All Forum Posts by: Gus Ross

Looking to meet with Las Vegas commercial brokers/agents that have time availability Jan 7 -10th. Any references would be greatly appreciated. Thanks in advance.

Hey there Mike, ping me and we can discuss if I know of a good fit for you.

@Eric Percival beware of deals that seem too good to be true. In larger multi family deals the sellers are generally more sophisticated and aren't going to fire-sell a deal. It sounds like the company offering this internship simply wants you to do their cold calling and farming for deals. 

An all cash no inspection contingency is inherently very risky on a multifamily deal. One would expect the offer is going to be extraordinarily low to justify the additional risk on the purchase. This sounds like they're looking for folks to do grunt work that ultimately will be extremely difficult. 

They are in essence training you to be an exclusive wholesale deal finder for them. I would argue that if you're trying to get into wholesale deals, you could probably earn more working on your own and educating yourself if you're willing to do the same work.

Best of luck in your decision!

@James Canoy So I just finished reading Shoe Dog, by Phil Knight the founder of Nike, yesterday and heard a point that came to mind when reading your post. Knight quoted Cus D'amato (famed trainer of boxing greats like Mike Tyson):

"The hero and the coward both feel the same thing. It's what they do [in that moment] that makes them different."

What you're feeling is normal. On the first deal, everyone gets nervous ... it's a big moment. When nerves start to kick in, you have to think back at why you got into the deal and keep that at the forefront and leave emotion at the door. If it's your first deal, it doesn't have to be a homerun. It should be a building block and a stepping stone to learn from.

All that being said, if on your next deal you want an extra set of eyes, ping me and I'll glance over it with you.

Hey there @Derrick Ward I do have experience with this loan.  There are a number of requirements and checkbox line items that need to be considered.  If you provide more details I would be glad to offer any value I can.

Keep in mind that these loans have great interest rates compared to the open market but are generally strict on standards and tend to be harder to close.  There will be a net worth and liquidity threshold but I can elaborate further if you give more details.  The 1 million - 5 million range on the loan is also fairly flexible and can deviate slightly.

Best of luck!

@Jordan Moorhead I certainly echo and think @Denise Brown-Puryear presented a well thought argument for that market and how a responsible landlord operates. Kudos Denise!

On a macro level, this market is in limited supply and increasing demand as income disparity becomes a greater issue. The middle class is evaporating and is either elevating to upper class or being squeezed into the lower rent units.  There simply aren't cost effective ways to build new units for low income earners.  I am long this market segment as well as mobile home parks for similar reasons. Economics in the end tends to win.

Hey @Sam Dal the final bill hasn't yet been announced to my knowledge so it's up in the air.  The tentative deal hasn't been inked quite yet.  That being said, your question really should reflect your personal situation and how it will effect you individually.  

That being said after 43 posts, I feel you needed an up vote.  Best of luck in your decision.

I just wrote a blog article about something similar to this and coming back from the bottom.  I didn't mention my credit score was in the 500's. Credit repair companies can probably offer you the best advice but I took the route of individually contacting the creditors and negotiating a payoff.  Then one by one I paid them off and my score shot up immediately.  If you isolate them and approach them you can get yourself a significant credit boost.

Best of luck.

@Adam Houser it would be ill advised to borrow money at x% to buy stock. 

@Vishal P. My experience has not been favorable when showing an incomplete unit that needed work to be done. I always prefer to wait until the unit is "rent ready" with everything prepared for key delivery. In the instances where I showed a unit that needed paint and repair the feedback was inferior to a freshly painted unit.

Best of luck and let us know how it goes!