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All Forum Posts by: Patrick Flanagan

Patrick Flanagan has started 89 posts and replied 250 times.

Post: top mistakes made when buying a smaller apartment complex?

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166
Quote from @H. Jack Miller:

To much leverage, to little cash reserves, being to optimistic are the big ones. 

Awesome! Thank you for the response 

Post: Your first apartment purchase

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166
Quote from @Nathan Gesner:
Quote from @Patrick Flanagan:

It absolutely did for me. I bought my first apartment complex, then bought another six months later. Unfortunately, that was the end of it because I'm in a small town and they don't come available very often. Making that first purchase made it easier for me to see what was possible and move forward on the next deal.


 Did you have opportunities to increase the value?? I came to the realization after putting a new roof, remodeling units and raising rents on my 4 plex I can’t get the value add like I can on a +5 unit building. Then doing all that on a 24 unit…. Your returns would be a lot larger

Post: Your first apartment purchase

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166

good morning,

As I’m learning the steps to take to buy a apartment complex. I’m curious what your story was to buy that deal?  Did it make buying the next deals that much easier? 

Thanks,

Pat 

Post: How to make your tax accountants job easy!(ier)

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166

What are the top things I need to be doing to make my tax accounts job easier? 

What systems do you utilize in your small or large real estate business to track and log all your real estate transactions. 1 to make your accountants job easier. 2 to make sure you get the maximum return on your taxes from all the improvements done to the property. And 3 to make your life smoother. 

Post: Tips on stellar book keeping

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166

Hello,

I need some help on book keeping. I went from 0-6 units in 6 months. I did all my research on how to find the deals, analyzing the deals , learning how to find right property managers, setting future goals on what deals I want next. 

But I failed to do my extensive research on book keeping. I’m wondering what systems and process I can put in place to have stellar book keeping. I’m kind of embarrassed on how well I can analyze a deal and get the money to close on that deal. But I know next to nothing about book keeping. 
from what I have now, I have a separate bank account for my real estate(mortage payment, property taxes, and rental checks move through this 1 account)  I just don’t see this being the best idea for the future when my next goal is a 16-24 unit apartment complex…. Seems like it would get cluttered, my property managers send me monthly income and expense reports(that are in my email archives)… and that’s about it. I know this is the bare minimum, but I would like to get some advice on what I need to be doing to make the process of scaling much easier and more efficient. 

A Issue I’m running into is with my accountant, getting all the correct work orders that I have paid contractors over the year to do, all the expenses I’ve paid fixing the units up etc. 

Please feel free to roast me! But I’m hear you learn and improve! 👍🏻💪🏻

Post: Best way to network to meet apartment investors

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166

Goodmorning,

I was just curious what are the best ways to meet apartment complex owners and learn from them? I’m trying to find the best ways to network. I called a few property managers and they weren’t willing to release owners names of apartment owners.. which I respect. I just moved to central Oregon and signed up for my local real estate meet up. 

Thank you,

Pat 

Post: Owner phone number contact information

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166
Quote from @Luka Milicevic:

Just something to add here on the whole "invasion of privacy" that has been mentioned.

I have called countless owners, large investors, small investors, single fam owners, large apartments, everything in between.

No one has ever asked me how I got there number, no one has ever not wanted to talk to me. I've ended up being on the phone for quite some time with many of the people that I talk to.

Most investors are happy to talk to other investors and assist where they can. 


Exactly lol invasion of privacy sounds like a excuse. The fact is a lot of people would love to help and tell you their story  

Post: Owner phone number contact information

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166
Quote from @Moses Bowie Russ:
Quote from @Account Closed:
Quote from @Luka Milicevic:

Just something to add here on the whole "invasion of privacy" that has been mentioned.

I have called countless owners, large investors, small investors, single fam owners, large apartments, everything in between.

No one has ever asked me how I got there number, no one has ever not wanted to talk to me. I've ended up being on the phone for quite some time with many of the people that I talk to.

Most investors are happy to talk to other investors and assist where they can. 


Just yesterday—I’m not making this up—someone called and asked if I wanted to sell my house on X-street. I asked which one (I own most of the houses on that street) and he said the one on X-street. I asked what it looks like and he said he didn’t know but that it is the one on X-street. I asked him how much is he offering and he didn’t know. How am I supposed to respond to a call like this?

I enjoy talking to real estate investors, but this guy wasn’t a real estate investor. He is just one guy out of 100 who bought a list containing my personal information and the properties I own so he and 100 other people can barrage me with letters, emails, texts. I do not respect people who trick inexperienced people into buying these lists and I find the people who buy them annoying. It’s just spam.

We all have to walk the line between efficiency and legitimacy. Google/Redfin are your friends. If you have advanced tools like Propstream, sometimes they will tell you when someone owns the whole block. At the very least, you should be looking at the house and know if there's tax debt. Takes about 2 minutes. Everyone warms a conversation differently, a few questions about the property and then I tell the person I want to do a little research on pricing, based on what they've shared. I do a little research and then I call them back. Trick is to make them like you enough to answer the phone. The more you do, the easier it is to begin that money conversation during the first call. 


Post: Owner phone number contact information

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166
Quote from @Scott Mac:

You need a lender to move forward.

Start talking to banks in your area, big and small and ask them how much you can borrow.

That is you limiting factor. It will be based on your down payment amount and other things.

That will tell you how big you can go.

Understand Class A,B, C and D areas and decide how low (in class) you will NOT go.

Now I'm not saying apply for a loan, I'm saying drive over to the banks and talk to them.

You need this PARTNER to be able to buy.

Also study up on how to Run the numbers for apartments.

and how to make an offer via Letter of Intent.

There is a LOT to this, and I'm not a teacher, so you will have to hunt things down on your own.

BUT...If it were me...I would start focusing 100% on popping up in lender offices in person (then via phone) with questions.

When you believe you are ready to buy, then just get pre-qualified for a loan and start looking for a property.

It may take you year or more to learn enough to do this--the more you know the lower your risk MIGHT be.

Pretty much what I am saying is the lender will dictate how much you can spend and that will dictate the number of units.

Also figure out CAP rates, commercial brokers can give you that once you are ready to start looking to buy.

Great info thank you 

Post: Owner phone number contact information

Patrick FlanaganPosted
  • Property Manager
  • Prineville, Or
  • Posts 261
  • Votes 166
Quote from @Moses Bowie Russ:

It's an organic process. And you can be ambitious. And you can climb fast. But you cannot skip steps. If networking is evasive. If clear and brief elevator pitches are evasive, you may get in front of the person you desire, but you likely will not be ready and as a result may not be taken seriously. And worst of all you have created a roadblock for yourself in a place where there was a pathway. While you're trying to skip steps, take that time to start the steps. It's a poor practice to disregard what anyone knows especially if they are ahead of you. That person who has multiple single family homes, likely has a plan and knows how to network and has relationships with CPAs, some banks and builders etc. Take a look at the resumes of the people that you want to connect with. Look at your knowledge base, look at your professionalism. And ask your self why they would choose to do business with you? And then close the gulf. You cannot wake up decide you like basketball and then go play in the NBA. I saw this with all respect and encouragement. 


 Great advice, thank you for that