All Forum Posts by: Dennis S. Gelbart

Bigger Pockets analyzer looks nice but is missing many categories of inc. and exp such as inc- laundry, exp - late fees , any suggestions of analyzer that are free? 

Do not hold off. Basically a friend of mine is a mortgage broker she told me as soon as there is consideration of a change ( a few months ago) they already adjust the rates.

Rates are damn good so go get em...

Dennis 

I have no affiliation with the organization. I attended one of their seminars and paid $197 for three days. The mentors- teachers ARE real. They do invest in real estate. They have some great points and suggestions and some excellent approaches to obtaining financing and how to structure deals. 

NOTE , their goal in my opinion, and it is only my opinion.... is yes to help "students" but to get those students to sign up for the MASTERY program, as well as to invest in their own deals. That is fare game.

I met a gentleman who DID sign up for the Mastery program and paid a significant amount of money. A week later he told me he was called a number of times to help him and mentor him as well as set up other calls and discussions. 

Therefore, on the one hand at the seminar I attended they spent at least 35% pushing their MASTERY product and spent another 20% disclaiming that you will make any money from their suggestions. THIS IS PERFECTLY legit since any advise is not necessarily going to work. The other 45% was good solid content. 

This is just my opinion. I think they are honest people but charge heftily for their services.

At this level you want to keep it simple and easy. Try quickbooks for business. There are a zillion others for Rental properties. I know a company that manages over 100 units on Quickbooks. Not a great idea but it works. Start simple and get it done!

Dennis Gelbart 

Hello ALL,

Thank you in advance for your replies. Does anyone have a copy of a good letter of intent to purchase property in the state of Indiana?. We are about to make an offer and I want to see if anyone has a better text. Also be sure to include in YOUR letters of intent, the 30-45 day due diligence does not start until ALL documents requested are in the buyers hands.  

Thanks

Dennis Gelbart

Hi, JASON,

I am looking in Valpo. Do not know much about portage but, look at Apartments .com or rentometer.com and see what comparable rents are. ALso look at the area as far as its growth on bestplaces.com.  Are there a great many vacancies in the area? Look on craigs list for rentals in area. Call one and see how fast they respond. If its fast that means they have high vacancies. if slow it may mean there is a shortage of apartments.

Good luck

Best 

Dennis

A few points

Put the management fee at about 8-9% 

You should see the cost of metering individual utilities unless you can easily bill out each apartment. 

I would calculate a 85% occupancy, with full financing at 6%

GOOD LUCK  SOUNDS LIKE A DEAL WORTH CONSIDERING.

Dennis

Good question. If the mortgage company is the true holder of the loan. Then keep in touch with them. Find out who handles that loan and just keep letting them know you are around. If they are nearby I would go and visit and see if this property does not work maybe they have others they can offer you. This is a matter of persistence and being patient. 

Best

Dennis

Congrats

First, Make sure you find out about owner occupied properties. You should get a tax break since you are living in the building. I would review the podcasts of bigger pockets and pick the topic that is most  pressing then listen. I find if I focus on my problem now. Look from a PC of the list of podcasts see the one that is your most pressing issue and listen. 

Let me know if that works 

There is also another podcast. He spends a little too much time complementing himself ( the podcaster) but if you get over it he does offer information. Corey Peterson and Multifamily... 

Good luck

Feel free to ask questions

Dennis

I will answer all individually. Thanks all for your inputs.

Eric, 

Good points. What do you consider the worst street in Valpo ? That is a good piece of info to have! Yes 190k for 1 br seems high.

Lake Station may be an idea.

Thanks again

Deana,

Michigan City is a lot older I am told but you can get a  nice 1200 sf single family, is that correct? 

Best,

Dennis