All Forum Posts by: Jim Farrell

@Paultimmins That was an incredibly thorough and helpful post. Thank you!

Jonathan, it sounds like you have a lot going for you. You make an excellent combined income and live in a metro area where the cost if living is much more reasonable than most anywhere on either coast. Your ambition in aggressively paying down your wife's student loans is commendable as well.

However, I'm with George. To try and make your first MF acquisition a $1.5 million deal is definitely shooting for the stars. I'm in the DC area, so I have no clue what Detroit-area price per unit generally is, but how about considering no more than 4-8 unit property? You'll gain the same amount of experience you would on the bigger deal and can jump in sooner.

Good luck.

Can anyone recommend any books or trainers that provide help on setting up good systems for finding multifamily deals? I've been a commercial real estate broker for over 20 years specializing in retail properties, so I don't need help understanding proformas, cap rate, NOI, etc.

What I do need help with is creating a good system that helps me identify and sift through numerous deals in a a systematic and efficient way.

Thanks in advance!

Brian, do you have any thoughts on Memphis, TN.

Sorry I haven't responded Paul--been looking for deals!

NE Baltimore. Well, first question I would have is NE Baltimore City or NE Baltimore County? Baltimore County rings the city almost like a horseshoe, and people tend to use those 2 interchangeably.

Certain submarkets in Baltimore City are very solid. Places like Federal Hill, Fells Point, Bolton Hill, areas near THE major employer, Johns Hopkins Medical System.

If you can get more precise on the neighborhood, I'm happy to weigh in.

Hi Paul...

I used to live with my folks in Prince Frederick many years ago, after they had a home built there. I've still stayed somewhat connected to the area, as I'm a commercial real estate agent working throughout the DC area. PF is a nice place to live, if you want to buy a home that is reasonably priced relative to closer-in DC markets. But my gut tells me it's not a strong rental market.

PF is a pretty good distance from any major employment centers. A long haul to DC (over 30 miles), and no major employers in Calvert County, where PF is the county seat. Just a small bit of county courthouse-related employment there.

If you're going to come down to the DC market,I'd suggest you look for more dynamic areas, closer to employment base.

Jim

OK, I've searched the forum for reviews on the above, and have determined hat it seems to be a successor product to Realeflow "Open Road".

Has anyone used it and can you comment on its usability? My primary interest is to manage deal flow, and secondarily to use the website set-up. Thanks!

Check this out: http://realeflow.com/

It seems pricey, but very flexible and customizable. I just joined BP, so I need to search around and see if there are any reviews on the forum.

Jim