All Forum Posts by: Seth Knopp

@Brit F.

Great advice! Straight forward and easy to understand. I’ll the book to the list (a list that seems to grow faster than I can read)!

Appreciate it!

I am meeting with some locals soon and on my list of questions was Real Estate CPA’s and Lawyers. I am new to the area.

Hi,

I am interested in examples of how people convinced a private investor to support their project. What are typical % returns for them? What other incentives are good offers? How long is the standard period to pay back the investor?

I always hear “use private investor money” to get started. But how do you attract that? I understand you need to find a good deal. Does anybody have a step by step guide to attracting an investor? Specific numbers that usually need to be reach? Typical contract language?

Any help is always much appreciated! You guys are the best!

Thank,

Seth

Hi everyone,

I am filling out my first FS for a loan and am a little overwhelmed. Should I consult a CPA? The lender? I have hesitated to reach out to the lender because I don’t want to appear like I don’t know why I’m doing. Even though I don’t...

Anybody have advice for this dilemma? I know it will be good for a year. So I want it to be exact.

Thanks in advance

@Jaysen Medhurst

@Jaysen Medhurst great advice fellas. All the information I’ve been given so far is it has recently been zoned for multi-family use.

I requested a list of preferred lenders in the area from a few realtors, and am waiting for a response.

Thanks as always !!!

I’m sure I’ll have more questions to come. I only have 1 single family home rented out now. This is my first crack at a multi family. Even if it doesn’t work out, I plan to learn as much as possible.

Hi everybody,

I am looking at a distressed apartment complex in a small town of about 8000. I just came across this late last night. No big cities surrounding the area either. It does have a Junior College in town.

The building needs work. Listed for 55k. It has 3, 1 BR-1 Bath, apartments “rent ready”. Two other spaces framed and dry walled that can be turned into two more with enough work. Plus a garage for storage. It is the only apartment complex in the neighborhood. The houses in the area all list from a peak of 95k to a low of 30k. It’s not a bad neighborhood but old, small houses.

How do I get a quick, fairly accurate, ARV to take to my investor for an idea on whether this is a deal worth looking into? When I do the rental calc on here I can crunch all the numbers with confidence except for repair cost and ARV. On the webinar on evaluating a property, those were two topics seemed more like a guess based on experience, without any real facts besides ask a realtor. How far out of the neighborhood can I go to get a good comp? Without any other similar properties within a mile, do I compare it to houses around the neighborhood?

I live three hours away but I am from the area and have lots of family. A relative would manage the property. I have reached out to a few agents last night and am waiting feedback but so far none of them had the answers I was looking for off the top of their head. Hopefully I’ll hear more today.

I just wanted to see what BP insight had to offer. And frankly, when I get on a target I am impatient lol. Any advice is appreciated.

@Taylor Hudgins

Thank you!! Very clear tips. That simplified it for my mind a lot.

I am to the point of looking at multiple properties. I have an decent understanding of the process, but still don't feel confident putting an accurate ARV estimate on a property. How to I determine whether putting 15k into a property will raise the ARV higher than just the 15k I Invested to fix it up?

Thanks for the help everyone.  I was meaning to say landlord insurance instead of renters insurance.  Made flash cards for every glossary term provided by BP to get the lingo down lol. 

@Aaron K. Thank you Aaron! I’ll make sure to bring this up when we speak with the insurance company.

@John Mocker great info John. Thanks. My plan is to for both of us to talk to the insurance company and real estate attorney together but like to have the proper questions prepared before hand and you just gave me some to add to the list.