All Forum Posts by: Steven Silva

@Scott Trench Let's schedule another meet up this year! I'm 29, I have a 5-unit building and 4-unit building and 2 rentals in Colorado. Currently doing roughly 1-flip per month. Looking to 1031 exchange my SFR into a 7-15 unit around May.

Interested

Thanks! Great to hear. haha. Yeah it was marketed as a 60-unit $1.6mm property for $200k rehab. We have a ton of photos if you want to see. We had it under contract for $1.2mm. When we flew out to see the property, we determined that at least 2 of the 4-plex should have been uninhabitable and demolished. bringing the building count down to 52-units. We also found that the rehab would have been ~$600k or 3x as much just to be inhabitable. That budget did not include new windows, parking lot resurfacing, mailboxes, signage, demo on the 2 4-plex, and did not include new hvac on many units which would've brought it up to another $200k in deferred maintenance. We figured if they sold the property to us for under $780k ($15k/unit for 52-units) it may be worth it. But they refused to come down and called us unprofessional. haha I believe they got into it not knowing how much work it needed and were running out of cash. I don't know what they paid for it, but at least they could have got out from under it if we bought it from them. 

@Darald Berger hey. we didn't proceed. The seller wanted a higher price than we thought it was worth. As low a price per unit that we had it under contract for. It was still high. The property was in complete disrepair and a couple of the 4 plex needed to be demolished and were not inhabitable.  Maybe you can tell me where the property is at now? apparently it sold. it's on the west end of giddings just out side of town. tex villas. 

@Margaret B.  as welcoming and sharing a community BP is, wholesalers are one commodity that I rarely see shared. The other is a good contractor. You're likely to only find a wholesaler marketing themselves on here. craigslist is a good start or get to the networking events, they're is tons of them in Denver. That being said. I'm looking for a Colorado commercial wholesaler for multifamily 10-100 units. ;)

What other properties does this seller have in his portfolio? any larger deals? 

Hi BP! I am seeking anyone knowledgeable in the commercial multifamily industry from Austin to College Station and everywhere in between. The would be my first out of state deal. It is a larger value add complex. We have a LOI signed and working on a contract. Due Diligence starts soon.

I am particularly interested in: 

• brokers/agents
• property managers
• multifamily owners
• general contractors

My partner and I are appreciative of any and all help. We are excited to connect and build our team down in that area. We hope we don't find a reason to bail from this deal, and close on it. Don't hesitate to just call me. My contact info should be below. 

@Thomas HolmanYou have to get the butterflies and push through them. I just closed on a flip today actually. Very nervous, like I may be missing something. I know I haven't, as my strength is analysis. I look at everything, use multiple flipping calculators and rules of thumb, I got 2 quotes from 2 different gc's, had 2 different investor friends go to the house with me and run numbers and scenarios with me. 

Fear is just an emotion. 

I almost backed out of this one. However, my investor friends encouraged me. They remind me that you cannot know EVERYTHING and also how they would've jumped into my deal at the proverbial "hello", while I'm still wondering what's up and well past "meeting the parents". 

It helps when you have other eyes on your deals and a good mentor. I probably wouldn't be doing any investing if I didn't have multiple people always telling me, "Forward!" 

@Thomas Holman Congrats on moving forward! How long have you been researching? You sound like me, and analyst. If that's the case or not, I just wanted to pass on some advice that helped me a lot as you continue on your journey. Don't get stuck in analysis paralysis. 

I always look back regretting how many deals I missed out on because I hesitated and over analysed. I'd be at the $20k/mo+ passive income mark by now had I took more action and didn't get held up on analysis. Forward!

Congrats on the creative financing! We all have our own bridges we have to build to be successful in real estate, sounds like you are a good builder. ;)

I am interested in multi-family in Kansas City Kansas. We'll ahve to meet next time I'm out there. My inlaws are in Olathe.