All Forum Posts by: Jimmy Mozingo

I have been presented with an opportunity to buy an in vestment portfolio contains 4 separate apartment complexes in Central California totaling an asking price of 7.19 million. This is a mom and pop portfolio and they’re looking to liquidate. They’re very motivated but not willing to carry and would consider al a carte deals.

I am out of my element here but have a good rapport with the agent. How do I evaluate this deal to make an offer?

Thank you Chris for the advice. I appreciate you taking the time. 

BP investors, I have just been approached by a private investment team looking to liquidate their entire portfolio. A total of 80 units over 4 properties in Central California. They would like to sell as a package deal but would be willing to split up the properties and sell individually. All units are 100 % occupied according to the agent. Individual asking prices total just north of 7 million. Since this is way out of my comfort zone, I’m looking for advice on how to proceed? Next steps? Do I make an offer on the entire portfolio , get it under contract and try to broker a deal to other investors? As a newish investor, I have no clue what I’m doing. All I know, is this feels like my future BP podcast story. This has that once in a lifetime feel to it? Any and all advice, comments, suggestions or guidance would be eternally appreciated. Thank you group!

David and Brandon, I heard you guys! I’m scared to freakin death, but I’m going to go for it! If this works out in my favor, you both will move to the top of my Christmas card list, More to be revealed.

Anyone do business with this company? Are they legit?

Thank you all. I truly appreciate the advice. Great tip on keeping the look as neutral as possible. 

My wife and I are in contract to buy a house on the east coast. We own our home on the west coast. We want to turn our current primary residence into a rental. We bought our new house with seller financing for significantly less than our California home. I am reaching out to the BP community for any tips, advice, tax strategies, etc.

That is great information Jenni. Thank you. We’re trying to piece all this together on the fly and I know we’re missing stuff. So this is the pause button while we reign it back in. I will also be reaching out to as we are looking for non-conventional money to fund this project. 

We are submitting an offer on a fix and flip with a rough swag of rehab costs coming in at 75-80k. We are waiting for the home inspector to complete his analysis of this property to help us develope a scope of work that we can have when we do a walk through with a GC. Is this even the way to go about this? Are we doing this backwards? We have heard plenty of horror stories regarding contractors. How do we insure we are getting a reputable trustworthy one? 

A lot of stuff here, sorry about that. Any advice would be greatly appreciated. 

I agree with you all about networking. Covid has all but put the kibosh on in person meet ups. I have looked locally and no one in my area has anything going on. Anyone have any suggestions for virtual meetups through Zoom or other medium? I could start my own but am in the weeds on how to get started. 

Thank you all for your responses. I look forward to more. 

As new investors, what are the best ways to find and decide on which HM or PM lenders to use?