All Forum Posts by: Account Closed

Look at a bunch of properties on loopnet. Who are the brokers that show up the most often? Call those brokers, invite them meet for coffee or pay for their lunch, tell them what you're looking for, build trust, follow up to stay top of mind. The brokers that have the good deals only call on the investors they know are actively looking and can close quickly. If they can't get one of their top contacts to bite on the deal then it ends up on loopnet.

Would be helpful if you were able to provide additional information in regards to the types of deals you are working on, return profiles, your experience, etc. Simply asking for people to respond to a JV request without any additional information is too vague a request.

Asset based lenders, i.e., hard money, will not lend on owner occupied properties. Best bet may be a Fannie Mae Small Balance Loan. I used that loan for 5 commercial properties this year and the bank was able to provide 80% LTV.

Hi @Gary Tomlinson, have you heard anything regarding Robert Nickell? I heard about this VA service through a podcast and was interested in speaking with someone about the service. Reached out via their website and no response.

Hi @Matt Lockwood,

The simple answer is "yes", you can have one legal entity join another as a member/limited partner for the purposes of contributing capital.  I am going through that process right now.  We have raised a small RE investment fund that will acquire multi-family assets on its own, but also has the capacity to invest up to 20% of its assets in other syndication.   Of course this has been clearly been outlined in the private placement memorandum (PPM) of the fund.

Consult with a securities attorney for the fine details. 

Best of Luck!

Hi @Andrey Norin, 

I've been investing in Yonkers for the last 6 years and I currently own 15 multi-family properties there.  Yonkers is a great commuter city that benefits from its proximity to NYC.   The local government has been investing a lot in urban renewal and those investments are starting to bear fruit.  

There is a A LOT of competition starting to come in to the city from investors being driven out of yield starved markets like NYC.   Even with the recent run up in prices that cap rates for multi-family are still pretty attractive and the returns are pretty healthy.   I am still actively investing in the city and will be doing for the foreseeable future.

Hope this helps.

Ruben

@Account Closed glad we could help!  Definitely keep us posted and best of luck! 

Hi Gino,

For a flip you may want to go with a simpler structure than a syndication.  All the fees that go along with a syndication don't make much sense for smaller capital raises.  That's just my opinion of course. 

Are the investors providing all the capital you need to acquire and  rehab the property?  If so you may just want to structure it as a private money loan where they are loaning you the money and you are making interest only loan payments on a monthly basis until you sell the property.  To sweeten the deal you can split the profit with them.  That % split is determined my strength of your negotiation skills. 

If they are just providing the equity but you still need to secure a private or hard money loan to complete the rehab then I would just bring them in as equity partners.  Give them a larger slice of the profits since you are bringing in no equity.  Make them happy and they will come back for more. 

Best of luck!

Hello Everyone!

I am flying in from NYC for the event and I can't wait.  I've only been on BP for a few months but the connections I've made and the knowledge I've gained thus far have been invaluable.  I can't wait to meet and network with everyone.

I'd love to link up with anyone investing or interested in investing in New York, New Jersey and Connecticut. I've mainly invested in commercial value add multi-family, either through JV's or via Syndication over the last 6-years.

Currently I am grappling with the decision of going from third party property manager to hiring an in-house property manager.  If any of you out there have made that transition and don't mind sharing some words of wisdon I'd love to buy you a cup of coffee or drink.

Lastly, I am going to be doing some flipping with my brother in-law in the Atlanta area.  Would be great to connect with any ATL folks in attendance.

@Michael Brown,

Just make sure that the bank you are working with will accept owner financing 20% of the transaction.   Many of the banks these days want to see you have more skin in the game.

Also agree with @Ken Dayal, highlight the benefits of owner financing to your seller in a very clear and simple document.  The key thing you want to make sure they understand is how much more they will make from interest payments and also the benefits of not paying taxes on the portion of the sale that they are financing.