All Forum Posts by: Daniel Schoonmaker

Anson,

Thanks for the letting me know about this meetup.  I am new to Denver and am looking forward to meeting other investors in the colorado market.  

See you soon!

Daniel

Thomas Alexander, The homeowner would sell it to us for 850k. So with a multifamily we can say that we are getting it at a discount because it is valued at $1.1-1.3m. We found the property on craigslist and the homeowner is willing to do different options for us to sell it. I appreciate the feedback Thomas. Can I ask you since your in the LA market, would this be an option for buy and hold investors? Or even Rehabbers in your area? We are new investors and need some advice from investors here on biggerpockets. We are coming from the Orange County market so the more advice or opinions would be helpful to us.

We are planning on wholesaling this deal.

My partner and I found a 5 br 3 ba triplex located in west Hollywood hills. The homeowner is selling because he wants to move out of state in Tennessee to build his dream home close to their grand kids. The property is owned free and clear and here are the facts before rennovations:

Sq ft: 2768
Lot: 3073 sq ft
Gross monthly rent: $4000/mo
Other income (3 additional parking spaces, coin laundry room) $600/mo
Total monthly income: $4600/mo
50% rule for expenses: $2300/mo
Cash flow: $2300/mo
Repair estimates would cost $50,000 based on the sq ft on cosmetic repairs

After renovations, we can raise rents to $6000/mo which raises NOI to $44,400 per year

Now I know that's only a cap rate of 4%, would this deal make sense for buy and hold or rehab investors?
I am curious as to what my options can be for exit strategy. Would like some feedback please!

Welcome Derek! glad to find a fellow investor in orange county! I as well have just started REI and am currently seeking motivated sellers. Maybe sometime we can connect with each other and help one another grow. Let me know if you have any questions!

I am currently new to real estate investing and was wandering what entity to open up for my REI business and if I need to open it before or after my FIRST DEAL? Maybe some insight on pros and cons of the different entity's! Thanks!

Thank you Jake Kucheck, Will Barnard, Karen Margrave and Kyle J. for welcoming me with open arms. I really appreciate the helpful tips so far and am looking to attend a local REI club as early as I can. Hope to see some of you there!

Awesome information Jake. Thank you. I'll be sure to be on the look out for great deals. Are you a part of a local REI club?

Thank you Al for the reply. I will be looking through forums in helps to better my experience of getting started.

Well I can really consider myself a newbie since I wrote my introduction in the wrong forum but here I go again. I am excited to say I finally am ready to get started real estate investing. I currently reside in Orange County, CA but am looking to relocate to Colorado in a year or so. I would like to buy coffee or lunch for someone if they would like to meet me and talk real estate, in other words MENTOR me! Looking forward to creating new relationships and build my business! Thanks Bigger Pockets!

Hello everyone I am glad to be a part of this network of real estate professionals. I am excited to begin my real estate investing career after 3 years of speculating (I'm sure i am not the only one). Currently reside in Orange County, California and looking to relocate to Colorado in about a year. I would like to buy someone coffee or lunch if they are willing to meet up and talk more about real estate and MENTOR me along the way.