All Forum Posts by: Glenn D.

@Eugene Rogachevsky that is correct. I have been able to get 2 HELOC's on two separate properties and neither of them were my primary residence. As a matter of fact I am working on getting another one very soon for a rehab project that is going on now.

@Rhiannon Then most welcome - my pleasure.

@Florine Sanchez

Excellent! Keep it up. 

@Rhiannon Then find your settings and then navigate to your "Keyword Alert"s.

@Florine Sanchez

Brett had some good points but for the beginner it may be overwhelming. My desire and I would gather Brett's is to encourage and get you moving not overthinking and stuck in indecision.  If you don't get overwhelmed too easily he laid out a good checklist, but I would put it simpler. 

Like I said above - Be not discouraged!!! The 1st and biggest thing is to DO SOMETHING!! And to me that 1st step is to seek out other "Encouraging" investors by connecting with your local real estate investors (REI) group. I just Googled real estate investor groups in Dallas and came up with a bunch. The emphasis being on encouraging. You will find all of the neigh sayers anyway so pick out uplifting ones. Most investors like to talk about their success and help others so it should not be a problem to find someone that is willing to point you in the right directions and help you avoid the potholes.

@Dan Genzel,

You sound like just the person I need to listen too.  I will be emailing you soon.  I don't seem to be getting the notifications when you reply.  So I think direct will work better.

Chat soon.

@Dan Genzel thanks for your reply - sorry for my slow reply.  If you don't us the @some ones name it doesn't alert me that anyone has said something to me.  

Anyway,  to find 30 or 15 people with capital I think would be a huge undertaking and an even bigger mistake, but possible.  Have you ever done anything like that?  I see tons of problems with having tons of partners.  It would be like NATO; too many chiefs with opinions and never getting to an agreement.  But even if we could come up with the capital to purchase the property, then there is the cost of developing it that isn't solved.

As far as going vertical, I would guess you are talking about houses.  The city does not want any apartments so I want to develop it with $250K - $400K homes.  

@James Rodgers and @Account ClosedMulti-family unites.  They are dissimilar hence would not be comparable.  Multifamily residences are utilized widely as income properties and so the function of the property is different too.  Appraisal firms are heavily regulated nation wide (FIRREA and Title XI just to name a few - lol and so the primary practices are the same across the board in the US.

The good news is that for a whole lot less money, an appraiser can also give you what we call a desk review which means we look up the pertinent information and comparables from our desks and give you a value ballpark.  This will of course come with all kinds disclaimers because it is not a "Complete" appraisal as the appraiser never inspected the property or it's comparables.  Typically if a full appraisal cost $400 a desk review may only cost you $150 but since it's a multifamily and like you said there are no comps, it may be higher to include the fact that appraisal fees fluctuate from area to area. 

Additionally caution, not all appraisers are worth their salt and not all appraisers are familiar with MFR's so ask around to find the ones with the most experience and just ask them. If you let them know that you are an investor and may need their help from time to time they will probably want you to keep coming back and develop a good working relationship. It means more business and good word of mouth for them.

lol - I wouldn't care too much on the generation of who is buy but that enough of the population in your area are buying.  Just my 2 cents.

@Allan Smith

As they say it all depends.  I have two rentals that have had long term tenants and since they are long term, carpet has been my go to for them.  Carpet is more comfortable for them and they are clean good tenants and I have normal vinyl in the kitchens and baths.  BUT for my unites with a higher turn over LVT or LVP is a great durable way to go.  Especially the LVT that is not interlocked but is a glue down.  If one or some get messed up it's easy enough to heat up, release and replace.

@Derek Robinson,

I used to live in a home exactly like that and ventilation / air flow is the key.  The awesome thing is with that type of construction working with the materials is very easy.  HVAC units will be good but the air still has to be vented with the out side so any HVAC person in your area familiar with that type of construction should be able to give you an easy fix, but air flow is the key.