All Forum Posts by: Mike Stadel

Thank you @Dan Handford I will check that out

Would anyone have any recommendations on a SEC attorney in South Dakota or one that is familiar with SD that can help us form our organization and get it set up right for raising capital to build and purchase multi family property thru syndications. We are in South Dakota and the are in the beginning phases of development currently working with architectures and beginning the studies. Thanks

I use cozy also it does give you updates that the transaction has started and it will give you an update the day before it’s deposited in your account. It’s works well as long as you have a little cushion cuz the lenders still take my mortgages out on the first.

I’ve been at it for six or eight yrs and it’s been a good thing for me. Ya kipping pull-ups I still don’t totally agree with them but whatever.. I’m not hard-core but thanks to Crossfit I’m in the best shape I’ve been ever. I like going in and being told what I’m doing instead of having to think of something. I do take a couple month breaks from time to time now days but that’s when because it gets busy busy.

Being a REO I imagine your buying it “as is” and the bank won’t do anything anyways so depending on what your doing, buy and hold or fix n flip.. If there’s no history of problems in the area and I was doing it as a buy fix and hold I’d probly hold off on the inspection, if your going to flip it and there is known problems in the area you might want to know what’s there because the next buyer is more likely to look and if there’s problems they will likely be asking for some kind compensation. Either way I make sure there is room to work in the budget for worst case

Sorry Donald I just saw your question. Yes I have started to just use the electronic screening and no paper for the application. I am still doing lease agreements on paper with my own “version” and I also do the collecting rent thru cozy which works pretty well too. Sorry for the delayed reply..

Mindy Jensen thanks for the quick response I think I have the @name working now but if I do the @? I don’t get a drop box for people in the conversation

I can’t figure out how everyone reply’s to posts with the @whoever. And how do you do colleague requests? Sorry sometime technology gets the best of me... I do use the app on my phone mostly if that makes a difference Thanks for any help

So basically what I’m doing is working on development of a new complex in my hometown. I’m not shooting for a luxury style apartment because we have plenty of them now. With more to come. Instead I’m working to build a complex that will allow the working people nicer apartment living than an outdated remodeled c class building. I’m asking about the cap rate because in my scenarios I’m coming up around an 8 cap. That’s seems high to me for a new building. Overall I’m more concerned with cash flow and returns than a cap rate but I want to make sure Im creating an accurate and somewhat conservative scenario. I’m figuring at 90 units give our take and trying to keep unit costs at 90k. My expenses are 40% of income. Ave rent is $1060.

I’m in western South Dakota. They have put quite a few A class ones up in last few years