All Forum Posts by: Mike Bolen

After years of using an outside property manager I have decided to take tenant manager back in house. Can any of the experienced landlords recommend an online tenant screening company you have used?

Thanks in advance!

I completed extensive research and found and hired a securities attorney recently to create a fund, prepare disclosures etc. if anyone needs a referral to an attorney that only practices securities law let me know. Merry Christmas, Thank you! 

@Mindy Jensen LOL love that movie! @Brandon Walason I have purchased many properties on main roads with heavy traffic. ANY location can be a deal so long as you are buying the property at a discount. If a surrounding property of similar floor plans are selling and the property you are researching is discounted significantly for the road noise factor and you can fix & flip and still offer the property at a discount to those located on quiet side streets you should be good. I have found some exceptional deals on main streets simply because you can offer a rehabbed home in a great zip code for a big discount. As always the deal is all in the buy not the sell!

I have been researching an offering of this type but I don't see an exemption from the SEC for a PPM with a 506B offering. The SEC website says "you must give non-accredited investors disclosure documents that generally are the same as those used in registered offerings." which to me says you must provide a PPM. Tim, can you point me to a resource that says a 506B has an exclusion from a PPM. Thanks so much!

Did you create a private placement memorandum for your investors?

BJ sounds like you are putting in the effort and that's a big part of the equation. Good luck on your venture and feel free to reach out anytime. 

BJ so long as you have the downpayment 20%-30% of purchase price and the cash on hand to complete the renovation you should have zero issue obtaining a hard money loan. Are both of these items squared away?

@Ashish Chauhan I have a client who I am working with right now here is the strategy they employed. Go to Zillow or similar home search website that reports who the listing and selling agent was for past closed transactions.  Look up your desired zip codes. Make a list of the agents who have sold duplexes, run down ratty homes, and fix & flip deals in those zip codes. You should come up with a list of 30-50 agents. Inevitably you will have several agents who consistently appear on the list. If you have to choose between buyers agent or listing agent go with the agent who shows up on the list the most as a buyers agent. 

Now you have to put on your salesperson hat. Reach out to that agent setup a lunch or coffee and give them your elevator pitch. You need to sell the agent on your ability to close, ability to purchase without a bunch of hassle and offer a promise to relist with that agent if it is a fix and flip. Repeat this process until one of these agents is willing to work with you.

There are many strategies to finding an agent and far more strategies to finding great investment properties to purchase. I hope this nugget works in your search!

The plan B you outline sounds too complicated and fraught with problems. I like a simple approach such as: No money for downpayment = Collect a finders fee for being a bird dog. Do a few bird dog deals set the money aside and work your way up to being a legitimate buyer. 

And yes I have personally used hard money on many buy and hold transactions over the years.  

I would look into Solano, Napa, Sonoma counties. There are still deals that will cash flow right off the MLS within certain areas. If you're willing to do some work to the property deals abound! I would focus on small condos and small single family homes. Multifamily valuations generally seem very stretched but should moderate as interest rates increase.