All Forum Posts by: Jung Won Kim

Is the property tax based on purchase price? For instance, if property tax is 1% and an apartment sells for $10MM, would the tax be $100K per year? I'm asking this because hypothetically, if the previous owner purchased the same apartment for $5MM years ago and in the offering memo it shows tax as ~$500-600K, and I purchase it for $10MM, would the property tax increase nearly 2-fold just because I accepted a higher price than what previous owner bought at?

^ Please disregard - I thought I started a new convo instead of posting under someone else's (still need to get used to BP mobile app)

Is the property tax based on purchase price? For instance, if property tax is 1% and an apartment sells for $10MM, would the tax be $100K per year? I'm asking this because hypothetically, if the previous owner purchased the same apartment for $5MM years ago and in the offering memo it shows tax as ~$500-600K, and I purchase it for $10MM, would the property tax increase nearly 2-fold just because I accepted a higher price than what previous owner bought at.

Thank you everyone for giving feedback and also DMing me various tips and guidances. This was my first post on BP and my expectations are already surpassed and am greatly encouraged by the community support here. 

@Jay Helms

Hey Jay, I've read about a mastermind group from "Think and Grow Rich" by Napoleon Hill if that's what you're referencing.

Is what you are talking about different from a Meetup? If so, I'd appreciate learning more about it. 

@Omar Khan Haha thanks for your feedback. By mentor I was thinking more of a one on one type of deal from a relatively successful syndicator. Def was not thinking of gurus or syndicators with an established program with tens of thousands of students. The recommendation to find a mentor was from Joe Fairless in his book on apartments. Not 100% sure but I imagine his mentor didnt have as many students as he does now (though I may be wrong)

Great, thank you guys! Planning on attending local meetups for now and looking out for large conferences as suggested. 

(Note: I am not writing this post as a mentor request but rather guidance on how to find mentors). 

Hi all,

I've been reading and listening to a lot of materials on how to get started in multifamily investing (apartment syndications specifically). One great book I read suggested that finding a mentor is essential - not only to guide me in the right directions, but to leverage his/her experience/network when pitching to potential investors, finding great property managers, brokers, securities lawyers, ect., and more. 

I understand that I can meet experienced syndicators at real estate meetups, but what is the industry norm? Is there a way that an inexperienced person can add value in exchange for mentorship besides payment? Also, if mentors in real estate expect to get paid, what is considered standard levels?