All Forum Posts by: Keith C.

@Dennis M. that’s a sweet deal , I’l partner on some those , what location you at ? Can you manage more units?

This is an incredible conference , they walk you through actual deals and provide all the spreadsheets they utilized for Proformas, how to assess t12s , and walking you through all steps to getting the mortgage real underwritten, It is about 4 or 5 evenings over a month period , 10-2 hours total with real people who , acquired and got financing on their multi family properties. The included free takeaways from basic investor distributions and syndications , to more complex waterfall models — the proprietary spreadsheets are worth the admission price alone. https://go.theriversideexperience.com/monsey-multifamily-program?affiliate_id=2142812 Great for networking with your peers and real estate professionals Good Luck Keith

I have a neighbor selling a 580 unit property in Montgomery Al at a 7 cap , if interested please PM me , it

Hi Arn , good luck , Huntsville as every city has various class Neighborhoods, private message me , il give you a good PM based on area ,

I wanted to network with Pre Conference with any BP's who will be attending later this week, If you would like some information please let me know.. Or ask any questions post conference and Id share my expericne  

@John L. Knight I would before anything and consider the MOST IMPORTANT aspect not touched upon yet here , Is to confirm if STR legal in that town. Most cities and counties are fine with airbnb but many small beach towns will come down hard once the first jackass neighbor starts complaining about noise or parking. If you still want to chance to make sure the numbers workin as LTR as well just in case the nasty letter makes it to your mailbox one day ... I believe eventually most towns & cities will allow STR but until than have a Backup plan

Secondly  aside from people driving as someone mentioned I would consider proximity to a major airport. More flights bring more people.   

Lastly  I would start comparing purchase prices with monthly  expectations utilizing sites like Airdna which , I believe if you are a pro member there is a code in Bigger pockets resources fo save a few dollars a month for their data. Or just Pop in some dates and locations on comparable units through Airbnb and VRBO for free . See what people are asking per night and how that stacks ups against your asking price  in the area. 

Turns out this was my first Wholesale deal as a typically Buy to Flip or Hold and rent . Within a few days to my trip to China a   broker whom I put a low offer for a Florida Property called me to tell me if I can close fast, ( as I said I would ) I can have the Duplex at my price, I was certainly going to take the offer but my hope was to be in town , and or start work on rehab myself once I closed.

I told the broker to send me the Edocs , which I signed and wired an escrow deposit to the  title company  the same day.  NO time to loose ,, I figured I would Wholesale the deal and if it didn’t work out I’d keep it as a rental .

I did some quick interpersonal networking at 2 meetups and did a little online marketing and than I was off to the Far East.

As soon as took off from Newark Airport  -communication became a challenge, Aside from the 15 hour travel time , 12 hours time zone difference -- Cell service and even WiFi access was limited at times. Specifically to Gmail & Facebook.. So communication for confirming any offers coming through was lagged -As China tries to block all of our social and emails stuff we are all so accustomed too.

I had a few buyers come and go right before I started my trip and during my stay in China , but I finally got word on Monday morning --( well Monday evening China time)  -- that a Hard Deposit for the property had come in late that past Friday afternoon. News travels way too slow to China. Being I didn’t get confirmation I was on hold via chat, email and phone calls ,, with other buyers that showed up and wanted to close  as well.  I just didn't know if that wire had hit for almost 72 hours ,.. 

In the end I returned on the day of my buy side closing signed both -   buy side and sell-side closing docs ,, Than headed back to NY for a little R&R and a decent profit on the Chinese Wholesale deal … Any questions regarding wholesaling , flipping or keeping rentals please fell free to PM me ,,, Keith 

@Jason D.   based on your response to @Asan Dixon  you were negative and demeaning - you sound like the grinch that stole " rental arbitrage " which was brought up a number  times on BP. You commented and I quote " you'll be the subject of a BP rant.... you'll have one shot at this, make sure you're prepared."   Sounds pretty negative and nasty  ,, I on the other-hand  was positive , upbeat while  offering solid advice and a solution that they were exactly looking for .  Wishing you safe travels wherever you go .. 

We manage STR's on the Gulf Coast from Clearwater all way down to St Pete Beaches. We Charge 18%. 18% does not include the cleaning fees or supplies. As a host your listed fees should cover the cleaning person plus give you a little margin, If you are making an extra 3-5% on that fee , than our cost is only 13% - 15% . We manage inventory , are hospitable and curious with your guests , manage any maintenance issues and prep rooms for the next guests while insure you obtain or maintain a Superhost status -- I think that is very a fair tradeoff , If you listing cant afford that 15-18% than maybe that property is not pulling the numbers it ought to be.

You can absolutely save the 18% and run it yourself , but than it would be like owning a Snapple route with a truck and driving it yourself .. Many people prefer to be in the office and let soemone else do the driving ..   Management makes it Turnkey , Self hosting makes it a job.. 

The main thing is to enjoy what you are doing in life  !! If you enjoy hosting - go for it ,, if not get someone too or get a Long term Tennant.. 

@Paul Sandhu what is your method in getting property at .25 cents on the dollar ? Most banks today don't let properties go for less or much less than true appraised values. Ive been to a few auctions in person and online and the banks usually just but the property for themselves instead of selling it off as a loss . Of course a few get through the crack but in Western Florida and NJ  I cant see banks giving anything away recently .  Is there another means you get them ? or are banks in your your area less sophisticated ?