All Forum Posts by: Kevin Cook

My experience with Bridgewell was a great one. They were very flexible with my goals and the draw schedule, making it easy to grow. It wasn't cheap, but if you get a property right, they won't be the reason you aren't successful. If you can't raise private funding, they can help a great deal.

Congrats, @Elihu Bogan for success in pursuit of your early goals. My niche is in developing non-recourse capital platforms that propel entities and investors to larger scale markets without future debt service. If I can ever assist you in your business, I welcome the opportunity.

@Matthew A Rodriguez, I appreciate your ambition. Most of us involved in REI started as you are and realized that what we were building would take more than an "employee" effort. Own your future. Register a business. Create your plan. Structure yourself as a brand to everyone you engage with so that you'll know how to discern the best from the rest for your business. This way everything you do for your business will generate credit, present professionally and work to your future advantage. The benefits of owning your own LLC or S Corp far outweigh the costs, and if you can't support the basic business structure then you may not benefit from the business you're trying to generate.

Get properly educated by someone that can see the business from multiple angles and has mastered the multifamily market in your area. Networking is as important as anything else you will endeavor to accomplish because rarely is what we do "NEW" to everyone... someone else has most likely done it before and is doing it better. Don't reinvent the wheel, just work on cultivating the vehicle on which the wheels rest!

If you'd like to contact me I can provide you with some resources to accelerate your planning and training; these are folks who have been there, done that and can insure that you are prepared to tackle the business well.

KC

Congrats, @Tyson Moulton! 100% funding is always a benefit. So, essentially you are the "buyer" and "property manager" in the deal? Are you forming a Limited Partnership with this person for the duration, or are they just the lender until this property is producing income and they are repaid? Further, have they voiced their desired return to you in terms of equity and income? For most of us, the only person who matters first in this arrangement will be the one who strokes the check. While most Property Managers generate 7-10% of rents each month for their role, are you negotiating your equity? Asked another way... Has your investor/lender given you a target % at which he would give you an equity stake (say anything purchased below 70% FMV)?

Asking the right questions will certainly give you the right answers. Always include a Real estate Attorney to draft contracts and create structure for you and your lenders/investors. It will both save and make you money as you develop.

Welcome, @Merline Raymond ! I can feel your energy and enthusiasm! There is an abundance of support, wisdom and help here.

@Rick C. Tampa is undergoing a transformation. Tampa Heights is by far my favorite area to buy and hold due to my love of downtown and the variety of construction. Fix and flips generating 20% COC returns in that area are common, but entry prices in those zip codes are rising. Seminole Heights is creeping both North and East, so I'd look a little bit more in either Egypt Lake-Leto or Ybor if rental property appeals to you. In the end, if you want long-term rental property in Tampa with solid CAP rates I wouldn't overlook Brandon. It's access to both Tampa and Orlando by way of Selmon Expressway/I-75 makes it an area lure for those of us who love Tampa but don't mind a commute (which is most of us).

@Dave Bingham  Hated missing this opportunity!  Looking forward to the next one!!!

No; just pay a small meeting fee and enjoy the initial connections. Membership is $100 and is worth the price of admission as the network is rather large and extensive here. Try it for a few events before you commit; just know that REIAs here have a number of experienced, diverse, qualified members that can assist you and collaborate with you to contribute to your success. See www.tampareia.com for more information.

@Jessica Aust , the next meeting is this evening for TAMPA REIA at 7PM. Welcome; we look forward to meeting you and assisting you as you grow!

@Jeremy Ayres , Welcome! Your goal is an extremely noble one, and BP is a great place to begin that journey. From the Tampa Bay area, there are a number of us that can assist you in getting going and staying profitable. All the very best as you explore this venue and work to provide a future for your family!