All Forum Posts by: John Casmon

@Michael Swan Thanks for sharing your story - very inspiring. Exactly, what I needed to get focused this morning. 

Awesome, congrats and nice work on the space! 

In addition to @Ned Carey points, try to sell them on you. Take your resume, credit score, business plan, etc and try to show them your serious and worthy of their $$. 

You should ask if they have any properties and if so, get the contact info for the person who manages their REOs. Also, find out how quickly they can underwrite a loan and their various requirements. 

Hey @Jason Merchey - I think @Ned Carey has some good points. I enjoyed David Lindahl's Multi-family Millions and would also suggest the ABCs of Real Estate. 

However, after reading a book or two, searching the forums and BP blogs, I'd really suggest you find a reputable property management firm and spend time talking to them. Many of them will also buy and rehab real estate and you can learn a lot from the professionals in your market. 

 @Brie Schmidt Thanks for tagging and keeping us accountable. 

Overall, we're making a lot of strides. I've been able to network with a lot of folks from BP, meetups, and other organizations. @Crystal Smith helped us focus, quantify our business goals and get prepared to take action.

I've realized I need to focus on growing the business as opposed to being a landlord or flipper, so we're looking at deals that allow for property manager or include a partner to manage rehabs. 

We're closing on an 8-unit in the Hermosa neighborhood later this month and we're close on a deal for our first flip with a JV partner. These deals came from people I met this year, so continuing to foster these relationships is something that will be key to our success going forward.

@Jennifer Lee Thanks for sharing your story and how you arrived at your first $1M deal. Congratulations!

Thanks Marcia. I'm pushing the residents to resolve it themselves, but will look into the ordinance for clarity. 

BP, I need your thoughts with an issue. 

In short, I have 3 female roommates where one has been there for 3 years (before I owned the place), one has been there for a little more than a year and the third just moved in a couple months ago when a new lease was signed. The tenant that has been there the longest has moved her BF in and upon finding out I confirmed with her that the roommates were fine with him living there, did a background check and pushed to add him to the lease. She did not want to add him to the lease and assumed responsibility for him.

I posted about it here - Tenants Bf has apparently moved in unannounced

There has been a rift between the roommates and now they can't co-exist. I want them to work it out amongst themselves and I'm cautious about saying something that may come back to bite me.  They're all exploring their options and have asked me if they can force the BF to move out. The new roommate claims she did not even know the BF would be living there. 

Can they mandate that the BF moves out? Should I? What are your thoughts?

@Tony Velez

Usually the actual rents, expenses are other financial info is revealed during the discovery process. However, if you want to make an offer, have your agent ask for this info to inform your offer price. If they aren't willing to provide it for you up front, make an offer based on your conservative estimations and confirm your figures during the due diligence process.  Here are some other questions you need for your analysis:

- What are area cap rates? (offer price sets cap rate at 5.2%)

- What's length of current leases?

- What is vacancy rate?

- What is property management fee (include, even if you plan to self-manage)?

- What other expenses are missing? 

- Are there CAPEX costs to consider?