All Forum Posts by: Erickson Sainval

 Everyone provided great options. Nothing beats taking action, scheduling calls, and going to meetups.

 I completely agree. Find a way to automate and remove yourself from the equation to increase passivity. Get it to the point where you only have to dedicate maybe 1% to the business just to make sure things are running smoothly. This will provide cash generation for you and a security while you focus 99% on syndication lol

They are duplexes so use the residential appraisal approach so see if they are priced reasonably 

you can compare that to the income approach if you want 

If a lender will let you, try package 2 in FHA for lower down, and conventional for the other

you could also take a more creative approach and try seller finance if they 

Could look like a JV. Working through a properly structured LLC.

Depending on the property class I'll do 3500-7500 a unit no matter if some have been renovated (I go in as if every room will be renovated). If you have a picture of what the inside looks like of one of the units and what competitors look like, you can take it to a contractor and get a rough estimate. 

I have heard of some projects taking up to 15-20K a unit because they have never been touched. It all will depend on your research. In this market it might even take more.

I think head first is a good way to take some punches and learn. No matter the problems, persevere. I'd love to connect and stay updated on your progress. If anything I can suggest is that a 70% solution is better than none.

You need to make friends with a commercial lender. They will be able to tell you exactly what they want to see. 

Usually there are the big 3 things they look for: Liquidity(Down+Reserves+more), Networth (Equal or greater than debt), Experience in Real estate(multifamily helps).

If you not not have all of these things you will most likely need to partner and I would suggest partnering with someone. It would be best to partner with someone with the experience if you do not have it. 

From there it is all about your Due Diligence not just on the property but the area surrounding it and the economics.

Once you have validated the deal I would suggest property management at first and manage the managers. Once you see how they execute, if you think you can do better go ahead and take it over (saves you money too). 

Sit on that property and stabilize it. Take the time to understand the in and out of your property.

Can look at many tax vehicles and shelters or change the structure of how you run your business. Instead of taking all the income can look at making a business structure and paying yourself a reasonable income while everything else is run through the business.

 It is 10% now. 

If your able to live rent free and cashflow positively, even if it was only a dollar, still a good deal.

You open up your pool of renters when you allow pets. Usually whatever damage the pets do you can reconcile with charging a pet fee. I ty my best to capture a tenant with no pets before going for pets.