All Forum Posts by: Danny Randazzo

@D Donis step one would be to ensure the deal meets your return criteria and also talk high level details with potential partners to see if anyone is interested. Step two would be to get it under contract with time for due diligence, time to close, and extension time if you need it. Step three would be to go to your network to confirm partners.

@Jason Malabute the internet is a vast space with a ton of info. People have used it to do the same thing you want to accomplish so you will be able to do it. Good luck.

@Argi Avetisyan you can make it work. You should talk with 5-10 local community banks or credit unions to see what they can offer

@Blake Karnes you should connect with a friend of mine Chris. I can share contact details if you message me

@Scott Nelson @Ola Dantis do you know anyone?

@Mark Larson I agree with @Brian Garrett that your loan size will require a recourse loan. The lender will base debt service coverage ratio on property income however they may also want to see your personal income and assets to ensure you can cover debt service if something goes wrong

@D Donis you should join a local networking group to find a mentor or get involved with a virtual group

@Brandon Vukelich I agree with the property manager relationship strategy because the managers have a good idea what’s going with the property in addition to knowing the owner

@Justin G. I think fundamentals remain strong in select markets around the country and specifically in the southeast US where our group invests and will continue buying. The fundamentals we look for are:

1. Population growth

2. Job growth

3. Diverse resident employment profile at a property (meaning do many property residents work for one major employer or are there many employers)

4. Average household income greater than 3 times average property monthly rent annualized

5. Location to community amenities

6. Rank of schools near by

7. Quality asset that you can improve

These fundamentals can create a stable business plan where more people in the community want to rent your apartments compared to the supply you have.

@Thomas Moran that’s great news. Keep this thread updated with progress throughout the process.