All Forum Posts by: Sherry Patterson

You want to get qualified first so you know what to look for. If you don't know how much you can spend then you don't know your limitations and can waste a lot of time. Or you may qualify for more than you thought you could and do yourself a disservice by buying too thin. 
@Andrew Postell Is the best and he is an experience investor that can guide you through your lending needs. Once you have your lending in place get investing! I have lots of creative ideas and love to share if I can help you in any way please reach out! Happy Investing! 

That is sure a lofty goal! I have no idea of your budget but I would say you will need around 20 doors to meet this goal. That is having no idea of your down payment ability, ability for a loan, or experience. However, buying a larger multifamily is going to be a lot easier to get one loan instead of multiple small loans for smaller 2-4 units. Also, with going the smaller route you will have multiple closings which also costs more money than one. It is also easier to manage your doors if they are all in the same place instead of spread out where ever you can find a deal. It is also easier to negotiate one deal instead of several and maybe get an owner finance or subject too on a larger deal. If you don't have a lot of experience I would also consider not MF at all. Maybe something more suitable would be self storage or MH park where you do not even have to deal with tenants and toilets and get a higher ROI. If you are interested in Texas I am willing to help you in any way I can to accomplish your goals. Just let me know how I can be of service. Happy Investing!

You would think! However, I have changed a ton of locks on units, SFR and storage buildings and never once has anyone asked if it was mine! LOL Happy Investing!

I would be more than happy to speak with you guys and see if I can add some value. There are a lot of avenues in real estate. I know that as a new investor your first thought is SFR just because that seems easier. However, it is more than likely more risky and a lower ROI. You would get a higher return being a passive investor in a larger deal. With $400 it obviously depends on the market you are looking to invest in as to what you can buy. However, I would recommend MH parks or self storage. They may not seem that glamourous but they usually have a much higher ROI and you don't have to deal with tenants and toilets. I specialize in creative investing and have lots of ideas for you guys, tiny house community, RV/MH park, LP's, RV's, self storage.... If interested give me a ring and I will be more than happy to help you guys walk through a few ideas and figure out what you would be the most comfortable with that would give you the best ROI. Happy Investing!

You can't find anything on the company because it is more than likely a foreign company. I have used a lot of VA's. However, there is no reason to pay a flat rate to anyone. You can go on Upwork and find tons of people to do this work starting at $3 an hour. I have a VA that does our social media that I pay $3 and I have one that does lead gen that we pay $4 an hour and my property manager I pay $6 an hour. I have gone through a lot as well. If it is going to be someone that does lead gen then you want to make sure they have a clear speaking voice. If it is for social medial you want to make sure their grammar is good or they will be making posts that make you look stupid. I have also used a company that we paid $6 and they worked in an office and had a supervisor. This worked well for an admin. The company was called My Desk VA. They claimed to be a FL company but everyone I believe was in the Philippians. However, I have just found that interviewing and hiring my own on Upwork works best for us. Happy Investing!

@Remy Piazza I think we would need more info to guide you to a coach. Are you strictly interested in MF? Honestly, MF is not the best investment right now. Not saying there are not still a lot of good deals out there, they are just VERY hard to find. So many of the MF syndicators are currently being foreclosed on. A few of them run these large coaching groups you are referring to. However, there are still some good ones out there that I can recommend it. If you are open to other investment platforms there are different groups that invest in what ever has the best ROI and I can refer to those as well. Also, it makes a difference it you are looking to be a limited partner, a general partner, or a capital raiser, your experience, and how much money you have to invest. There are a lot of couching groups out there and they are pretty expensive. So you want to make sure that which ever one you chose is the best fit for not just you but for them as well so that they can provide what you need to meet your goals. Happy Investing!

Feel free to reach out anytime! 

I'm not sure what made it a "bad" investment. Sounds like you did everything right. It is never too late to buy that 4 plex! Just keep buying something! Happy Investing! 

The listing agent has a contract with the seller to represent the seller. The sellers best interest is an agents 1st priority. It is not in the sellers best interest for the agent to represent the buyer as well. Yes in many states it is legal and I have also done it many time with the approval of both parties. However, if you have a GOOD buyers agent, one that is a specialist in investment real estate their 1st priority is YOUR best interest and to get you the best deal. It does not sound like your agent was doing this. Nothing is done verbally. Your agent should have gotten a signature on the contract. No inspections are done or even scheduled before you have a signed contract. Your agents responsibility is to work for you and to guide you through the process. This is something they should have told you. I do not agree with @Dave Skow if you do in fact work directly with a listing agent they should not give a discounted commission. It is not less work. If they are doing their job and representing them both then it is the same amount of time on paperwork, guidance, etc... Now the agent has to also be involved in inspections, appraisals, lenders, tenants and what ever else that they would not have to had done had they only been the listing agent. Also, the listing agents job is to GET IT SOLD. That means it is not in their best interest to do through inspections or dig deep into P&L to make sure the numbers work for the buyer. They don't care they just want it sold. That is the buyers agent responsibility to protect the buyer, to make sure they are making a solid investment, to go through an inspection report and explain it to the buyer, to schedule subsequent inspections if needed, to help the buyer to identify any red flags. A good buyers agent isn't just trying to sell a property, they are building a relationship with an investor to help them build a portfolio and have a life long client. Listing agents are one and done for a buyer. The right buyers agent is an invaluable part of an investors team. 

Congrats on your purchase! I am not an attorney but I would suggest requiring the tenant to carry liability insurance and make sure they add you as an added insured. Your personal name, the name of your business if you have one, the building name if there is one, the building address, absolutely everything that involves you covered as an added insured. I would also require the tenant to have the parents sign a liability waiver that also adds you on there as well stating that if the child is doing something that could harm themselves, that you are not held liable. I used to own a family entertainment center and all parents would sign this upon entering. I don't think it is too much to ask them to sign, especially since she has a relationship with them and has been doing this for so long. You would think she would want some coverage herself. Maybe in 20 years she has never needed it, but it only takes once! Happy Investing!