All Forum Posts by: Kully Millage

@Dan Mackin Shoot, I just missed this would've like to check it out.  I will definitely make the next one!! Thank you @Bill 

@Bill S. for your response also- I will look into that. 

Hello its Saturday morning, its 6:36 am and today is my first day investing in the Denver metro.  I have been investing in the Midwest markets for about 4 years.  We have completed nearly 200 wholesale deals, several flips, and dabbled in and out of the buy and hold game.  Why am I in Denver?  Well.. that is what I am trying to figure out.  My business partner moved here last year and is living full time with his family- he loves it here.  I have visited many times an also really enjoy spending time here.  We want to take on a metro area, and we are going to give it the next 6 months hard to figure it out.  

My question for you.. where are the meetups?  Where can I meet the investors whooping it day in and day out?  I would like to start attending and meeting you guys ASAP!  

Thanks!

I would recommend Mike Paulsen.  Seems very knowledgeable 

Hello, newbie on BP but 5 years field experience.  Might still be considered a newbie in the field?

I have completed a lot of wholesale deals in the Midwest and a handful of fix and flips. I raised money once to buy a portfolio of 10 SFR houses. So I have some experience playing with investing dollars. I eventually sold my half of the equity to my partner, but investors were paid and happy!

Would love to connect with a fella/gal or two who is interested in making a return on their money.  At first we can focus on quick profits like fix in flips in the Sioux Falls, SD area.  Then, work into buy and hold scenarios.  If this message pertains to you, feel free to reach out me!

Kully  

@Tj Hines @Mario Am @Justin Thiesse @Bjorn Ahlblad

Appreciate all of your input, all very valuable. I am giving myself some time decide what the acquisition is going to look like- or if there will be one I should say! I think one thing I can say for certain is figuring out some sort of seller finance if I am going to purchase myself. Could any of you guys elaborate on different structures for CFD? Down payments, interest, terms, balloons, etc... If you were in my shoes what time of structure would you be looking for.

@Bjorn Ahlblad  @Nathan Gesner Thank you for both of your responses.  You both mentioned installments or creative owner financing would be a good option.  Which I understand the benefits to both of us.  My question would be what kind of terms/installments would you guys shoot for?  

As for the age of the building you are correct in stating things are reaching the end of there age.  Which is a concern for me also.  Windows will all need to be updates during my ownership as well as all roof mounted AC units per 23 units.  This is where I start to get a bit concerned being a newbie. 

Tenant class is good, I do have a CPA yes, and undecided on self management- my hope was no.

Kully   
  

Hello, I have a 23 unit complex under contract in Sioux Falls.  It is right at that 1.4m mark, brick structure, built 1980, and generates 800/m per unit.  The owner is 80 years old and is the original owner / builder of the property.  Really neat guy that I have had the pleasure of getting to know!  My question is as follows:

As a first time multi unit buyer, I am struggling to figure out the best way to buy.  Should I buy it myself- with a conventional investment loan at 20 percent down?  Should I split it with a partner 50/50 and split the down payment costs, potential maintenance consts, etc?  Should I try and work out creative financing with the owner, possible down payment with interest and balloon payment?  Perhaps I pass all together and let someone with more experience step in and buy it because I am in over my head? 

Obviously I understand calculating your CAP rates, figuring your upcoming updates/ maintenance, and crunching all of the numbers.. I am looking more for your simple answers, if that is possible.

Feel free to leave your two cents... 
 

Hey guys, really appreciate your replies.  This gives me a little bit of simple information to build on.  We are finishing up on a few deals in our market now and heading that way early October.  

Kully

Hello I am from Sioux Falls, SD.  Wanted to join in on this three year old rant.  My partner and I made real money in this little market over here in wholesaling and a few flips.  The year was good...this town is great.  But we want to go to a bigger market, faster market and we are thinking salt lake city.  I certainly DO NOT post income to brag in anyway knowing that there is a lot of bad dudes on here making way way way more than that.  The reason I bring it into conversation is my hope is to double it next year in a bigger market.  So any information is appreciated regarding this topic.  Fire away at me!

Hey guys, few years into investing and wanting to move to bigger faster market.  I'm looking for any helpful info from current Salt Lake Investors about the market.  

1) Are investors buying a lot of rental houses in Salt Lake with median price at 365,000?

2) What areas of town are most popular for buying rentals?

3) Which areas of town are safe and unsafe to market to and look to buy property?

4) Are guys kicking butt in wholesaling in Salt Lake?

Any and all info is appreciated.