All Forum Posts by: Michael Porche

If you are looking for property management in Idaho, I know an excellent Property management team. @Corby Goade His Company Boise Turnkey is highly recommended.  

What type markets are you hoping for? I don't mean to be biased but that was one of the reasons why I moved to where I am now. We have a fast growing market here with a lot of opportunity.

You definitely want to get educated or coached. Also you need to evaluate how much of your own cash you are willing to play with. like @Jason Hirko said, if you get a AA property, its highly likely there is no value to add which puts you at more of a disadvantage to getting the most out of the property. I have some good connections in PA that can probably help you get educated

@Katie Miller I gotta agree with Mr @John Edwards. 100,000 in service to the church, or specifically to a charitable organization that you truly care about. Not to mention it keeps you in a service state of mind. However the latter part of his statement I may do a little differently. I would look to see what investments I know best and what investment is going to take my money the furthest! Its all about leverage. The more you can leverage people(in a relationship based way; meaning you give them value as well) and your own money the better. I was able to leverage 30,000 of my own cash in a business/real estate deal that is settling me a profit of around 8,000-10,000 a month. And I get to help more people in the process of doing it. So with that said, I wouldn't want the whole 900,000 cash to go into a deal. I would look to use chunks of that cash to partner with a lender to obtain a property that will give me a lot of doors to rent like a undervalued apartment complex. I would hope for a certain % return back that would be greater than 15%. If I wasn't familiar with the type of investment, i would hire a coach who specializes well in that investment. I would look to buy a property or business that has a place where value can be significantly added. Thats where you find your discounted deals. Feel free to reach out if you want to know more!

@Fernanda Netto

And yes that shouldn't be an issue. However I'd recommend hiring one whom is state specific. Just cause the laws vary from state to state and can be pretty specific.

@Fernanda Netto

Hi! I'm located in Boise, Id

Investment Info:

Other commercial investment investment.

Purchase price: $250,000
Cash invested: $30,000

Bought Residential Assisted Living Facilities with putting in a new business operations. 18 doors (beds) total.

What made you interested in investing in this type of deal?

The amount of Cash flow originally. Then I found I love providing a service in this fashion

How did you find this deal and how did you negotiate it?

I called all residential assisted living facilities that were 15+ yrs old and asked if they were interested in selling.

How did you finance this deal?

Seller Financing

How did you add value to the deal?

Putting in a new business operations and better marketing to get quality residents

What was the outcome?

A business that was breaking even to producing 10,000 cash flow thus far

Lessons learned? Challenges?

This deal is nothing like tradition real estate. I had a hard time understanding the business. We ended up hiring a consultant who has been in the business a long time. There is a lot more liabilities when dealing with the elderly and care for them. Also hiring quality employees.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

Thank you for your response!! I am looking to JV. It could be syndicated but it would be a small syndication deal and probably wouldn't be best for its use. It's a unique deal that has a lot of meat on the bone if in the right hands.

Greetings my fellow Biggpocketeers! 

I've been raising capital to fund a deal I've been working on for the last month or so. In the beginning I've been pleasantly surprised who would actually give me funds towards this deal and more recently I've felt like I've hit a plateau of my immediate network, but yet to hit my fund raising goal. I've offered annual interest terms over the period of 1 year and showed them the ins and outs of the deal and exactly how it would be making money. I've also been open for negotiation to allow them to get a bigger piece of the pie for the deal. I've had a few people more interested in the bigger piece of the pie of it which I am open to. 

However I felt it to be the right time to reach out to my pocketeer community to ask for help and see what some of your experiences has been and what have your best practices been! I am ALL EARS!

@shiloh lundahl 

It actually worked out well! I joined a Mastermind group And I started my own as well. It has been great. I've been able to help members in my group with their goals and they have challenged me to actually do what I feel uncomfortable doing in order to meet my goal check points. One deal didn't go through but still hungry to replace it soon. The other deal is in the process of closing. I've been going back in forth with the seller for a while. And because of how large and the nature of the deal it's taken longer to close with a large due diligence period.  But I'd say this deal is life changing for my family which I'm excited for. 

ps I don't know if you remember but we talked on the phone at the beginning of this year or last year. I reached out and you gave me some advice and recommended books to read to get started.  Well I read all of those books (my favorite was "Richest man in Babylon") and took your advice on being in a position where you are not over spending in your life to where you can't save 10%.