All Forum Posts by: Khaled El Dorry

@Alex Ko hi Alex and great post. I lived in Houston and had a very demanding W2 job and I went the turnkey route in Florida. I worked with a company called Hollistic investment and they build all over Florida. So far I'm 3 SFH's in and about to close on a duplex. I average $1000 ish per month in cash flow (roughly 8% CoC) pre vacancy and repair. Repairs have not been bad given that I bought all of them brand new constructions. Not fantastic by any stretch but a good start. Reach out if you're interested in Florida. Another resource I use is the Real Wealth Network (they are out in California) and I found that to be a great source of information and if you meet the criteria they match you up with an adviser who can show you a few options.

Now I’m trying to be a bit more aggressive and build a small team to go after some 4 plexes but so far I have not connected with the right folks yet.

Hope that helps.

@Marvin Bobb I have used property management (8% of rent and 75% on turnover) and then tenant pay online but not sure the platform they use. I find the 75% excessive but I have a demanding W2 job so this takes away my headaches and they have done a very good job so far 3 years in.

I actually just had a conversation with them today. In a nutshell the sales pitch is (and I haven't vetted that yet) if a lawyer wants to sue you because of a tenant issue it is so easy now to do a research and find out how much exactly you own and what kind of equity you got in your real estate and make things uncomfortable for you. What they basically do (via establishing trusts) is they make it very difficult and expensive to search for you and it's not worth their time to pursue you as there are lower hanging fruit. That's the entire premise. Basically about $3K for the LLC and trust set ups then about $700 for every property after that then about $500/year moving forward. I haven't vetted any of this but just relaying what I just heard about 3 hours ago. Hope this helps.

They key takeaway here is this is not a mask if you are doing something illegal and there is no protection from that.  It is just a few layers to make things difficult for these lawyers who want to come after your equity and give a client money due to an issue in your rental property.

@Ali Boone thank you. I was beginning to doubt my basic research skills. I ran into a real good opportunity about 6 months ago and chickened out :) should have known better

Hello - I own 3 SFH's and closing on a

Duplex in next 90 days. I have a very demanding W2 job and turnkey has been a good strategy for me. The company I currently work with only goes up to duplexes and I want to expand to 4plexes. I would like to connect with people who have had good experience or good referrals of multi family turnkey properties. Any help would be greatly appreciated. Thank you.

Hello, long time lurker here. Wanted to seek some advise on how some folks with 8-5 jobs have scaled their real estate property acquisition.

I currently own 3 SFH's and under contract to close on a new build duplex (all in Florida). I started buying in 2017 and all the properties have cash flowed and I'm happy overall. Due to the nature of my job I chose to go with turnkey and I'm quite satisfied with them. Only gripe I have is turnover has been higher than I would have liked but I am still cash flowing $1000/month and duplex will cash flow $700/month (despite a large hit in year one where I was $3K in the hole because of vacancy ) and at least according to Zillow the properties have appreciated a good amount.

The reason I'm soliciting advise is I want to get into 4 plexes and according to my math I need 6-8 more to hit my financial goals. Doing this with turnkey is going to cost me close to $700K in cash and I want to go the BRRR route but I can't commit the time to it as I work 70-80 hours per week easily.

So how have the W2’ers here gone about building their teams? I have a contractor and agent I trust. The route i want to take is buying at auctions but I need help partnering with a driver and someone to represent me at the auctions and clear the title and manager the project primarily. Could use some advise on how to vet them, hire them, pay them, etc...

I’m pretty good at running numbers and mining data and I have the bandwidth to take that on right now.

The long term goal is once I acquire these properties and refinance them I will start flipping some to take the cash and pay off the debt on my rental properties and own them free and clear. Thinking this is a 7-8 year affair but wouldn’t mind being more aggressive with a good team and a disciplined approach.

Any help would be appreciated in that department. Thank you.

 They are all new builds.  Not fix and flip 

Hello,

I’ll be closing on 2 properties in Jacksonville between May and October. My credit score is 800+/-. 823 as of 2/24. 

I already own one rental property in Ocala and looking for a finance partner as I’m looking to aggressively grow my portfolio in that area over the next 2-3 years.

Looking for someone who understands investors and the importance of cash flow and willing to negotiate deals and be flexible on fees. If I like what you have to offer I can lump refinancing my current investment property (closed October 2017) with the other 2 houses if you can lower my interest rate and it makes sense for both parties. Property 1 is $175K and property 2 is $163K. Current rental property is $150K and I paid my 20% down on a traditional mortgage.

Looking forward to meet and work with a long time partner.

Thank you

Khaled 

@Brian Valet please email me at [email protected]

@Brian Valet please send me info on your Florida properties.