All Forum Posts by: David Van Brunt

Thanks for above. Not having boots on the ground or knowing anyone personally in the area, all I've been able to do is look at listings in the area to see what is the asking price (wish I could see actual selling prices) and also look at the inventory levels and maps, as well as the listings on AirBnB and etc. to see if their rental estimates are reasonable. 

What I see is: 1- a very large supply in that area of both units to buy and to rent. 2- the developer's one site shows units listed at much higher prices (asking) so that part jives with the idea of a negotiated rate 3- too careful language around paper gains v record. 4- scouring the internet, very few records of actual returns. 

So I'm going to pass on this. 

 I has been a little while since this post- and I'd love to know if there are any updates. I'm looking to find anyone ... anyone at all... who has actually finished a deal, post-build, and has had the experience of good or bad returns to share.  So hard to find information on RETA and McMahan that isn't either based on suspicion (but not data) or is produced by McMahan or one of his affiliates themselves. 

I live in Libertyville and love it... but house-hacking opportunities in multis will be tough to find (not impossible, though). I also saw some opportunities in Highwood not too long ago, there seem to be more multi-units there and it's very walkable, a foodie town with train access to the city. Closer to Lake Forest than Des Plaines, that's for sure. 

@Shawn Ackerman I have a team of professionals nearby that have been great, and I manage the few properties I have by myself and with agreements with these other people (handymen, etc). It has not been a problem; just phone calls and emails, and I live close enough to check in. There are many great articles and arguments for not using a property management company, and that has been working well for me. Family circumstances (mom has cancer) have me considering it now, though I had always planned on transitioning as I got more properties. The one mentioned in this thread seems to get good reviews, was wondering if there were others that folks would recommend. Not a make or break situation. 

Happy to see this thread. I just closed on a 4-plex in Milwaukee, tenants already in place (for 10 years!). So screening isn't really something I want to pay for, but managing upkeep of common areas, handling repairs, etc... I would do this myself if not for some family circumstances that are demanding my attention. I found "Real Property Management" and then this thread. It seems most of the discussion was taken back-channel with private messages... not sure why that's necessary, as it kind of misses the point of a forum... any advice or experiences that anyone can share? I have no idea of costs, and with tenant that have been there for 10 years, the rents are not quite up to market rates and while I do plan to raise them some, I don't want to price any of these great tenants (mostly retired) out of their homes. 

When I evaluate a possible deal, I look for 15% aspirationally. I may go lower, and I have achieved higher on SFR, 3 or 4 bed, 1 bath. A local RE Accountant said that was not an unreasonable target. Understand that's for evaluating a deal, the idea being that is after set asides for vacancy, maint, capex, etc... I'd like that number or close to it. Reality will differ up or down but that's my target and I'm pretty close.

I'd be more concerned that the listed address history matched the address history on the credit report... and that the owners/managers of those properties had good things to say. 

I will be in a similar situation in a couple of weeks, with a 4-plex I am closing on... there was a great article on this recently here on BP--and I plan to use that approach. 

Thanks, @Levi T. !   I do think the best available predictor is credit score and criminal history, and would not suggest abandoning it. This would be an augmentation (and a free one at that) to add some efficiency to the recommendation angle... but if you don't see it as a gap and would not use it, that is valuable to know. Again, thanks for the reply.

@Nick Frostbutter , presumably you'd still get a credit report, which would have address history-- if you see a mismatch to the application you've already got a red flag to check on.  @Account Closed  the questions are in the post, with the idea that a website might follow if it seems there's demand for it. If the answers suggest there's no need or no potential user base, I won't waste time and resources building it. I hope that makes sense! What the site (if built) would do is described above the questions.