All Forum Posts by: Erik Gundersen

Thanks Mike! Are they in Memphis?

Hey Y’all! I’m sure many of you are seeing the insurance company’s jacking rates. Mine are going up 100%! 

Any advice for the Memphis area? I have a 26 unit c class apartment. 

Thanks! 

Hi Y'all, I'm in contract on my first 26 unit apartment complex and looking for tips on hiring an attorney to make sure I have all my ducks in a row.  Also any recommendations on a payment management software.  Thanks! 

It' great to see options for sure @Torrell Palmason and thanks for the insight!

Thanks @Andrew Postell Very thorough explanation.  So if I do go all cash to strengthen my position, what are my options to pull that cash out after close? Cash out refi type deal.  Are there programs for that with people in my position? 

Thanks in advance!  

Hey y'all! 

I'm about to be intentionally unemployed to pursue a career in real-estate investing.  I have a couple of assets and a 1031 exchange that I need to place and am finding lending to be tricky.  I have enough cash, if invested properly to set myself into financial freedom, however I'm running up against a possible issue with lending.  I know what most of you are going to say about the job, but it was time for me to move on :-) 

I could pay cash for assets, but my COC return goes down and I'd like to maximize my return obviously.

My goal is to get a minimum return of 7% however I can make that happen, tho according to Beardy Brandon, a base-hit is 8% for him from last nights webinar.  Maybe I'm not setting my sights high enough? 

Any advice for an intermediate investor?  

Hey BP crew! 

Anyone have thoughts about investing in Miami?  I'm looking at a place near the miracle mile and wanted to see if anyone thought Miami is a good market to approach.  Property more than cash flows (7.8% Cash-on-cash) I just don't know the market and want to proceed with caution in a market I'm not totally familiar with.  

Things I like:
People seem to be moving to Florida from Northern states

Governor

Landlord friendly 

Concerns:
Up and down market, can be volatile.

Storms

Slow capital growth 

Thanks!!!

Thanks for the input and good advice. I / we have been more than accommodating and his excuse is, get this, he has the ladies over on the weekends.  We've worked out a deal and all should run smoothly now.  Once I showed him that CA state law demands 24 hours notice to show and if he refuses he's doing so illegally.  

Thank you for all your responses! I have reached out to the tenant and let him know  what our plan is.  He’s agreed to keep his credit clean, stick to the lease agreement (month to month) and was quickly educated on CA law. We are looking good at this point and all the advise was much appreciated! Thank you!