bubble will not pop soon (units being built vs net increase in population). I partnered on a small 16-unit we purchased in November 2015 in North Central Austin just north of 183. I have two buddies who each just bought or are buying 100+ units in the North / North East Austin. Lots of things in Austin have been getting expensive, so some have sold properties they bought around 2012-2013 for a tidy profit. 

We also partnered on a 50 unit in South San Antonio in December 2015 that was an off-market deal. I am a partner in two other deals in that same area. I know others buying in San Antonio as well. 

The I-35 corridor between San Antonio and Austin seems popular. I know someone who just bought a class A in New Braunfels. I'm also aware of several purchases in Corpus Christi in the last 12 months of which I have participated in 3. 

There is even some non-student housing in Bryan/College station, but I have not participated in the 3 purchases I know of there. I'm seeing some interest in Waco, but I don't have any details.