All Forum Posts by: John Santero

I have a number of properties in and around Chattanooga. I use angie pickett

http://angiepickett.thesignaturefirm.com/ mostly for my resales but she does come across some pocket deals from her many investor clients. If you call her please mention my referral. I also do in-house PM and maintenance for select clients.

Interesting post...I like the concept. Let me know if you are looking in the greater Chattanooga Marketplace.

yes- I always state that there is a backround, credit check and the amount to process is non refundable. I mention if you have a felony, eviction or bankruptcy you probably wont pass it.

I would seek a joint venture partner or private capital first. If that is not an option, go to your local REIA and ask around for local investors. Get recommendations. Alot of these HML are after the front fees (all say they dont make money on them!!) and string you along.

if I was the seller and you have not made an offer yet- I would not give you more than the basics. Alot of people out their are just fishing- not buyers and you dont know how many people he is talking too- If you are serious- make an offer bases upon verification. Then, if I was the seller, I would open up my books to you.

A ten unit unit owner doing self managing might not be a sophisticated seller- sometimes you have to work within their confines and squeeze info out. Are you able to talk to them personally or are you going thru agents?

I may have a different take on this but depending on what the situation is on owner financing- I look at cash on cash return. If you can get a net of $100+ a unit using all the math the above guys suggested- and are comfortable that 80% vacancy rate covers your nut- In my mind there is no reason not to go for it  especially if there is an upside on raising rents when you have to do a rent ready. 

google national real estate investment association- they give a contact to the local REIA's in your area. good luck

may I be the first to welcome you. I would start reading RE101 intro books but dont get bogged down. RE is like buying your first car. You can study all you want but its never enough. The best rule to follow is -you make your money on the purchase. If you buy right- life is usually good! join a local REIA in your area and get to know some local investors- JV with them is the best learning advice I can give you- good luck!

I agree with the last few posts. Instead of individual viewings- group all of them together as best as possible. Multiple perspectives in a room generates more interest and desire- I usually get applications and deposits quicker that way. Please do not keep you doors open. take the opportunity to sell your property and if you have other properties (or know some people who do) keep a list - I even "sold" other potential tenants to other investors!!!

Buy your first, second and third house first. Put them under your personal name-you can also get 30 yr permanent financing from your bank with no call- get a umbrella liability policy for $1M (cheapest coverage out there) and then worry what address to use for your LLC. You will now have the income to pay someone to do all of that stuff- good luck.