All Forum Posts by: Samuel Sadler

Salvatore and Kathleen...This is one of the reasons I love Bigger Pockets because there is someone to look out for you. It is actually illegal to broadcast that you want investors to contact you unless you are set up with the SCC. You need to have a pre-existing substantive relationship with someone under the conditions you are talking about to offer them an investment opportunity. If you are serious about syndicating Multifamily deals, you should get a mentor and an attorney that specializes in structuring your capital raise. I have a mentor, attend an investor group in Dallas and have an attorney. All are worth their weight in gold to me. I could refer you to all 3. My experience has been that the best place to raise capital is really within networks, especially like the one I attend in Dallas. Within our network we rarely have to go outside the group to raise money if the deal works for us. We meet every other month.   

My advice is to sit down with Investors from each of those categories and ask them what they like and don't like about what they do. A MF Investor, a wholesaler, an Agent that specializes in investing, yes I can recommend one of each to talk to... Each role has pros and cons. Keep in mind what you have to work with will play a large roll in where you start out. Credit, liquid capital, time, etc. You are in FL and that's a Landlord friendly state...That's a start.  

@Account Closed

You are headed the right direction with Brokers. Those are however relationships that take awhile to foster. Especially if you don't belong to an investor group because many of them won't take you seriously. The last thing they want is to recommend a new MF Investor to a client and have them not close. They have worked hard for their reputation and have a lot riding on maintaining it. Some Investor groups have access to other software that has greater reach than Loopnet. It just costs more than Loopnet so it is price prohibitive to a new MF Investor. Don't get too frustrated with Loopnet though. There are still some great deals on Loopnet, you just have to dig deeper to find the nuggets. A friend of mine in my group closed on a property he found on Loopnet just last month. He had to work for it because the paperwork was a mess...but it turned out to be a good deal and he brought it down.   

@Ramon Flores

You have come to the right place Ramon. BP is a community where you can openly ask questions and get real answers. Two of the primary reasons I like multifamily are because if you buy large enough properties you can hire a property management company to deal with most of your problems. Secondly, you can also purchase in syndication with other investors and take down larger properties. The list goes on. Texas is landlord- friendly and has some excellent MF investing markets along with parts of FL, CO, NM, OK... those are a good place to get started. Costar is expensive as an individual to find MF properties, but they also own Loopnet and that is much more affordable. It isn't as robust, but certainly more affordable.   

Multifamily Investing Mentor, Brad Sumrok is holding a training event in Dallas, TX Nov 5-6. It sold out last time so sign up if you are thinking about Multifamily Investing. I am adding a link to register below. There is so much information and quality networking, you can easily leave knowing whether or not Multifamily is right for you. I have known Brad since building the REI Expo years ago and consider him a true life-changing mentor.

Rat Race 2 Retirement

Marcus, Welcome to BP. I am yet to find a REIA with good commercial experience. I have had good luck meeting contractors and vendors and getting referrals from them and building my network that way. It will really help you if you are specific when talking to them. If you work with strip malls under $10MM from the 80's that need to be turned around, etc. then people have a better idea what you are looking for. Some mentors have built strong communities for specific strategies... Do you know what you are looking for specifically or need help choosing a direction?

Thank you Steven Bond, I will contact him tomorrow. I am sure he can get me with a good property management company. I will send you a connection request to share my evil plans with you. 

Plano-Frisco area is a fast moving, fast growing area. Overall I would stay north of I-30. 

Does anyone know what the eviction laws are in Utah, Arizona or Idaho? Specifically waiting periods after renter default? I just moved to SLC from Dallas, TX. I could also use a good Multifamily Property Management Company in SLC.  

One of my first fix and flip mistakes was that I got emotionally involved with the project. You can't make that mistake especially in multifamily as you should view that as a business. It sounds to me like you are getting emotionally involved because the ROI should give you the answer as to what rehab to do. What return will each repair give you? Will it allow you a rent bump? Allow you to refinance and pull out cash? How will it affect your NOI? Your exit strategy? Those factors should answer those questions. Feel free to shoot me more questions.