All Forum Posts by: Kathy Stewart

I live in Ca. and am working with a potential partner in Lubbock as well as another in Florida to do the same as you describe. While striving for the best possible value, I stated up front I am not greedy, rather more interested in the long term relationship whereby both of us are comfortable and trusting of each other. For sure, we will clearly define the partner and/or JV details. I find that initially communicating I am open to the other party's ideas for the structure produces the best long lasting value and working relationship.

I live in No. Ca. where the prices are at least what you cite. I invest in Texas and have excellent "boots-on-the-ground" coverage for property management, agents identifying properties for me, rehab/construction coverage by those who own their own company, etc. Networking and close, ongoing contact has expanded my portfolio and now form SFR to MF.

My property managers have managed my properties for almost 10 years, and to my delight.  I live in Ca. and invest in Texas. Two of my properties had extensive storm damage a few years ago and needed the roofs replaced.  My property manager first and most importantly provided the temporary repair for the Tenants' safety and ability to stay in the home.  He next worked with my insurance agent and his roofing contractor to take care of every single detail resulting in both roofs being replaced, no money out of my pocket and providing me the paperwork to sign. 

Lisa:

Keep networking as the ore people you speak with, the more you are able to separate those in your future circle/those not.  I seek on the one hand 150+ Class B value add MF in various Texas markets and also up to 20 units that I might consider for myself.

Your strategy should pay dividends for many years to come-just insure your financials are realistic for the rehab, potential rent increases, etc. 

My target is 12% however I may have little of this in year one and I also seek value add, so the expenses for that first year could be meek while exceeding far beyond 12% in year 2 and beyond. If I always required the 12% from year 1, I may miss valuable deals that pay off much more handsomely in future years.

I am reviewing a 72-unit in the DFW area, a 52-unit in Houston and a possible JV in Lubbock. All of these came through extensive networking and staying in touch with ongoing communication with the respective individuals.

I live in Ca. and have made a good connection in Jacksonville, which is a good market at this time.  Networking and discussing our individual objectives and how we might create mutual value produced our relationship. So, while I am more familiar with the Texas market, I am comfortable to now consider Jacksonville and my connection may now have an interest in Texas.

Harold McKee at 512.626.6470 may be able to assist.

I live in Ca. and invest in Texas, able to do so with excellent property management, construction/rehab contacts and financial connections.  By communicating with several brokers as well as individuals, I have a great circle of agents sending me properties to consider as well as financing leads.  Initiating your network activity is everything.