All Forum Posts by: Ellis Hammond

@Luis A. Use people finder to search for owners name and then send your mailers to all family members. I have found following up with Facebook massages and phone calls increase your chances. Keep in mind most sales don’t happen until the 4th ask! Keep going.

@Holly Williams awesome job!

What year did you start investing into real estate? And if its not too much detail, how much did you look to regularly deploy in real estate each year? (did you have a goal?) I love this story and Im asking because I talk with a lot of millennials who just want to get rich tomorrow and no long term vision for investing. Your story is a great model for them. Would love to hear more!

@Jacob R. Crosby there are lots of deals still happening around the country in the multifamily space. I see them everyday. Are they good deals? Depends who is operating them I guess. I still think B and C class properties that are cash flowing and room for a 10-15% dip in vacancy are great investments for investors looking to store cash for tax advantages. I echo what @Tyler Kastelberg said about the last downturn. These type of assets are the most insulated from an economic downturn. 

BUT there are other really good assets that are worth looking into. Many of my investors are invested in ATM's and its their favorite investment strategy. It still depreciates like real estate and has steady cash flow. 

How about a  good air bnb property in san diego? Winters in Maine?? haha 

Reach out and lets connect.  

@Stanford Neal Mead Dont think you can use a FHA 203K loan on this bc its bigger than 4 units. Please give me an update on what you decided to do for financing as Im curious. Thx!

@Glenn Martin Look at bigger deals (5+ unIts). The cash flow of the property is more important than your personal cash flow and if you have a lot of liquidity in your properties that will help also.

@Karen Lipa I wouldn’t rexommmend house hacking if your goal is to cash flow in 5 years. It’s not a scaleable model. It’s how I started as well and I learned an absolute ton but so much of your liquidity will be tied up into the property and your cash flow especially in Denver market will be low. Couple other options: Take some time to learn about other assets besides Single family: multifamily, self storage, mobile home parks- all really Great Recession resistant assets to invest in currently. Do you have the network to then syndicate your own deals? Meaning raising money from other investors and putting deals together? There are so many resources out there to help you get started with that. Joe Fairless just released pretty much a text book that is a great resource. The other option is to invest as a limited partner in someone else’s deals. This would probably be a more long term play for you but still a great way to learn what the big players do and still get a consistent return. IM happy to show you what these type of deals look like if you reach out to me. Good luck and I wish you the best in your investing journey. I started at 25 and I’m 27 now and a lot of great things have happened in two years so keep working!

@Joel Fine Great question, I also was factoring in these #s the other day. My management company charges flat 6% (5+units) with a $150 re-up fee for new qualified tentsnts and a service fee of $45 per hour. The more units I have with this company I can also negotiate that down and the goal is to keep tenants happy and stay as long as possible. I’m not paying them 6% just to collect rents.

@Joshua Gutierrez i am an apartment investor living in San Diego. I target distressed multifamily communities in my area. Be glad to talk more to see how I can help with your search/ways to partner. 

Cheers!

@Chai Jonn Seriously best advice I could ever give you is find a mentor willing to help and give advice. How to find one? Start by telling everyone you know exactly what you want to do and see who they know. Take experienced investors out for a drink or coffee and get to know them. Follow up with them. Show them you are serious.

@Tim Gathers get you a piece of a syndication deal to learn the ins and outs and easy way to build a little bit of a track record ("Hey I own a piece of this deal in...").

Happy to discuss more the ins and outs of active vs passive investing with you. If you are patient and have a good cash making biz so you can keep investing in syndications, you can easily get to your goal in next 5-10 years.