All Forum Posts by: Melissa Uppelschoten

@Brenden Mitchum I think you are right. 6-12 months may be the best timing. Thanks for your insights. 

@Azeez K. Great point re: finding the right deal. Patience is not my strong suit, but I think I am going to have to learn it! 

@Greg Dickerson  Thanks Greg. I really appreciate your insights. I do thankfully have an architect that has done many adaptive reuse projects. I have enough of a budget to pay for the expertise needed. But it is my job to find the property. I am looking for someone to help guide me as I am locating the property and later to secure the construction loan. I have the funds to purchase the property and to work on the zoning, architectural and building plans. 

@Steve Morris Thank you. I am doing all of the driving, looking (litteral spinning wheels):). I didn't have either broker do anything except pull reports for me. What I want now is a sounding board and someone to run ideas by. And if doesn't work out, it will be a great lesson for me. Thankfully all of my past deals have worked out great! So I plan on continuing that momentum. But I sincerely appreciate your words of caution!

Fellow Investors - I am seeking someone who has actual experience taking an abandoned property and turning into a small multifamily (10-12 unit). I have been looking for a property for about 6 months now. I started looking for an existing apartment complex that needed TLC. After working with a highly respected broker in Atlanta who only deals in multifamily, realized there is ZERO inventory. So I decided to switch to looking for just a shell property and create our own multifamily. I switched to another highly respected broker who only deals in commercial property - and quickly found there is ZERO inventory of these buildings either. So I have been hitting the streets, driving and contacting owners directly. 

I would like to pay someone who has past experience doing this a fair hourly fee to help be my accountability partner in this - for a weekly check in. I am confident that I will eventually find the right property. The biggest struggle I foresee is that I will need a construction loan. I need to have a really solid business case to secure a loan given my lack of multifamily experience (I have only done SF homes to date). 
 

Location doesn't matter much to me, as long as you are in the US. I am a huge Jim Rohn fan and believe that honing my skills, discipline and being of service are the keys to success. Would love to work with someone who has that same attitude towards life. I know you are out there! Thanks for taking the time to read my post! ...Melissa

Hi All... Anyone have any insight into when Tax Lien Sales might start up again? I am particularly looking at Fulton County, but would welcome insights from anyone. I understand why Foreclosures have been paused. But don't understand why Tax Lien Sales would. Thanks much!

@Javier Grimaldo It depends. We sold our primary residence to friends. We did not use a realtor. We used a closing attorney to type up a contract. I did take the realtor class, just so I would be familiar. But it wasn't necessary.

I am now about to sell one of my rental properties to my tenant who has been living there for 4 years. We are about to do the same thing.

There are some instances that I wouldn't take a step w/o a realtor - such as buying a commercial property. But they are not always needed.

@Ryan Taylor I too wanted to start here on small multifamily and found the same thing after months of searching. I am going to hold off for now until things get reasonable.

I really like Groundfloor. I have seen some multifamily investments out there. But they are mainly single family. But it is a great way to crowd fund and get a decent return. Their site is pretty intuitive. Wishing you success!

@Ellie Perlman So helpful! I took half a page of notes from this. I am going from Single Family to Small Multifamily (10-12). I appreciate the clarity.

@Jason Barnes I too am planning on purchasing a multifamily and don't want to partner with anyone. I have had a ton of people state their concern with my ability to secure a loan since my experience is only in single family. 

I would contact all of the smaller banks in your area - credit unions, etc. I reached out to a small local bank that provided a construction loan for me in the past and they said if the numbers work and it has sufficient cash flow that they would definitely consider. 

All the best to you in this exciting time!

@Jake D. Crouse Do you have any equity in your home? I started out my BRRR method using a HELOC on our house. My husband is extremely conservative with our finances, so I had to get our Financial Advisor to approve before he would consider. She did and it was the best decision we have made. I have been doing it for 5 years now and my husband is jealous of the income I am able to produce w/o having a 9-5 job like he does. I introduce him as my "insurance" :). So grateful for that and his support. All the best to you and your wife!