All Forum Posts by: Trevor Anderson

I'm an investor in the process of getting my real estate license, and I'm looking for a brokerage where I can hang my license. Does anyone know of an investor friendly brokerage in the Columbus, OH area?

I am looking for low fees/ splits and no restrictions on personal transactions.

-Trevor Anderson

Hi Jaren

If you put property in your own name, thereby owning property without the liability protection of a separate entity, it would be prudent for you to get liability coverage along with your property insurance package. Shouldn't cost too much, and you'll thank yourself later.

That being said, I recommend getting an LLC, even if it's your first property. Learning the tax/legal ins and outs of ownership entities will help you out down the road. Best of luck.

Hi Mick

I live in Columbus, OH, and have started investing out of state as well (in Florida metros).

I ran into the same problems, but eventually made progress when I started speaking with portfolio lenders in the areas in which I wanted to invest. Making cold calls to community banks will get you started, but eventually they'll almost certainly want to meet you in person, so it would be prudent to start making plans for a trip or two. Best of luck.

Hi BP community,

My team and I have found a fantastic MFU property in a major Florida metro area, but we're unsure as to the best way to structure our acquisition.

The asking price is around $2.5 million, but the property is 50% vacant and is currently operating at a net loss due to mismanagement, which presents a fantastic value-add opportunity for us that fits well within our wheelhouse. Despite having been told that all the vacancies are in "rent ready" condition, upon inspection I found that the amount of capital that will be required to actually get them rent ready will average around $1500/unit (x46 vacant units = ~$69k in required capital expense for initial lease-up).

Because the low rate of seasoned occupancy will limit our financing options (particularly with banks and traditional lenders) we're considering the lease-option path; gain control of the property, lease it up, add value, get a loan, and exercise our option. We have extensive experience in managing an MFU property like this, but we don't have the required capital readily available, and even if we did, wouldn't want to drop $70k on a property which isn't yet ours. So I thought I'd pose this as an open-ended question for the BP community: what would be our best strategy to move this deal forward?

Hi BP community,

My team and I have found a fantastic MFU property in a major Florida metro area, but we're unsure as to the best way to structure our acquisition.

The asking price is around $2.5 million, but the property is 50% vacant and is currently operating at a net loss due to mismanagement, which presents a fantastic value-add opportunity for us that fits well within our wheelhouse. Despite having been told that all the vacancies are in "rent ready" condition, upon inspection I found that the amount of capital that will be required to actually get them rent ready will average around $1500/unit (x46 vacant units = ~$69k in required capital expense for initial lease-up).

Because the low rate of seasoned occupancy will limit our financing options (particularly with banks and traditional lenders) we're considering the lease-option path; gain control of the property, lease it up, add value, get a loan, and exercise our option. We have extensive experience in managing an MFU property like this, but we don't have the required capital readily available, and even if we did, wouldn't want to drop $70k on a property which isn't yet ours. So I thought I'd pose this as an open-ended question for the BP community: what would be our best strategy to move this deal forward?