All Forum Posts by: Joe Binkowski

Hey Blake! 

Assuming you are walking with someone who knows everything about the property, I would say it’s best practice to gather as much information as possible.. I always take these into consideration:

1. Property condition: Assess the condition of the property, including the building exterior, landscaping, and common areas. Ask about the age of the building, when it was last renovated, and any ongoing maintenance or repairs that are needed. See if there is a recent inspection report.

2. Unit mix / occupancy rate / rental income. Inquire about the unit mix, including the number of bedrooms and bathrooms in each unit, the square footage, and the current rental rates.

3. Operating expenses: Ask about the operating expenses, including utilities, maintenance, insurance, and property taxes.

4. Amenities: Evaluate the amenities offered by the property. For example, is there parking? If so you’ll need to account for maintaining it during the winter

5. Location

6. Competition: Consider whether there is potential for the property to differentiate itself from the competition. Can you raise the rents?

7. Financing: Inquire about the financing options for the property, including interest rates, terms, and down payment requirements. Also, consider whether the property is a good fit for your investment strategy and financial goals.

For a walkthrough.. your goal should be to uncover as much as you can in regards to the property’s condition.

I will be there! Looking forward to this one

Phenomenal use of click-baiting, and thank you haha!

Hey all! 

Wanted to make this post with the intent of an open discussion. Real estate-related or not, I'd love to know what books offered you new perspectives and seemed to really push you out of your comfort zone into taking action? I've noticed a lot of people, and certainly me at times, get stuck in this "learning-mode" rather than an "execution-mode" or applying what you're actively learning. If there is a book that has helped you, I'm sure it could help someone else. Feel free to share below!

On a more particular note, I'd love to know if anyone has any book recommendations on strategic partnerships, using your holding company for multiple partnerships, and/or using your holding company and OPM to fund other deals.

Thanks and have a great day all!
 

Happy Friday Everyone!

I'm curious to hear what people think about the rise of 3D print technology. There are only a few players out here in the US, but most claim this process is 3x faster than traditional home building and 40% reduction in construction costs. If so, this is arguably some game-changing and disruptive innovation. 

Does anyone work in this space or has thought to bring it to the midwest? I'd love to connect.

Feel free to share what you think about 3D printing homes and the pros/cons.

Take care

-Joe

@John Warren. This was Melrose Park. The job is complete now.

For anyone curious as to how this turned out, I went with a small, new, family-owned company Junk Jaws. I was torn between putting dumpsters on the street and hiring labor or going the all-in-one approach like I did. I offered my labor and was able to negotiate unlimited loads for ~$2000. They had a 15-yarder truck and we filled it 8 times. That means I would've been on dumpster swap #4, putting me right around $2000 with $0 allocated towards labor. We probably put in around 20 hours for the three of us (including myself). Y'all think I got a good deal?

Anyways, I would recommend Junk Jaws. Very easy to work with and I was their first job.

Happy Friday all!

I have a property in the west suburbs of Chicago that is filled with junk. I'm talking garbage bags piled on top of each other from the floor to the ceiling. I planned on ordering a dumpster, but will need to hire a small crew (2-4 people) to help me clear out the house and garage. I have three days to accomplish this once the dumpster arrives on-site. 

If anyone knows an affordable and easy to work with company, feel free to let me know! Thanks!

@Daniel Han -  So there are essentially four parties in this situation. 
A) capital provider,
B) deal provider (me),
C) accredited investor,
D) syndicator

I'd want the accredited investor to invest in the syndicator's deal with my money. So I'd need to figure out an agreement/return between A and B, and then I'd need to figure out an agreement/return between (A&B) and C. Or vice versa, depending on who is more negotiable.

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@Mike S. - I had no idea about this. Wow. Thanks for your comment. I will research further.

@Ashish Acharya

Appreciate the comment. I will explore the JV approach.

Hey BP Community -

I was sitting-in on an investor presentation for a syndication of an attractive 320-unit Class B MF development in a fast-growing market, and then I realized... it was a 506c project for accredited investors only [which I am not.. yet:)]

So then I began thinking...

How can I possibly get involved?

If I have a capital provider whom wants to be 100% passive and is ready to invest $100k with me (cash), and I have all the syndication structure and offering documents for this project... can’t I just find an accredited investor, present them the deal / get them on board, and go through them?

Why wouldn’t an accredited investor want a small portion of the pie at no-risk?

I’m curious to hear if people have done this in the past, how they did it, how they started, etc.

Any thoughts / discussion / enlightenment on this is encouraged!

Thanks!