All Forum Posts by: Paul Choi

Are investors still active in Spokane?  Have a 400+ unit storage building under contract in downtown and looking at acquiring some multifamily in Spokane Valley.  Was in town last week and toured some properties....activity is a buzzin'!

Sacramento, Spokane, Phoenix, Kansas City and a few more.  Great markets for 20-100 unit multifamily properties and 300+ unit self storage which is what I focus on.

@Lioneil Guevarra Same here in the SF east bay.  Leveraging my architecture design and construction background to pursue value add multifamily and storage deals.  Got teams of contractors, PM, investors, etc to take down properties - big and small and build equity and returns.

One challenge right now is the lack of inventory...no one is selling! LOL! 

One of the only times negative cash flow may work is if there is appreciation going on - forced, market or both.  Since you have don't have that, best to sell, cut losses and move on.  Not only is it setting you free financially, but also mentally.  Clears the head to plan your next move.

Would Airbnb work? Not familiar with the NJ market..

Had about 15 years of experience managing my own commercial-industrial property but 3 years ago, decided to grow my portfolio. Read up on BP, watched youtube on REI every chance I got and practiced underwriting. Found a 16 unit about an hour away from where I lived (California) on the MLS, partnered up with a former co-worker and dived in head first. Was fully rehabbed by the seller inside/out but completely vacant. Negotiated 10% down, 15% seller carry and 75% private/hard money loan. Was terrified and excited when we closed escrow. Bought for $1.3M. Everyone thought I was crazy for taking the leap.

Brought on professional management, leased it up with great tenants at market rents within 4 months.  Sold for $2M 12 months later for a nice gain.  2 years later and 500+ units, my only regret was that I didn't go bigger sooner!

Sounds funky...almost like the taxi medallion fiasco.  could open up a can of worms...

Alot has to do with inventory or lack thereof.  Many of the cities you mentioned have tight restrictions on expanding that inventory, propping up prices higher and higher.

Yes agree. Multifamily is the easier to understand and most make the transition from SFH to multifamily, which is the reason that asset class is the main topic of discussions. Commercial, industrial, self storage, etc are completely different animals and have a different set of DD and analysis involved.

I can guess that alot of the larger investors and operators don't post much on BP because most of the content (both by posters and BP content) is geared towards newbies.

I own commercial/industrial, multifamily and self storage properties, some I own myself, some JV and some syndicated. Total over 500+ units. The best part about REI are the multiple avenues it offers.

@Caitlin Daniel not familiar with SFH market but working on acquiring a large storage facility in Spokane. Love the commercial market and growth prospects.