All Forum Posts by: Account Closed

@Letitia Glenn

Absolutely get the security deposit! As far as discounting the rent I personally would not do it. I think it opens up too many potential issues for no reason, if you are going to pay someone to do it pay a professional and have it done right. 

If you go forward I would suggest you both agree to a value before anyone starts painting and put it in writing. 

@Account Closed

Congrats on the first purchase! I would recommend you stat thinking about the best strategy to use to invest that 200k. I know people who make a killing in flipping but I have never done it because I am not handy and I don't like the risk so I stay away. There are many different ways to make money in real estate so find what works for you and perfect that system. 

Best of luck!

Rob

@Matthew Rembish

Congrats! Hardest thing for a lot of people is jumping in but it is the best way to learn. There will be bumps in the road just keep at it and keep learning. 

Best of luck on all your future endeavors!

Rob

@Mark LeCounte Welcome and good luck!

@John Casmon suburb outside of Cleveland, OH. I have a property management company that has been doing some great work for me. 

@Kaz M. KPI are you looking for key performance indicators? We had set criteria we were looking for, most import was cap rate, current rents, and location.  The market we were looking in we set the minimum cap rate at 8%. We did not want a major rehab or renovation but we did want to find a property that the landlord was charging rents that were under competitive market rates. Location we wanted access to the major highways and not in a "D" or "C" neighborhood. 

My partner and I grew up in the area where we invested so it made it easier on us finding what we were looking for. 

@Michael Le Thanks!

@Tony SanFilippo  

Took my partner and I some time to find a lender but ended up finding a small local bank that does commercial loans. Obviously the numbers are number one but they are big on relationships and working with people they trust so we sat down with the president, branch manager, and underwriter and sold ourselves. 

Found the deal on the MLS

@Peter Mckernan Biggest challenge - finding a lender that had a low enough minimum threshold that also had reasonable terms I could make work. This purchase was sort of an awkward in between property as far as lending. I found a lot of lenders who were looking for at least 500k or 1 million purchase price.  Hard money lenders were willing but interest rates were outrageous.

Good luck! Feel free to reach out anytime if you need anything. 

I have been investing in SFR for a few years now and I have always had my sights set on acquiring an apartment building. I closed on my first 8 unit apartment building a few months ago, although there is still a lot of work to be done. This is a success story for me just for finally getting over the hump and getting my foot into commercial real estate.

There have been a few bumps in the road but thankfully I have an excellent property management team who has lifted a lot of burden off my shoulders. 

Already saving and looking for the next one, hopefully in the area of a 15-20 unit