All Forum Posts by: Joshua Fass

@Ryan Luby: Thank you so much for the thorough response. Really helpful. I was thinking along the same lines, that I had a gap in my reserves planning. I will revisit these numbers and add them in. I am trying to avoid falling into the trap of manipulating the numbers to justify moving forward. Total rookie mistake. 

Thanks again for keeping me grounded and rational!

BR, Josh

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*This link comes directly from our calculators, based on information input by the member who posted.

@Taylor L., @Luke Miller, @Alina Trigub

Thanks to each of you for your time and thoughtful responses. I will take them to heart. I am trying to remove the fear, and be more empirical about this journey. 

All the best,

Josh

BPers,

I am neck deep in online classes, books, and networking for my new RE venture. I am new to the industry, and am looking for the right education, mentors and/ or coaches. Specifically, my current goal is 500 doors in 5 years, Multi Family. C Buildings, potentially B as my journey advances. Currently, I live in Westport, CT. I have a reasonably strong cash position, and want to ensure I am as prepared for success as possible. 

Current reads:

Crushing it in Commercial Real Estate and Multi Family
ABCs of Real Estate Investing
Rich Dad / Poor Dad
The ONE thing
Millionaire Real Estate Investor

Udemy classes:

How to Analyze Multi Family RE deals

If you have any suggestions as to excellent coaches/ mentors in this specific field, I would be grateful.

BR,

Josh

BPers,

Is there a rule of thumb about how much cash you should keep on hand, beyond the aquisition cost? As I am drafting my budget for my first MF Apartment acquisition, I want to make sure I am not over-leveraged.

Strategy will be to acquire a MF apartment building (20+ doors), Class C, with modest investment needed to stabilize the building, make repairs, value adds. I will be utilizing a PM company for some of the operational needs. 

If I have $600k to leverage, what would the right mix of down payment and cash for stabilization, etc. 

• $500k down on a $2MM property, keeping $100k in the bank?
• $400k down on a $1.6MM property, keeping $200k in the bank?

Any guidance is greatly appreciated,

Josh

@Jon Crosby, @Alina Trigub

Thanks to both for your input. My strategy is definately to go for a more substantial (20+ doors) building (or 2-3 building portfolio), in the "C" class. Part of my strategy will be Value Add. The other considerations that you raise Jon, re: having enough cash to adequately manage the process all the way through stabilization, is key. I'll need to think about that. 

Thanks again!

BR,

Josh

@Ryan Luby Thanks so much for sending this on! Looking forward to meeting you, and the other BPers in the local area!

BP Team,

If you have $750k (unleveraged) to invest, and you plan on leveraging, what is the right strategy (and I’m sure there is no singularly correct answer)?

Acquire a single building with 30 units or perhaps go smaller and do a few acquisitions that ultimately get to the same numbers (NOI target, Cash on Cash return, etc).

My concern is that if I put it all into one larger investment, it may take me longer to be able to leverage and and expand.

As always, your thoughts are greatly appreciated.

BR,

Josh

Hey BP team,

I'm looking at acquiring my first MF property and the front runner right now is in Bristol, CT. I live in Westport, CT and do not know Bristol at all. Does anybody have experience with a good agent there?

Appreciate any and all feedback.

BR,

Josh

Hi BP team!

I am doing my first walkthrough of my first (potentially) Multi Family apartment acquisition! Super exciting, and I am being very careful to try to build the right team (attorney, CPA, etc..). Currently I do not have a Buy side broker. The apartments I'm considering are as follows: 3 buildings side by side, 26 residential units and 6 retail.

The seller is being represented by a broker, who has been really forthcoming and helpful so far. He has told me that I do not need to introduce a buyer's broker at this point and that the seller's broker could handle both sides of the transaction. I'm not so sure that is the smart thing to do...

Any advice would be GREATLY appreciated.

BR

Josh Fass