All Forum Posts by: Brian Garrett

@Axel Meierhoefer Thanks for the response! Turnkey is not something that I'm interested in as I'm not looking to park cash in properties and essentially give away that equity to the TK provider. I'm an active investor looking for 5+ unit value-add multifamily deals to be able to reposition and stabilize and then sell and 1031 to trade up to something larger. I also buy single family flips and smaller multifamily BRRRR's. The key is to be able to recycle capital and move the equity gain into the next deal. TK is certainly more convenient but a slower game and to me it's much better suited for someone just looking to park some capital. I don't mind putting in the work myself.

@Henry Clark Thanks for the thought out response. I have not considered looking at commercial buildings and trying to get them rezoned to develop multifamily out of them. That may be something worth looking into although it's unfamiliar territory for me I'm sure I could figure it out if the numbers made sense. I see you mentioned the Caribbean as well. Did you have somewhere specific that you suggest looking? I spent a decent amount of time researching Puerto Rico specifically the San Juan area and even more particularly the Isla Verde and Ocean Park markets. From what I saw and the brokers and property managers I spoke with it seems like multifamily deals (5+ units) are not as common and it was tough to try and find something with enough value-add upside. I was also told that rehab can take some additional time in the Caribbean since supplies and crews are not as readily available like we have here. Are you actively buying anywhere in the Caribbean now?

Build relationships with the multifamily brokers and property managers in your area.

You can also create a list of properties you want to target and contact the owners directly.

You can either refinance under the LLC into a commercial/portfolio loan or you can refinance under your personal name if you want to go with a conventional Fannie/Freddie loan.

What size multifamily building does a $1MM purchase price get in your market for a true C/B Class area? 

Here in Palm Beach County, Florida the most you can get is a 5-8 unit building for that price point. 

Somewhere in the $125-200k/door range depending on location for a true C/B Class neighborhood.

I'm starting to consider other markets and I'm curious to see how much more value you can get in other areas.

@Roni E. Thanks for the feedback. Merry Christmas and Happy New Year!

@Nicole Heasley Beitenman I've seen many people using Investor Carrot (typically wholesalers) and it seems to be a solid option for the built in SEO that it provides but my issue is if there's already a bunch of people using it in a given market then wouldn't that make it significantly less effective since everyone is using the same platform to fight for the same leads? I'm not sure what would really differentiate one site from all of the others in terms of SEO.

@Ashraf Ayyash I hear ya and I agree for the most part that's why I've been sitting tight but I really would like to get some cash to work so that's why I'm seeing what others are doing during these times. Thanks!

@Ashish Mike Angelo Thanks for the heads up but as I've mentioned I'm not interested in being a LP investor in a syndication. I'm not a passive investor so I'm only looking for active roles/investments.

@Nicole Heasley Beitenman You're preaching to the choir I feel the same about my market. I've tried every route I can think of to find someone who can bring me deals but that strategy doesn't seem to be working here either.

@Michael Plante That's a bit far South for me but I'd be open to that area if it was with a partner who's already active there and has the resources and contacts that I'm lacking in that market.

@Scott Krone Makes sense and that's what I figured as I would do the same thing in a new market.

@Natasha Jansen Sounds like a solid plan now it's just a matter of execution!

@Grant R. Not interested in crowdfunding but would be curious to hear what type of deals you're seeing and/or buying over there in your market. The cash flow in the Midwest has always been tempting!

@Henry Lazerow I agree with everything you said. I don't necessarily need a high cap rate going in because it's a value-add play. In fact the lower cap rate actually helps my value once I'm able to increase NOI and reposition/stabilize the property. For me the most important element is the value-add so I can force appreciation.

@Alex Keedy I'm quite familiar with the syndication business model but I'm not a passive investor so I don't have interest in being an LP. I'd only want to be on the Co-GP side and wouldn't feel comfortable syndicating my own deal at the moment since that's not my current strategy. I'm a direct principal buyer looking to build my own portfolio. Just trying to get creative in this current market cycle and see where I can put dollars to work efficiently.

@Adam Ulery Feel free to connect with me on PM and let me know what you have in mind.

@Natasha Jansen Good luck on the development it's definitely a nice added bonus that you already had the land. How many units are you building? Keep me posted on your progress with it!

@Amy D. My concern with looking everywhere is that I don't have resources or contacts in those markets. That's why I've been trying to stay close to where I'm at since I already have a team in place here. Were you planning to utilize partners who were more in tune with the area if you had found a deal in a new market? 

@Danny Randazzo I'd be open to hearing about it but I'd really like to buy property rather than lend money and/or go any sort of passive route being that I'm an active investor looking to build a portfolio.