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All Forum Posts by: Karsen Wynn

Karsen Wynn has started 9 posts and replied 14 times.

Post: Managing Multifamily Property

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1
Hey guys I currently pursuing a purchase of a 10-30 door multifamily property. I haven’t found a deal yet but I have been looking around and playing with some of the numbers on a few properties near my hometown. Before I purchase any property I want to have a strong understanding of how my management should work. I want to learn how to manage a property from a distance before I make the decision to use property management or not. If you guys have any good resources (books, articles, or podcast episodes) or advice that would be greatly appreciated! Thanks

Post: Billing Company Business Idea

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1
Hey guys my latest idea has brought me to look further into building a non-medical billing company for businesses in my market where I would handle participating company’s billing needs and charge a % of collected income (hopefully this will help fuel some of my RE deals). I have a basic understanding of the expenses I will incur however I am not sure if I will need any licensing or permitting or anything of that legal nature. Also I have no idea how to judge a demand for the company in my market other than just jumping into the business and seeing the reaction. I would really like any advice the BP members may have about the billing business! Thanks, Karsen

Post: Starting Out In Self Storage

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1

Hey fellow investors! My name is Karsen, I am currently a college student and I have been looking around for multifamily (duplex, tri, and quad) and stumbled across a deal for a piece of property in a small town. The property has a chain link fence that is in good shape around the whole lot. It has 4 buildings on it and one contains an office space. In all there are 67 units and 30 are ready to rent after cleaning them out, the rest need to have tin built up around the already framed units and we have to put doors on most of those unit.

The owner is very flexible on financing the property. He is willing to let me put down 5K on the property at 5% for however long I want to with a balloon after a year. I will be taking the deal with contingencies to protect me in case the market isn't there that will get me out of the entire deal in worse case scenario I'm out my investment which I'm comfortable with and the owner thanks its a fair deal also. There is a ton of value add to this place and I would be paying only for the value of the land. 

This deal will get me started in the career I want to take (buying real estate of course!) Its a limited risk and a lot of work (that I have lots of time for). I am a college student with classes on Tuesday and Thursday so I can't be at the facility full time and it want really make enough money to pay anyone to help (as is). How does my deal sound to you guys? How can I maximize my revenue with other add-ons (low capital of course)?

Thanks!

Post: Strategy for a New LLC

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1
Hello my mother and I are starting a new LLC with $75k startup money we haven't yet thought of a definite strategy for scaling the company but are looking at our market to figure out what would best fit us. What would some of you guys do in this scenario to scale a new LLC with 75k depending on your market?

Post: RE License Question

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1

Hey guys I was wanting to know what type of real estate license I should get. I want to be an investor and I want to have a license for access to the mls and for educational purposes. I have noticed there are several different types of licenses and I am not sure which one I should get. Also does anyone know if I obtain the license in Georgia can I use it in Alabama?

Thanks, Karsen

Post: Question About Rents

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1
Thanks guys! Great feedback!

Post: Question About Rents

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1
Hey guys I'm a newbie land I have a (probably dumb) question about mobile home rents and lot rents. I was looking at a park earlier today (just practicing making offers!) and I noticed they had some junky trailers and everything was kind of a mess around the park, they were charging $155 for their lot rents. I feel like there is lots of potential here but how would an owner get his tenets to agree to a rent bump to maybe 200-300 dollars per lot and how could that owner get increase the value of the park to justify that rent increase? Also how would the park owner get his tenets who live in the park owned trailers to agree to a bump in their rent? Thanks, Karsen

Post: Starting Out Strategy

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1
Thanks guys I appreciate the help!

Post: Starting Out Strategy

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1

I am currently in college and I have parents and grandparents that may or may not want (they are "iffy") to invest in real estate and of course they are not wanting to take the time to go out and look for an amazing deal. So as you would've guessed I am the one looking more than they are and they seem like they don't have as much interest as I do. They have the money to do a 50-50 deal with me (they fund the deal and I manage it). However, I haven't been given the "green light" from them, i.e. I don't really know if they have their seed money ready to be invested. I don't want to waste anybody's time so should I wait till they give me the so called "green light" or should I go find a deal and show them the numbers? I was thinking that if it was an amazing deal they would go find their seed money as quick as they could or I could go find someone else to invest with. I guess is what I'm trying to ask is should tell someone I am going to buy their house (I guess that would involve a contract) without having a definite way to finance the deal. I know I will be using private money but Im not quite sure who from. 

Thanks, Karsen 

Post: Financing & Cash Flows

Karsen WynnPosted
  • Auburn, AL
  • Posts 14
  • Votes 1

thanks guys!