All Forum Posts by: Account Closed

An agent will be better suited to finding you the deals you want. Search for someone who's been dealing in your target neighborhoods for awhile and let them know what you're looking for so they can toss the properties they see your way. Alternatively, talk to a larger brokerage in your area and they'll give your details to a new agent who'll be so happy to close they'll toss everything and the sink at you.

As for the attorney, it'll entirely depend on your comfort level. If you're extremely sensitive to being sued, get a lawyer. If you're looking to save some money and hassle...go to LegalZoom.

Personally, I would call local property management firms and talk their rates down before going to Craigslist. I don't know too many people that would say no to a few extra bucks just to drive by a place.

Your Broker is right, you would be receiving a "Boot," because a fourplex and apartment complex are not like properties.

Because of the unique nature of this deal, I would take it to a 1031 specialist (I personally like IPX1031) they'll have lenders that can help you and will hold your hand through the process. If you want to be good to your Broker then let him know so he can still represent you.

Back up those emails onto a physical device. You're going to want them when you go to your attorney and explain that he might be trying to wiggle out of an agreement made.

I don't know Illinois law but in Texas, those emails could hold up in small claims. I would get actual legal counsel either way.

For general knowledge, is your group looking to invest in Australia? or abroad?

I'm almost always on the look for them, in every TX Metro, it's not easy but they can be found.

Problem is I have 10 buyers for every 1 seller and everyone wants the exact same thing; Low-performing Class C that can be bought at a steal and turned around for a handful of dollars

@Shamsud-Din J. answered perfectly, I'm just curious as to whether or not you've considered AirBnB. It seems like it would fit your needs well and you might get a better return with it since you can be more fluid with prices. Also, AirBnB can add some protections that you otherwise wouldn't get as a landlord.

For Multi-family properties, 10 isn't big at all.

There can be a few issues. If you want to buy in Seattle you're looking at about $3m, also you'll need a property manager for something of this size otherwise you run the risk of managing the complex becoming your full-time job. Seattle isn't cheap so you'll need to ensure a great ROI before you buy and it can take a long time to find a great deal.

Finding an experienced investor to help you could be hard. A lot of bigger investors shy away from properties this small because it's just not worth the hassle of dealing with tenants when you're not making enough cash flow.

Spend time finding an investor/mentor that'll help you with a smaller complex and ensure you already know a solid property manager. Lastly, I suggest looking at smaller neighboring towns for a good deal. You'd be surprised at how many can pass under the radar because people only want to buy in their backyard.

You could do that, but just remember to plan for a difference in rental rates. It's not always the case though depending on the neighborhood. I've seen some duplex/triplex leases that are similar to a standalone house just because of demand for the area.

Make sure you're comparing everything against the rent rolls of the property in question. If there's a huge difference in renting from the triplex v. a standalone home then try and find out why.

I really enjoy working with  Henry Rodriguez, his office is off of Pond Springs.