All Forum Posts by: Gino Barbaro

@Jonathan Greene

I've witnessed over thousands of hours of coaching, free and paid, that most advice given free is rarely taken. That is reality because the receiver of the info has no skin in the game, nothing to  hold them to the "advice". Jay Abraham, the godfather of marketing, used to say that when he dispensed free advice, not many acted upon it. Once he started charging thousands of dollars for the advice, people listened and acted on it.

Nowadays, it's pretty easy to see if someone knows what they're doing/talking about. Spend some time visiting podcasts, articles, websites they've been on. You have to do the work on the front end and vet out who you are listening to about the subject you want to learn about. If they are a professed expert, just run. I do think they need success and life experience in whatever you're trying to learn.

Gino

@Sparkle Carlock

Have you considered working with a life coach? What is making you financially nervous? It makes no difference if you get the credit the right mentor, etc, until you can overcome your fear, or at least get clarity on what's holding you back

Gino

@Matt Lewis

What did you end up doing? If I was the tenant that got damage from another tenant's water heater, I would expect him to pay the bill.

If it was a pipe in the building and not in their unit, then I would think the landlord would be responsible. It does come down to the language in the lease.

Good luck

Gino

@Karen Seguin

Congrats. Let them know you're the new owner, that you will be abiding by the lease terms they currently have, give them your info to be able to make payments, any website/payment portal platform.

I would keep it short and sweet. If you feel the need to let them know you will be taking care of any outstanding maintenance requests, that may be positive news for them

Gino

@Derek Bell

What would the after repair cap rate be with a 362,000 NOI? And what is going in cap rate?

What are you planning on doing with the property, your exit strategy> Would it be to refi or sell? 

The terms on the debt look good. Refinancing to agency may make this a great deal

Good Luck

Gino

@Chris Kittle

If you are unsure of costs, I would download some Offering Memorandums in your market and compare costs. I would also talk to property management and community banks in your market for what costs are.

Cap ex is not repairs and maintenance. Repairs and maintenance areas operating expense. You also have to set aside money for legal/accounting. 

Get their T12 and rent roll to see what costs they currently have.

For loans, it depends upon the size. You may be better served going with a community bank or credit union.

Good luck

Gino

@Ryan Yu

I would hit up @Dave Foster, 1031 specialist. He can walk you through various tax savings scenarios

Gino

@John S.

I would look into Crexi. Their site is free, and the paid version gives access to a ton of data. I can intro you to their sales team. DM me if you're interested

Gino

@Mike H.

I would find private money to buy this, or as the seller to hold a note, with no payments for 3-6 months, for you to lease it up. And then go to a bank and refi it to pay them back

Find someone with self directed IRA money, and borrow the money from them

Gino

@Anthony Palazzolo

Congrats on investing in Houston. I know a lot of our members who have assets in the market.

All the best

Gino