All Forum Posts by: Jim Bartek

@Brandon Penn awesome congrats! I have family in Erie, used to visit every year as a kid.

Do you have any pointers for ideal apartment specs in general? # of units that is too small? Cost/unit vs. rent / unit? Rehab costs per unit?

Thanks!

I happen to be a Salesforce Partner if you have any detailed questions, and i know of at least one REO / wholesale app on the platform. Podio lets you DIY a lot of stuff and can be powerful and is a popular option around BP. Salesforce lets you really run an ERP tied into accounting, etc. but it can be cost prohibitive for smaller groups. The platform really shines when you have 30+ users. Personally I'm looking at larger multifamily plays that can leverage software automation to increase profit margins.

County interactive GIS maps. They usually link to the property records.

What tools are people using for this? Also some states you can charge processing fees for certain payment methods and in others it is illegal. But i believe you can always give a discount.

My experience with both Operating Agreements and Lawyers:

• If you have a lawyer who is focused in the contract area you are looking at (multi-party real estate LLC) then their lawfirm likely already has a boilerplate version they like and use and charge for. You can tell them "hey i'm a little cash strapped but can you have a junior associate use your standard operating agreement and make sure these things are covered?" that will help you get a good agreement for less money
• It's critical to understand how one person can get kicked out by the other two, what happens if someone dies and their spouse now has "a say", etc. 
• If it's your first partnership clauses for tracking time spent on the project and money spent and reimbursement of time and money is important.  You don't want to be the mule that did all the work but still only get 1/3rd while the other two free-loaded.  You can either get paid hourly for your time or allow the time spent to accrue a greater interest stake (although that's trickier). If someone is being the Property Manager they should get compensated some how. 

@Brian Garrett Update on how this turned out for you?  

Also, you could do like me and be self-employed via an S-corp and pay yourself partially via w-2, then you would have a w-2 to waive around.  Although the tax hit is likely not worth it if you already can justify to the feds all your income is passive.  

@Elena Sweeney  Thanks for the reply.  These are all good points. I have just seen other threads, mentioning especially in the <$100,000 range for short sales that you can be better off without your own realtor for a variety of reasons.  

@Joe Facenda thanks for all the good points, PMing.

Originally posted by @Jason D.:

@Jim Bartek I'm fortunate that my father is an excellent, investor focused agent. We've spent a ton of time discussing my goals and I know my best interests are always his focus. If I were you, I would frequent local investor meet ups and see who others have had success with. Learn from others' experiences so you can minimize mistakes

Yeah, i have gone through a lot of the podcasts, bought the books from here, and am going through pricing/general contracting on some issues with my primary residence.  

Just haven't had luck with agents, but seems like the consensus here is i just need the right investor agent. 

Originally posted by @Jason D.:

I have better things to do that negotiate a short sale. You need a better agent that has your best interest in mind. Find an investor friendly agent and use your time for things you are good at.

 Thanks Jason, Good Point. How did you go about finding an investor friendly agent? Anything besides the obvious of asking other investors on BP? thanks