All Forum Posts by: James Piercy

@James Piercy Ryann*

@Ryann Kluthe Hey Ryan, would be great to connect with you on residential multis in Omaha!

@Scott Bergmann

Would like to connect when you’re free Scott!

Hey Everyone,

Curious to hear the most creative ways you've pieced together funding for commercial apts.  I am looking for commercial properties and since purchase prices can very significantly from property to property, affecting the down, I am curious to hear about how people pull the trigger on properties they have less than 20-25% down (minus hearing about raising additional capital).

For Example:

Looking for a commercial complex around 1 million with around a $200k downpayment.  Lets say a prime property hits the market around $1.6 increasing the down $120k.  How would you navigate?

I am looking at a 2.2 million complex and with only capital of half the down payment for 20%, curious if there are loan products to bridge the gap or make a larger purchase more realistic (minus getting additional funding).

Thank you!

Hey Everyone!

Quick intro on myself - I purchased my first property (duplex) two years ago in Austin, TX. Since then, I've purchased a primary residence in Austin and a SFR in Birmingham. I am constantly reading but books are starting to become repetitive with many similar concepts. Each property that I've attained, I've made mistakes. Lots of them. I've also realized that the numbers, distance between properties and the lack of scale is truly limiting me. Six months ago, I made the decision to only focus on purchasing a commercial multifamily property (10+ units).

Openingly, I have fear of the unknown.  I've made mistakes with each previous property and I expect to make many more moving forward.  I am hoping to find someone in the Austin area (ideally), if not local, someone with commercial experience investing in Texas to help me make a smoother transition into the commercial space.  

If this is you, I'd love to hear from you! Learn about your journey and hopefully help me minimize mistakes moving forward!

My first purchase was a duplex in Austin, TX for $435k (110k down) with $3,200 month rent.  I bought this remote and had some serious learning lessons.  I have since moved to Austin and purchased a primary residence.  I just got pre approved and have been looking in the Austin market again but have recently realized that Austin may be too hot for what my goals are.  I have started searching on Roofstock.  I like the platform and how remote purchases can be more carefree.  I see myself either focusing on cash flowing SFRs all over the country as they come up or making a larger move for a remote apartment complex (8+ units).  

I am looking for a mentor or someone who has done this before that can give some advice.  My short term, long term goal is $5,000 month net rental income.  The duplex cash flows almost nothing with the increasement of this years property tax.

Ideally, I would like an affordable cash flowing apartment complex but would also be open to purchasing ample amounts of SFRs.  What routes do people suggest or have done themselves? 

I am taking over managing my duplex going into 2019. Unfortunately, it is on the opposite side of town for me. I’d like to set the property up to be as remotely manageable as possible. What are solutions used to grant access to handyman/macitence workers?

I’ve heard mixed reviews on lock boxes but would love to get some options for the days that are difficult to get there.

Thank you,

Hello Everyone,

I will be relocating to Austin in the next several months and I am looking for a realtor to help me out with the search.  I bought a duplex in Austin last October (remotely) and the experience wasn't ideal.  Looking for someone who knows the area and is well connected.  Any suggestions are appreciated!

Thanks everyone! To confirm I am looking for markets outside of; Reno, NV (Tesla & Google), Austin, TX and Sacramento, CA.  Those are the only ones that I am familiar with and they don't seem to support sufficient cash flow to make sense for me.

Hello Everyone,

I am working with my parents to 1031 a property that should go for around 800k with an 300k outstanding loan.  This will leave me with around 500k in equity on a new 800k+ investment.  

Is it realistic to find a property that grosses 8k a month?  I've been watching Reno, NV (Tesla & Google), Austin, TX, Sacramento, CA and none of these seem like realistic markets to have 1% returns.

My question is, on a multifamily (ideally fourplex) what are the best markets to look into for a cashflow property.  I would like an 800k multifamily to cash flow at least 4k, after ALL expenses.  Is this realistic?  If so, where do I need to take my search?  To have a successful 1031, it seems that you need to have a property that is sitting on the market or an area that isn't as hot, to do within 45 days.  Any suggestions would be great.  

My last purchase was a duplex in Austin for $435k with 110k down that only cashflows $515/month after mortgage and property management expenses but nothing else. I do not want to make another mistake like my first property.  Thank you!