All Forum Posts by: Mike Evans

Im ready for these to come back! 

Thats a pretty good tip @Brian Adams. I knew exactly where you were going with that when I saw your post. Out of high school, I worked for a pizza place that had a list of apartments (small list) they would NOT deliver to. Thanks for sharing!

That is awesome @David Thompson. I'm excited to watch you grow in the years to come! 

Thanks @Jibran Najmi for the kinds words and good advice for @Yvette Hinojos. I am always looking to network with like-minded expierenced investors or those looking to get started. 

Like stated above, your education is the first step to getting started and the most important. Start attending local REI meetings and/cashflow games. You will meet people just like you who are looking to get started or already started. Ive met both beginners and people that are doing 200+ unit deals. It really doesn't matter where you start but you do have to start.

Send me a message since you are local so we can make plans to meetup. I can introduce you to some of the local REI group members. -Mike

@Evan Bell I meant to ask @Cody L. but forgot to. Did you use the Master Lease option to purchase this apartment building you are closing on Thursday? If so, I would like to know how you structured that deal, if you wouldn't mind sharing. 

@Amy Wan Very true. 

@Cody L. I am more looking for the 20-30% raise, mainly because the seller is considering creative financing instead of one lump sum but still wants at least 20% according to the Broker. I wouldn't be opposed to finding a group for the entire purchase then Refi in 2 to 5 years. I would love to take it down solo but I don't have the down payment. I would like to discuss that with you further maybe there are options I am not thinking of. 

Okay 90 for 90 is Freddie. I knew I had heard it just wasn't sure if it was most commercial lenders. Nice work on your next closing! Its really nice to chat with people who are doing it. I appreciate all the comments. 

Thanks @Anthony Aguillard! Im looking to meet more people from BP to see what they are doing and how they are doing it. 

@Michael Le That makes sense. Thanks for the information! 

@Nathan Click I know they are working on getting the occupancy above 90% but doesn't it need to be above a certain percentage for at least 90 days? Im hearing  the term 90 & 90...above 90% for at least 90 days. What exactly is an acceptable debt coverage ratio? Higher than 1.25? I am sure the higher the better but I would be shooting for 1.60 give or take. 

That is very good advice @Jillian Sidoti...Thank you. I don't look good in Orange lol. I want to stay compliant for sure but I would also like to start getting it out there so people know what I am doing and like @Sam Amir mentioned, don't see a tire kicker. I am an action taker and want to very much succeed in real estate because I love it so much. Thanks for the advice, I will certainly get more information on the investor qualification form and see if he plans on putting it in the PPM. 

@Jon Pitcher My attorney asked me a few questions when we spoke about raising the money. I came to the conclusion that I'd be raising money through unaccredited investors mainly because I didn't want to be limited to accredited and wasn't sure exactly how to find accredited investors. But it does seem like the easier (easier is probably a bad word choice, I mean it would keep me out of hot water) route being as they are sophisticated. 

@Curt Smith Good advise thank you sir. 

@Sam Amir Thank you. It was a little scary at first but I have meet some great people through that meet up. I do like your idea of using BP but as @Michael Le stated I would have to be very careful since I don't have a prior relationship established with some of these other people. Is there another way to put it out there with out "Advertising"? If I understood my attorney correctly, he said I could syndicate up to 35 non accredited and unlimited accredited under rule 506 of Reg D (Maybe some of you more experienced guys can correct me if I am wrong). I will certainly look more into properties bought with cash. Perhaps it could be a win-win for others looking to buy up more properties. I love what you said in #4, I believe in Tony Robbins saying "the secret to living is giving" adding value to other people gives you a sense of fulfillment in itself. 

@Nathan Click I have a good idea how much I need to raise although I haven't visited with a commercial lender yet to see weather or not I need 20, 25 or 30%. I do have about $100,000 to put down on this deal and I have verbal commitments from others. I also plan on doing all the work. The total purchase price is about $3.5mm. I believe this to be a really good value add since the property is only about 60-70% occupied. If bought right the property could be a great opportunity for cashflow and equity. Im not super positive I can raise all the money needed for the down payment. That is why I wanted to reach out to BP to see how other people are meeting like-minded people. 

I live in West Texas and I'm looking to purchase my first cash flowing multifamily property in Midland/Ector county within the next few months. I have identified and I'm working on putting a contract on an 80 unit property. I am looking to network with local investors in order to raise capital. Any suggestions and insight would be greatly appreciated.

I currently attend our local REIA meetings, I also host a monthly meet up to play the cashflow board game by Robert Kiyosaki.

I'd like to hear how others are meeting people that are interested in this type of investments.