All Forum Posts by: Robert Mack

I am looking to get started in Probate marketing also in the near future.

There is a group on here for Probates where I believe some of your questions will have been answered or at least discussed.

I am looking to get started in Probate marketing also in the near future.

There is a group on here for Probates where I believe some of your questions are answered or at least discussed. The group has been dormant for a little bit, but maybe we can revive it again.

http://www.biggerpockets.com/forums/296-group-forum-nationwide-probate-investors

I am in the Cape area Glen. Before deciding where you want to LIVE, I'd highly suggest visiting first to make sure it is what the web research made you believe it is.

I also have a Realtor I have been working with who is a straight shooter, won't BS you. PM me if you want his contact info, OR try searching on BP and you might find who your looking for... :wink:

Originally posted by Jon Holdman:

A better approach is "scenario planning". With scenario planning, you define a set of scenarios, and determine the outcome of your business based on each one. What you outline here is one scenario. Another might be that interest rates are 15% (its happened before). What does your business look like then? Another might be deflation has set in with a vengeance and that rents for those units are only $300. ETC.

Thanks Jon, this is what I am attempting to do. I wanted to see if there were other investors on here who have purchased 20-50 unit buildings and what their numbers looked like so that I can get an idea. On top of that I am going to look at loopnet and costar, I'm not sure of any other places as of now to look for commercial deals.

Brian do you have any specific markets or city's to look into in the south?
I also like your idea of purchasing the note and foreclosing although I do not know much about that right now.

I am guessing those with cash will be able to get the best discounts and best deals so another scenario might be where I bring in partners to be able to purchase a building with cash and then the problem becomes can I refinance after the building is performing... Thanks for all the input so far.

I am trying to add onto the financial part of my business plan and had some questions about apartment buildings.

My plan is to purchase a 20-50 unit building in 2-3 years with profits I make from rehabbing and reselling properties which I am currently doing.

Is it possible to purchase a 50 unit building or smaller for $20k per door with rents being around $650 per door? Location does not really matter, but I am going to look into Texas.

Also what would be an estimate for loan terms be? In 2-3 years, based on your estimate, would it be feasible to purchase the above building with 30% down 7.5% interest on a 20 year term?

I am trying to get some better ideas on numbers so I can make more accurate projections, thanks.

*If this is in the wrong section, please move it, thanks.

Nick, lets chat Monday if you got time. I'm on skype if you want to use that. Lets make it happen! :D

Hit that + sign if you agree Josh!! :lol:

And Glen, always take what other people say with some skepticism and do your own research to confirm/deny their claims!

Hey Glen,

Where are YOU currently living? Maybe you could find something in your backyard to invest in. Long distance landlording can be risky for anyone, especially just starting out. You need to be pretty familiar with the area you are investing in.
I am currently in FL, and I wouldn't invest in condos here. The HOA fees mean that you never really have full control of your investment, plus you have the risk of the HOA shutting down certain amenities if the building doesn't have enough residents to pay and upkeep, or raising dues or basically anything they decide to do.

I moved from NJ, and studied the FL market about 6 months before deciding to make the move. I also reached out to local investors here. I'd suggest doing the same - researching the areas you want to invest in and flying there to check them out yourself also. There are people on this board who invest in TX,FL,NV and AZ so seek them out and lets talk

Have you marketed it on Craigslist and tried reaching other states? I see a lot of people from Minnesota, Michigan, Ohio and other states in the area.
Maybe try talking to the park manager also and see if they have any prospective buyers...

Originally posted by Brian King:

I will have about 15,000 to invest, should I start out flipping properties or buy a rental?

I think this depends on what YOUR plan is? If you don't have one that take some time to write out at least a simple business plan and figure out where you want to be in 1,5, 10 years from now. Do you want to be a landlord? Do you want to do rehabs and flips? You need to answer that question.
Also, if you have any debt besides your mortgage, put a portion of the money to pay that down, if you are debt free then congrats.

Originally posted by Brian King:

I could buy a nice small house for 40,000, pay 15,000 down and rent it for around $500 a month. What would you do?

Is $40k the retail price of the property? If it is, then network with some people from your area, go to the REIA meetings and find that $40k property for $20k.

Also agree with everyone, have some reserves. If you have reserves you'll be able to survive the many rainy days.

After checking out the country side driving up, stop by NJ and take the ferry around the Hudson to check out the city skyline. You could also take a helicopter right or even hot air balloon ride which would probably get you an awesome view of the skyline if you're up to spending more.

Then check out some Broadway plays if you're into that, and go downtown by south street seaport.
Brooklyn's has some great neighborhoods also if you'd like to see what else there is to NYC.

NYC is expensive but I think it's the best city out there!