Originally posted by Joel Owens:
Hi David,
2 questions
1. Do you want to partner or own all by yourself ??
2. Do you want to leverage by having the seller hold a 10 to 15 second so you can buy up and stretch your cash further??
4-20 is all over the place
4 units and below you are talking residential and 5 units and above is commercial. I have investors nationwide that I work with for multifamily and some will partner and some will not. Don't buy a sub-standard property simply because that is all you can afford. I have many investors that are looking in Texas.
If you do want to partner you then have to find the right match. Are you looking for vacant, semi-performing, or fully performing??
Are you a premium member on LoopNet?? If it's just basic you only see a small percentage of the properties there.
Joel,
1. I might be open to partnering, the problem is that I would really have to trust the person. So the chances of me partnering with someone before I've been in the business awhile is pretty slim.
2. I prefer not to do a second. I might be willing to change my mind if the numbers are there.
The reason for the range of units is because I could buy a 4 unit for cash. I would prefer to buy more, but the thought of it being fully paid for is pretty sweet.
I hadn't really thought about the vacancy of the unit. I don't have anything against rehabbing, but of course that requires more cash. What's a reasonable cost to rehab per unit?
I am just a basic member on Loopnet. I've thought about getting the premium membership but it is pretty expensive and I wasn't sure if it was worth it. How does it compare to having MLS access? Is it worth it if you are using an agent?
Thanks for your assistance.
