All Forum Posts by: Brad Carrier

The flyer the owner sent has this listed for monthly expenses.
$ 25 Grass/Snow
34 Trash Pickup
376 Heat Bill Total Both Buildings (Averaged over 12 months)
75 Electric Total Both Building (outside lighting, furnace motors, sumps averaged over 12 months)
539 Water Bill
65 Insurance ($100K Liability Policy Only, Auto Owners)
300 Taxes
250 Cleaning/Maintenance/Repair

$1664 Total Reoccurring Expenses

Current Monthly Income From 10 units $3950 @ $395 per month per unit

Difference Between Monthly Income and Reoccurring Expenses: $3950 – 1664 = $2286 net

He included a tax bill from 2013 that has the tax assessment listed as $56,000. The asking price is $169,000. I'm working on making a spread sheet I saw in another discussion to evaluate better but does this send up red flags for any of you?

0 Votes

You wont find the rough stuff by buying online. Who wants to put their shame up for the world to see?

2 Votes

You could refinance the existing house to start getting into more houses. On the other hand if you wanted to stay minimal risk you're in a really strong position right now. You could just bank the income from the house you already own outright until you have 20% down to get the next one on a mortgage.

0 Votes

Originally posted by @Ken Rishel:

As I wrote earlier in this thread, I normally hire an outside consultant when I need an executive summary...

That said, since I am now on the other side of the picture, I receive unsolicited executive summaries from people looking for investors. They range from 3-100 pages. Three pages is too short, unless a kid is looking for money to start a shoe shine business. 100 pages would be far to long even to finance an international shipping operation. 25-50 pages seems about right for most executive summaries.

Frankly, I never bother to read an unsolicited executive summary because the very fact they send them before a face to face meeting tells me they most likely do not know what they are doing. Executive summaries, other than the obligatory one page one used in the face to face meeting, should never be offered unless, and until, the prospect indicates they want to do the deal. The ES is for verification on what was said verbally - no more, no less, and is normally read by the person paid to say no after their conditional yes.

There is a physical aspect to a well-done ES. Mine were always professionally book bound in a leather cover, with gold fold debossing for the cover header and my contact information. The paper inside was pure white, 32 pound 100% cotton either from Crain or Southworth. Remember it is going to make some kind of impression on someone you may never have discussed the opportunity with. Conservative and professional is the impression you need.

As to the content, it varies with the investment opportunity. There really isn't a template for every type of opportunity, and if there was, I likely would not recommend it because I would not have faith in it to actually do the job. But, in answer to your question, I can tell you that resumes are only a part of it.

Many community owners raising money use Bill Carr of Rainmaker Consulting out of Davenport, Iowa for their executive summaries. He does them for many of our clients and they all seem happy with them and they are getting results which is what counts. There are some consultants whose whole job is doing executive summaries, but I have no idea of how good they are at their jobs, so I can give names but no recommendations one way or the other. The firm I utilized only did them for existing clients of their consultancy, so there is no hope there for most people reading here. (Marakon) Yes, consultants hire and utilize consultants themselves.

My local public library probably doesn't have anything as nice as an executive summary printed to those standards. I hope each one caused millions in commerce.

1 Vote

Originally posted by @Account Closed:

Don't I need to be licensed though to gain access to the MLS?

Aside from all the popular websites that have apps try calling a few agents and tell them what you're up to. I called a local agency and the guy I talked to set me up on an automated email service.

I told him what I'm looking for and a service called listing book emails me houses that fit my criteria every morning.

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@Gregory Hodges Skype and Broadvoice have monthly hosting plans for this. If you're looking for a bigger solution than single line single number calling there's other routes I can point you if needed.

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I've been on here on and off for a while doing the whole analysis paralysis thing. You could always start running numbers and doing the math on deals and posting them. Even if it's just an exercise in getting good at spotting deals maybe someone will want to partner on something you find.

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I was just poking through the marketing area for similar reasons. I'm an IT guy by day. So I'm just looking for problems investors have that I might be able to solve.

I was thinking the other day that in a bigger city someone might be able to do a whole business out of making a good interface for investors to do project management for a local handyman service.

I don't know if it's a good idea or not. If you make a million of the idea send me a few scratch off tickets.

0 Votes

Have the lawn people run a bagger sweeper over the property. It picks up the crap for a few minutes more work in bagging. Otherwise just say no pets.

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Originally posted by @Account Closed:

@Brad Carrier I also said "trust is built over time". History proves that I can trust the people who manage it now.

@Brie Schmidt things can change on a dime in real estate. I learned that the hard way. It seemed like nothing at first but after having someone trustworthy see the property it is worse than I thought.

It's good that you found someone trustworthy. Hopefully it starts going better.

0 Votes

All Forum Posts by: Brad Carrier

Brad Carrier has started 3 posts and replied 90 times.

Post: 10 Unit Apartment

Post: Driving for dollars?

Post: How to fund first investment property

Post: Business Plan

Post: How did you find your first investment property?

Post: Phone System for VA in The Philippines

Post: Analysis paralysis, how long is too long

Post: Contracting and IT Services in Real Estate

Post: how do you deal with tenant dog poop?

Post: My nightmare! Issue after issue!