All Forum Posts by: Joe Hughis

@Jasmine Benford You are most welcome Jasmine!  Hope you're having a great day. 

@Jasmine Benford - Are you looking for Residential or Commercial?  For commercial I recommend "Commercial Real Estate Analysis and Investments - 2nd Edition".  It's a bit spendy, but it does provide a good depth of information on how to review, analyze, and interpret commercial real estate properties.  

@Joaquin Rosario - Finding a broker to hang your license with is only one part of the equation. If you are new to the industry make sure that the broker and company you choose to work with can provide you with the mentoring, guidance, and support you will need to succeed.  

Welcome to the real estate industry, Joaquin! I wish you success and above all happiness in what you do.  

@ah.  Well, pleased to make your acquaintance regardless, Lee.  :)

Hey @Lee Schram - I'm not sure about REI Club meetings and meetups, but I'm glad to make your acquaintance. My company is Riverdale Funding. We specialize in provide commercial/investment property funding to borrowers who need a fast closing or have circumstances that put them outside of traditional lender guidelines. Our "All Credit Accepted & No Financials Required" commercial loan program is quite popular. Looking forward to having my company be a reliable source of funding for you. :)

@Nick DiTommaso - For a duplex (where you live in the other unit), it doesn't always work out where your one tenant ends up paying for the entire mortgage on the property and all the factors you mentioned. But you have to consider, that if you purchased an SFR you would be liable for the entire mortgage plus expenses, which I would venture to say will be more than $275 per month. You have to live somewhere, right? :)

Hey @Suzan Barros. Good question. First and foremost, congrats on venturing into the CRE world. It's a whole new animal, as far as real estate goes, but it can also be very lucrative and fulfilling. I smile as you are describing what is popularly known as "joker brokers" - the seemingly endless line of in-betweens who all claiming to have direct access to funds or product ownership. I guess any time there is big money on the line, there will always be people wanting to claim a piece of it. That being said, in the Florida market, there are various services (most good ones require fees) and companies that can get you directly to owners of properties....ahem, title companies. :) ). There are also different ways to market and mine for data by cross referencing information from various free sources. Just have to be a bit creative. :)

But just as an FYI. my company, Riverdale Funding, is a direct source of private money for commercial properties. We accept all credit scores and we do not require financial statements. So, when you inevitably get those hard-to-place CRE deals that come your way, remember me, okay? :)

@Jonathan Johnson - Location dictates price. The more "attractive" the location, the higher the market price the property will command and the lower the cap rate will be, regardless of NOI. After all, when you are first going into a property, it's income and expenses are relatively set.

That being said, if in that location properties are selling at a 5% cap and you found one that legitimately offered you 7.5% cap then you found a great deal for that location.  Some real estate investors are strictly cap buyers and would rarely considers a property's location in determining a property's worth to them.  However, other's will take into consideration the strength of a property's value and potential to increase in value (among many other factors) as compensating factors to a accepting a lower cap.  This strategy can be part of an investors greater portfolio diversification.

But to answer you last question, it is about what your ultimate plan, strategy, and investment style are.  

@Mark A. - Probably overthinking a bit much. :)  But it's on the side of service and caution so it's not a bad thing.  However if you do end up doing that, you'd be high rating as a landlord in my book! :D 

@Mark A. Gotcha.  Given that, you can either hire a cleaner to quickly address the situation (if you do that, make sure to have it noted that your tenant agrees to this solution and you get their completion acknowledgement), or you can take the hard-line of saying they have already signed and taken possession of the unit.  Personally, I think hiring a cleaner would be the easier route and is a minor expense in the grand scheme of things.  Also, it will promote better relations with the tenant in the long run.  Hope it all works out for you!