All Forum Posts by: Scott Johnson

 Bingo. My opinion exactly. No way he's going to close a loophole that his friends are using, but saying it gets votes from the people who watch too much television and don't think for themselves.

 Also, what's the additional $500/m for holding costs? Just a buffer?

 Yea, bad deal from my perspective. 

 "Broken slab" has me curious. What're the repair costs looking like?

@Mo Maktari, no one's ridiculing. Take what they say in stride. We all have to learn, they just don't want it to be the hard way for you.

 You're in them! Happy to have you here, @Taylor Tamsing! What got you interested in real estate investing?

 DUDE! This is a SOLID list! This is something that I'm implementing this week. Funny I should run into this post. Not only would these be great contacts/conversations for 'workforce housing' in particular, but it will also help an investor understand their market and the initiatives that are being developed/executed.

Thanks so much, sir!

 Truth! A majority of loans are backed by 'The Full Faith And Credit of the US' (I'll let everyone draw their own conclusions as to their level of faith) i.e. Fannie/Freddie

I wouldn't necessarily say "lose-lose" since they've been bailed out for their terrible lending practices in the recent past, but they're certainly in a precarious position when interest rates spike since people are paying back their debt with cheaper dollars. 

It seems like the "end-all-be-all" is that both the investors and the bank do their own due diligence on a deal. The bank could get a larger reward along with having the backstop of Fannie/Freddie, so they're willing to take on more risk (skin in the game). The investor can either take on that full risk themselves by buying a property for cash or spread out their risk by leveraging a bank loan via a third party who's willing to participate).

And the bank was able to retrieve the asset and re-sell it to recover their loss. If they didn't, then that was their underwriting decision, just like an investor buying a dog of a property was an analysis issue.

Let's call it what it is. We're spreading out the risk (reducing ours and increasing the bank's). The bank is willing to take on substantially more risk because they're return is substantial ($43,541.04 of interest and $10,418.76 of their capital back over five years [$150,000 loan at 6% amortized over 30 years... After 30 years they'll have made $173,754.89 and gotten back their $150,000]).

I'm seeing no problem at all with this relationship, but if peeps want to throw cash at things and take on the risk more power to them. 😄

I AM SEEKING A 100+ UNIT MULTIFAMILY PROPERTY MENTOR

I Am Willing To WORK FOR FREE

My goal is to become a partner in 100+ Unit Multifamily Communities (Apartments or Assisted Living) by providing value using the skillsets that I've outlined below. I am ready and willing to Work For Free for the opportunity to have equity in a deal, and in hopes that we do more deals together in the future. I am willing to learn, and ready to roll.

How I Can Provide Value

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- 6 Years of Professional Wholesaling Experience (i.e. I do it the right way. I'm a broker and am held to a much higher standard)

- 2 Years of Brokerage Experience (North Carolina)

- 1 Year Leasing Experience with Caliber Living (RIP). Second Top Leaser in the company (southeastern region) leasing a 1,011 bed Student Living property named Bellamy Greenville. I use the "advisory" approach to leasing. I have experience with Entrada.

- I'm Willing To Travel to properties, walk units, document findings and report back so we can nail down deferred maintenance. Out of State is fine. Out of "the states" would take me time since I'm waiting on my passport.

- I can Perform Market Surveys to discern market rents and subsequently loss/gain to lease.

- I understand how to Read Leases and am confident in my ability to Certify Actuals.

- I am able to assist with Developing Recognizable Branding that differentiates our property from the competition. I do not do the graphic design or Social Media/Printing work myself. I study colors, the community and the competition and use that info to guide me in developing not just a brand, but a recognizable community following. (See our logos for an example) This is done by plastering our logo everywhere, but on very professional looking mediums (Reach out for examples).

- I Develop Professional Looking Mediums either myself or by guiding a professional. If it looks like trash, I won't put my stamp of approval on it. Designs and Brand need to be congruent. This goes hand in hand with my Advisory approach to leasing and Branding. The three aforementioned are the things I'm stingy about.

- I have zero issue getting in front of a camera. When I do, it's organic. Nothing like the "professional" videos that make people snore. I'm me, and people have responded positively thus far.

- I Develop Automations using Podio Automator and work with some APIs (I'm not very good but can figure them out. I understand enough to guide someone). I've developed a CRM, Communication Flows, Lead Flows and Deal Analysis Calculators. Simple Is Smooth & Beautiful.

- I'm Practicing Multifamily Property Analysis and have a basic understanding of the numbers, but am not adept. I'm currently putting together spreadsheets and doing my best to come up with an offer price based on performance (NOI).

- I'm Learning How To Analyze Potential Markets and am trying to understand trends that make them ideal for 100+ unit multifamily investment. I know how to find population growth, jobs growth, rents (having trouble finding rent growth), median home value and median household income.

- I worked in a local hospital for 12 years as a Nurse Assistant/Carepartner and understand the care industry from that perspective.

- I'm a Fast Starter (Kolbe Index). I can get the ball rolling , but have a VERY HARD TIME doing it over time. That leads to a couple of challenges:

Challenges

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- I'm Strong In Sales/Leasing For A Time, but I burn out easily. Max is two months before I get too stressed to continue. I'm far better in the capacity of TEACHING leasing agents and communicating what's important (ADVISING CLIENTS & UNDERSTANDING THE LEASE) so they can go out and do it.

- I'll get in front of the camera and assist with concepts, but I Am Not Good With Social Media Strategy, Planning & Execution. I embody the community, but I need people to help me promote it.

Thanks so much for taking the time to read the above! If you Own/are a Managing Partner in 100+ Unit Multifamily Properties and are interested in taking on a mentee, send me a message! I'm looking forward to speaking with you and providing as much value as I can!