All Forum Posts by: John Moon

@Nathan Avery i'm looking into a gut triplex 1 building with each unit on it's own floor. I was estimating $130,000 and $160k with 20% additional. 

Was yours a full gut? In my estimate, I didn't add cost of engineer drawings for the floor plans, steps, etc but it wasn't near $180k. Could you share a generic break down of cost so I can see what I missed?

@Ben Leybovich thank you for your insight. I've seen people mention 50+ units is the magic number to have an onsite manager on the property. Has that changed to 90+ units now? 

If I am getting into a smaller 10 - 25 unit property, how do you recommend managing the property? I've been looking out of state as I live in an HCOL area. I can't afford to put a down payment for a 30+ (depending on the area). I'm trying to figure out how I should best go about commercial real estate

@Mark Allen do you have any updates on this deal? I know it's been a while but I'm looking to get into commercial MFH and would like to gain more insight on your experience. 

I've done 3 campaigns so far with 600 total mailers sent out in a list of about 1000. I'm curious to know how you keep track and stay organized in your direct mail campaigns as you get calls of interest/do not call and those who don't respond. What tools or processes do you use to stay on top of the list and not let things slide? 

My current workflow is as follows

• Dumped my list I purchased in to it excel.
• Created statuses and notes for each.
• Column for sent date and letter batch
• If the owner reaches out, I delete that line and put all their info into Podio. 
• Rinse and repeat

I'm interested in hearing how you manage your lists and marketing and advice on how to improve my process

@Sam Rust congrats on your first syndication deal! Great to hear success stories. 

Did you get quotes from several lenders? That 4% rate 10 year term at 30 yr arm is amazing! What was the process like to get that? Was there any negotiations?  

I think this makes sense. The seller wants to sell it as a bundle as they're out of state, but I'm going to see if they're willing to just sell 1 than 0.

@Tyler Kastelberg I wasn't considering the individual loans b/c of the bank cost. BUT I'm wondering if this would really make much of a cost impact. I suppose I need to reach out to all my local bank contacts and see what options they offer

I'm looking at a portfolio deal with 3 properties (10 units total). The seller isn't interested in owner financing so I'm looking to get a loan but I'm stump on where I should start looking. I heard about SBA 7a and Freddie Mac but I'm not sure if this would qualify as it's multiple (residential) building (all less than 4 units). 

What are some of my other options?

I've been looking into installing RUBS to increase the NOI. It looks great on paper even with the expenses, but I don't know when it will be acceptable. Would it be strategically smart to always bill back tenants? Should I lower rents and bill back? Does that matter?

I would like to hear from experienced investors who installed rubs and those who didn't against it. Thank you

@Benjamin Ervin congrats on your 1st flip and a success at that!

I'm working to get my 1st one under my belt soon (close next month) but there is a lot of work that needs to be done. How did you organize and plan your rehab? Also, your rehab looks amazing. How did you keep the rehab budget so low? What type of rehab was this?

Thanks