All Forum Posts by: Preston Davie

@Joe Villeneuve very well written, thank you. Could you give an example of roles to assign each person? Including how I would market myself.

@AJ Leman

Thanks! I like that “manage the managers”. I never looked at it that way.

So in your experience, how does it work when it comes to the paperwork ?

Rookie here:

Hey everyone, so I’ve been doing my research on investing. Podcasts, books, forums, etc. I’ve found a few deals here and there just from causal browsing and I’ve sparked the interest of a few investors. Now to be clear, one of them is a friend of mine. The other two in the “investment team” I don’t know. They are stock market guys looking for something new. We haven’t solidified anything yet, it was just a friendly conversation. That being said we’re all looking for the same thing. Trying to find a apartment complex so we can get some cash flow coming in.

Let’s get hypothetical. I find a ten door apartment complex for 500k, I bring the deal to them and they decide they want to move forward. I will most likely be putting 0 money down, so what do I offer to keep myself involved? Can they steal the deal from underneath me? How much of that monthly cashflow should I ask for? What’s stopping me from just hiring someone else to be the property manager?

I wrote this quickly and out of curiosity. I guess the short question is: I’ve found the investors, I’ve found the deal, what do I do next?

Thanks for the help guys! I realize there’s a lot more to this but just looking for some help!

@Elijah Brown very cool, something I’m looking forward to getting into in the future ! I’m currently in the middle of convincing two friends to buy a property as well...we’re making progress. Now not to ask too many questions, but did you come into any issues buying that first property with your friends?

@Elijah Brown

Love the story ! What kind of ROI did you receive on the apartment complex with that many investors ?

@Dennis Wayne

Before I start I think it’s important to consider every step, and to ask questions.

@Carl C.

I work in both places, and I believe I have enough proof of income for them to at least consider me. I do realize that they may reject me that’s why I’m asking, I want to know how big of a deal it really is. I know that if you have an payment installment it makes your chances of a loan a lot better. I would like to buy a house because if Charleston is going to be my home base I’d rather be paying of a mortgage then paying rent. I’ve been doing my research on the area. What other homes are selling for, what the average rent per room is, tax’s, etc. With the amount of people I know and the growing size of Charleston I’m not too concerned about finding tenets, but I also don’t want to bite off more than I can chew.

@Colten Powell Thanks for the tips.

Goal #1 right now is to buy a property for myself while still making some on top. I’ve found a few good leads for 3-4 bdr in the area but the inventory is just so low! Like you said something with a duplex or in law extension would be great but I just need to find it. I’m slowly paying back the money I owe, but also want to be able to buy the right home when I see it.

I think park circle was a good call, it’s growing fast. I’d like to find something close to downtown (wouldn’t we all) or James island. Fingers crossed there’s a drop in the market soon!

To make a long story short, a friend of mine recently asked if he owed money to the IRS would he still qualify for a 3% FHA loan? I honestly don't know the answer so I figured I'd bring it here to BP. He has a great credit score, but owes about 10k I believe.

Thanks for the help !

@Troy Gandee great answer, thanks !