All Forum Posts by: Dhanush Kondoth

10 unit,8,unit,12 unit. 

@Robert Ellis Ya, Sold it, 1031 exchanged into a 10 unit in Cincinnati. And bought 30 more units in and around columbus. Columbus is just crazy, cant find any good deals that makes sense for a local guy like me :) let me know if you have any.

@Allison Jones I did that. Went from a single family to a 18 unit directly. I made a lot of mistakes but was able to recover by selling it off at a decent profit. Let this not deter you, it is very much do-able. Building a team is quite important. I requested my property manager from Columbus Ohio to drive upto Dayton (70 miles) away and manage it until I stabilized it. I was willing to pay higher percentage because it was worth it. I did not want to have too many variables so I decided to do that. 

The biggest mistake I made was trying to make it the best luxury apartment in Dayton within 1 year and that too in one go. The market did not demand that. 

Just like a single family, just check the big ticket items like roof, foundation,Drainage system (run a camera if needed) heating system, boiler system (try avoiding if possible but not a deal killer). 

All in all it is very much do-able. Good luck!

@Natalia Benshaw I really cannot say anything to that as this situation is unique to you. from what I can guess, if the money is worth the time you will have in this project, then a 50-50 split is not too much to ask. 

@Natalia Benshaw I understand your situation as I have been through it. The split situation also depends on where you are at your career. If you are in demand, then you can hold on to bigger percentage as you bring more value to others. But from what I read in your question, it looks like this will be your first syndication. I personal opinion is that at this point or for the first couple of deals, you have to let go of some bigger percentage to the investors and once you have proved to be an A+ syndicator who can deliver what you promised, then you will have investors lined up to pay you higher split because of the  confidence you have created. 

Good luck

@Account Closed

Thank you for your inputs. The equity should be there when I do the take out loan. 

Dear fellow investors,

I am in the process of deciding whether to get into a big (at least big for me) deal within the next month or 2. This project will run in the 3 million range. The plan is a typical BRRRR, that is to buy an under performing property in a great area and bring it up to market standards,refinance and hold it for long term. The project is supposed to take between 18 and 24 months for the full turnaround. As part of my risk avoidance/Exit strategy analysis, I was taking into account the possibility of a market correction or a deeper financial trouble around the 18 or 24 month mark. I have never owned or dealt with real estate during the 2008 crash.

My question is: Will the lending institutions close their doors on all lending programs or most lending programs during such a time and make it difficult for me to re-position the property (even if the deal was looking great from a lending perspective)?

This is a question to those who had tried to refinance a mid-size property during the financial crisis as well as to the bankers and lenders out there who were still lending during those crazy times.

Hope to hear your thoughts.

DK

Dear fellow investors,

I am in the process of deciding whether to get into a big (at least big for me) deal within the next month or 2. This project will run in the 3 million range. The plan is a typical BRRRR, that is to buy an under performing property in a great area and bring it up to market standards,refinance and hold it for long term. The project is supposed to take between 18 and 24 months for the full turnaround. As part of my risk avoidance/Exit strategy analysis, I was taking into account the possibility of a market correction or a deeper financial trouble around the 18 or 24 month mark. I have never owned or dealt with real estate during the 2008 crash.

My question is: Will the lending institutions close their doors on all lending programs or most lending programs during such a time and make it difficult for me to re-position the property (even if the deal was looking great from a lending perspective)? 

This is a question to those who had tried to refinance a mid-size property during the financial crisis as well as to the bankers and lenders out there who were still lending during those crazy times.

Hope to hear your thoughts.

DK

@Les Rorick is this property still available? if so can you please PM me the details.

@Todd Kalsey good luck to you too. Let me know if I can be of any help.