All Forum Posts by: Frank Calderaro

Hello all, I'm looking to connect with established wholesalers specializing in MF in the Omaha area. Please reach out or send me recommendations and I'll initiate contact. I'm partnered with a very established value-add multi family redeveloper and operator expanding to the market. Property profile: over 10 units, must be value add. Investment profile: use all in basis as initial screening criteria, so ARV per door must be at or slightly below market. Work the numbers backward for current price per door.

You should also be aware of one other thing. We had to sell our building because it was challenging to refinance it with a traditional lender. Using your retirement funds means you cannot provide a personal guarantee, so you will have to find a bank willing to provide a non-recourse loan. We tried for over a year and finally sold to pay off our investor.

Overly simplistic that I fear would lead to losses. The acquisition value is merely one piece. How you structure the financing, how you execute the renovation plan, and how accurate your ARV materializes to your underwriting are all major factors in whether or not it you come away with a profit. I'd underwrite very conservatively be sure to include things like builders insurance, buffer for holding costs, multiple ARV scenarios based on potential economic outcomes, and look for a minimum of 10% return before even considering it.

My understanding from having purchased an investment property with SD 401k funds, is if you use any other personal funds or do any work directly yourself, you are violating the IRS rules because you or anyone with an interest in your SD 401k funds (potential recipients, heirs, etc. ) are disqualified persons. Check with you SD 401k administrator and lawyers like Matt Sorenson to verify specifically your deal. 

Congratulations! Celebrate that you took action but Don't stop. Keep going and build the habit. 

Hi Cherie. Check out Chris Lopez's tools and resources. I think he has some portfolio analysis tools at Property Llama that will help you do some analysis to consider whether to continue holding or reinvesting the capital. In the end is comes down to your goals and strategy of and what you value or need most. 

Blake, So great to see that your journey is making progress and you are consistently showing up. We are growing our STR business and would love to connect again. I think I owe you a beer in SB. I'll be back in SB next week. Let me know if you have 30 minutes to get together. Cheers, Frank Calderaro

Thank you all for the input. Normally, I would do it myself. We purchased the property using SD401k funds which prohibit us from physically doing anything to the property ourselves because it would provide a financial (cost saving) benefit. I appreciate the ideas and the effort to seek direct support. I am checking the various service boards like TurnoverBnB, Bark, Thumbtack, etc.

Hello BP Community, I bought my first multi-family property for STR's two weeks ago and already had to evict a guest from one of my units. The place is trashed. They had two pit bulls, possibly doing drugs, and domestic abuse so they had to go. They left some clothes and junk behind, moved and damaged furniture, trash everywhere, and even a tire in the family room. My regular cleaner says they don't handle these situations. They focus on just turning over the unit for the next guest. I've changed the access codes to the unit and informed the other guests (who filed complaints). Any suggestions on who I can bring in to help prep the unit (remove debris, deep cleaning, etc.)? Anything I should be sure to do or think through before renting to the next guest? Any referrals?

Thank you.

Hello Everyone,

We are working on a couple of multifamily deals in Santa Barbara to rentals (typically 13-week leases) to travel nurses and remote working professionals. We are searching for non-qualified passive investors that have a minimum of $250k liquid after-tax for investing and are interested in investing $25k - $100k in smaller multi-family deals (4-12 units). Our hold time on these projects is five years. We are open to creative financing solutions. If interested, feel free to reach out directly on BP and I can provide you with details of a current deal including the return percentages and a five-year proforma.

Thanks.