All Forum Posts by: Jason Lozon

Quote from @Jamie Banks:

Hi Jason,

I worked in commercial real estate as both an underwriter and asset manager for over 5 years. Before transitioning to being a FT REIT I was managing 14,000 multi family units across the US. I'd love to chat to see if we could do some deals together. Please reach out if you'd like to schedule some time to talk!

 Jamie, It'd be great to connect. I'll DM to schedule a chat

Alan, Thanks for reaching out, I'll follow up with a DM

Quote from @Bjorn Ahlblad:

If you have not already I would join a local REI or LL Association and network. Finding good partners takes time and work. All the best!

 Thanks, I've been networking locally through some small business groups but nothing has been the right fit so far. I will definitely continue to try other groups/networks 

I'm a licensed residential builder, relatively new to the Detroit area, paying the bills working as a handyman. I'm wondering if there are any experienced multifamily investors that are interested in bringing on a jv investor? I've done a handful of fix and flips, saved up about $50k, and want to get into small multifamily rentals (6-12 units). 

Appreciate any advice or connections

Quote from @Nathan Gesner:

Could you imagine trying to sell a 200-unit complex and having to provide every potential buyer with copies of every lease, payment ledger, proof of income and expenses, etc? 

Ok, when you put it that way, I understand what’s happening. Thank you 

Big thanks to those who’ve chimed in. It’s definitely helping me put my cards in the right order. 

Quote from @Nathan Gesner:

I’m getting hung up with the idea that I’m putting in an offer and trying to get under contract without all the information. Am I understanding correctly that this is normal? I’ve only bought 6 SFRs so far, but every time I’ve felt like I had all the data I needed to make an informed decision before I make an offer. This feels like the cart before the horse. 

 
you don’t have to convince me I’m looking at it wrong, I’ll believe that. What am I missing?

@Sean T. thanks for the prospective of individual analysis. Also, I had written off DSCR loans because I was told these were complicated and there were better finance options out there. It sounds like you've used DSCR financing. I'd like to learn more about these. I'm starting my research with BP's old threads and the education area. Do you have any resources you'd recommend starting with as I learn about this?

Sometimes I run across an ad on Marketplace or CL offering an investors portfolio (mostly 2plex-4plex) of properties for sale. Stated claims of gross rent, occupancy rate, and asking price are usually given, and not much more. I always write these off and assume they're some kinda scam. But what if I wanted to inquire about one and see if it was real? What are the critical questions you would ask, or expect to be asked (if you were the seller of a portfolio). What is the next step when I read this ad and I want to know more?

@Scott Loud I'm sure other people who invest out of state can advise better on this because I haven't had to do what you're talking about. I work best F2F and haven't been forced to adapt to the remote lifestyle yet. 

Some basic things I do: 

- I'm all over their social media, personal and business (if they have it). People post a lot of stuff that tells you a lot about they way they think and live, if they're respectful towards others, etc.  IE - my spouse wanted to have the car detailed by the local mobil detailer. Mixed online reviews, but overall appeared they did quality work. Looked at their social media and it had some strong, aggressive language, that imparted a hate tone towards certain people. As a result, we didn't use their services but found someone else. 

- check for a D&B score. If they have one thats a good start. Although this report is generally used to assess a business from a creditors prospective, you generally don't see the companies that'll rob you blind posting good scores with D&B. Pulling a full report from D&B can be a little expensive ($140?) cheap compared to hiring the wrong company.

- BBB - I think everyone knows about this one

- public records - criminal and civil (again everyone probably knows to do this)

- LARA - in Michigan this is the department that handles all licensing for trades people. If they have a license, how long they've been licensed, ever been revoked, suspended, or a claim filed against. Find out what licensing requirements are in your state and city, and who governs it.