All Forum Posts by: Oleg Shalumov

I would caution doing business with him, as I had a very bad experience with him.

@Michael Peralta I live in Teaneck and know the area. Let me know if I can be any help

Hopefully you are getting more from the property then just covering your monthly HELOC payment, but i would include it as part of my monthly mortgage payment. You could look at it as mortgage company covering 100% of the finanacing for calculation purposes.

As with any HELOC be careful with not stepping over the limit, and have savings for a few month to cover if the rental units is vacant - specially is the rental is not providing extra cash flow.

@Jeffrey Grieshop it is better to ask for rent before giving the offer to the seller, lease agreement can be gotten and verified once the offer is accepted.

For Duplex, I would not be asking for bank statement (this is done for bigger multifamily properties), but you can ask for it along with the lease agreement if you prefer

@Art Gonzalez I would google for property Managment association. Also, look up apartments.com and see who is managing similar properties. 

But @Jennifer Brown is right - the best way is by recommendation. 

@Adam Philpot those properties are in the broker’s pockets. You would need to build relationship with the brokers and when the relationship is there, they will start opening up their listing to you. 

Working on several commercial multi-family investment opportunities in mid-west.

Direct message me if interested in investing/partnering (could be 50%/50% deal).

Thanks!

@Philippe Schulligen congrats on your next deal!

@Kay Kay Singh I believe Philippe already have more than a couple of very successful deals under his belt. 

@Darius King Davis 

- know how to evaluate multi-families

- know the area where you will be investing (CAP rate, average rent, average vacancy, etc )

- have team in place (broker, PM, handyman, insurance, attorney, etc)

- have downpayment or a partner with one

- understand what due diligence to do before purchasing the property (educational part)

This would be a good start

@Michael Glaspie I agree with @Alina Trigub - syndication attorney could be from any state. We usually have two attorneys: one local attorney taking care of purchase, and a separate attorney for syndication.