All Forum Posts by: Evan Kaufman

If you have no luck finding a local realtor on BP for your specific area, check out the local Real Estate Investors Association (REIA) if you have one. If it's a good REIA odds are there's an agent there who understands local investors. Good luck!

I'm a big fan of local Real Estate Investors Associations. If you have a local REIA go check it out. Odds are that you will meet at least one person who will tell you about some decent prospective deals. You may even get lucky and meet a Realtor who understands investors, that would be very powerful as well. Good luck!

I agree with the above, read all that you can! You may then want to try and hunt down some investor on BP who invest in the geographical area that you live in so that you can meet up and have a good talk to learn their experiences. Then, find someone located where you think you may want to invest (be that Louisiana or somewhere else) and try to get a feel for whether or not you are comfortable with the real estate climate there. Lucky for you, BP most likely offers you the ability to find people in both categories.

It comes after, but going with Wayne, don't underestimate CapEx at all (which I don't think you are!). Figure out a way to articulate the CapEx issue to the seller if it's a major concern to you. In my 4-unit deals and when helping other investors, odds are the seller doesn't quite realize that they have been benefiting from those furnaces for 30 years and their time will come due on the buyer. Or maybe they know it, they just forget how much of a cost it may be. Articulating the CapEx concern well has helped my clients and I before, I'm sure it'll help you too.

Looking at your numbers, I take it that your overall expenses include taxes and insurance as well?

Currently I own 3 separate four unit properties and now I am looking at purchasing a 10 unit. As for financing the seller just refinanced a few months ago to cash out a distressed partner and we were discussing the possibility of me assuming his payments. The bank says the commercial loan can be assumed. Honestly, I'm unfamiliar with this and wanted to know if anyone had experience with assuming commercial loans or doing some sort of land contract when a commercial loan is in place. Thank you for the help! Evan

Raising funds from friends & family... Are your Thanksgiving dinners still fun? I have a few potential real estate deals were I can offer 10% promissory notes at $30k each. With family members interested, would you sell such an opportunity to your aunt/uncle/etc.? Thanks for the input!

Excellent post. Have you been able to use yours twice Vince?

I'm currently working on my first 4-unit property in Ohio. It's a 1960s all brick residential parcel in a neighborhood full of similar units and in a shook district rated 5/10. Two new residential developments ($125-200k properties) of single family homes have went up on either side of this small neighborhood. Price: $120k Gross Rent: $1800/mo Taxes: $333/mo Utilities: ~$150/mo My question is if anyone else has had a similar experience dealing with 4-plexes that rent from $400-500 like these and what your experience has been with the type of tenants you have been able to get. Thank you!