All Forum Posts by: Logan Allec

@Brian Adams

Wow.  From a duplex in 2008 to 270 units in 2010!  Amazing.  You're where I want to be in 10 years, man.  I'm currently a CPA/tax manager providing consulting and compliance services to national and local real estate companies investing primarily in large multifamily.  I also do many of the principals' 1040s.  Man do I want to make what they make!  Thanks for giving me hope.  :)

Is it possible for me to "skip" the whole SFR/2-4 unit phase and get directly into large multifamily properties? Or should I spend some time getting my feet wet with smaller properties? I can't imagine I could get money from investors with my absolute lack of experience. I like your point about flipping houses to establish a track record and rapport with investors.

Tape it on the door?
Put it in a pretty envelope and stick it in the mailbox?  Place on doormat?

Does anyone have a sample one they could upload or at least upload a screenshot of?  I've been trying to track my yellow letter leads in Excel, but my spreadsheets get rather messy.  Any help would be appreciated!

@Albert Bui

 Many more expenses than interest are deductible on Schedule E.  See Lines 5-11 and 14-19 below.  The majority of expenses that the average investor puts into his or her property can be deducted on Schedule E.  In fact, it is more common for investors to be cash-flow positive and accounting/tax return negative due to depreciation, which is a non-cash expense, than the other way around.  Just thought I'd chime in in time for tax day!

Try the Rand McNally website.

@Richard Vandenberg, could you give a newbie LA investor any advice on how to find deals? 

Thanks for the quick help, @Ryan Dossey .  It was helpful.  Yes, the fourplex is listed, and I marketed to it as a wholesaler and now want to try and get the property at a lower price.  Do you think that because the property has sat on the market for 4 months without being sold that the owner may be more willing to go down in price?

I'm still trying to learn the ropes.  Sent out my first yellow letter campaign in an effort to find my first property (looking into doing an owner-occupied fourplex in Northeast LA).

[delete]

Monthly Rent: $5,100
Asking Price on MLS: $830,000 (originally listed in October 2014 for $800,000)
Price that can work for me: $720,000 (this is a hot part of Los Angeles - definitely no 2%/1% rule here).

Do I go in at $700,000?  I feel that that number may be offensive.  However, the seller does not know I have seen the listing on MLS/know his asking price on his listing.  He just thinks I am responding to his voicemail, which he left in response to my yellow letter, so he may not be so offended.

Thanks for the responses, all!  I'm not trying to annoy this person; I'm just curious if this was some kind of test that sellers may use to see just how desperate/in love/whatever a potential buyer is with their particular property.

But it sounds like the consensus is: move on!