All Forum Posts by: Jeff Greenberg

See what the market occupancy is with the unit type. When I was looking at a property with 30 1 bedrooms, I interviewed a PM and she was all excited about the all 1 bed. She stated that she needed more 1 bd, that they were hard to find in the market.

Good answers above. I would also ask what you are trying to do with the texting. If you are trying to build a relationship with a broker/partner/investor use the phone/skype/face to face. If the relation has been established and you need a short and quick answer or action as @Jeremiah B. stated.

I do not wish to be a slave to my emails so the alerts are turned off for email. My partners know that if they sent me an email that needs to be looked at they will send me a text alerting me. Don't over use texting, some people will not be pleased with it. If not sure, check with the other person and establish a protocol with them.

Janice there is a lot of good information in this thread. What I would also like to point out is that brokers will see that you are a newbie if you fumble and ask uneducated questions. I remember taking a broker out to lunch and told her that I wanted a MF property that had positive cashflowed. The broker proceeded to tell me that just about any property could cashflow depending on how much I put down. I was at a loss for a response. My point is, keep following this site. Ask the seemingly stupid questions (not saying you have asked any) here. Let this forum answer without judgement.

The broker doesn't want to waste his/her time on someone that probably won't close. Get educated. Know how to evaluate a property and learn what questions to ask. When I see a property offering memorandum on a property, I skip over the brokers analysis and their, "modified actuals" and proceed to ask for the real numbers so I can do my own analysis.

"But he told me he would charge 10% of the loan amount as he will assist me on bringing all info (Financials of the properties) to the banks to get the loan; and he suggested to get 20% ownership of my property if he brings me a good deal."

Please take this a constructive critique, but whoever said this saw a lamb coming to slaughter. My mortgage broker that gets me the loan only gets 1% of the loan and he works for it. 20% ownership is laughable. I once gave my broker 1% of the deal because he went above and beyond.

Test out your questions here and let this group help you analyze the deals

Good luck

The key is the MLO, but he expects you to pay after repaired value, then walk. Without a significant discount on the price, why waste your time. You can find other full priced deals without the hassle.

Our current deal cash flowed a fair amount with 10 down units (62 unit prop). 60 days after close we expect the units to be up and rented. 50k in repairs and 80k in increased cashflow 400k-600k increase in value and new equity.

Bottom line, buy at a discount. Don't buy based on the value after you put the work in. That is your gravy.

Valerie,

There are many discussions on this site about syndications. The short version is, it is a means in which you can pool money from investors and stay out of jail. Google reg d exemption and search syndications on this forum. It does mean hiring an attorney starting around 10k.

If you can do everything else, I am not sure what you need the syndicator for. Hiring a good SEC attorney will walk you through the process of the Syndication.

If what you lack is confidence that you can keep all of the balls in the air and pull off a Real Estate transaction that happens to include a syndication, that is understandable.

As was said earlier, you need to bring something to the table for the syndicator/mentor to risk wasteing his/her time and/or reputation.

Get educated on deal analysis, the market you are in, legal ways to raise money from investors, etc. Find a great deal and bring it to the syndicator/mentor and show them you have something to offer. They may take you under their wing and give you a wealth of information in return.

In Texas we let the broker write up the deal on the TAR contract and then add our addendum to add a few requirements of our own. On one of our first deals we had our lawyer go through it with us and now we just follow his lead without the cost of a lawyer.

You never know when you might be lucky. "Luck is what happens when preparation meets opportunity.” This is a great site for both preparation and opportunity. Will you be prepared when the opportunity hits you in the face.

I am not from the Philly area, but your inspection contingency period is your due diligence period. You should be able to back out if don't like the color of the grass, no questions asked. If this is not the case then I would think twice about buying in Philly or find another agent.

@Kevin Jackson You may have gotten yourself in a little deep for your first apartment. Are you going to qualify for the loan (networth equal to the loan and liquidity 10-100% of the loan) Have you had 2-3 years experience with a property within 40 units of this property. Do you have application fees, third party reports, engineering inspection, utility deposits, upfront insurance costs, fund to setup the operating account, etc, etc. I am not trying to scare you off, but you need a partner that can fill in these gaps. I would go to your local REI and see if there is someone that has the items that you are missing and wants to get into the deal. If this is a real strong deal that should not be a problem, if not it could be. You could also think about wholesaling the deal.

Good luck