All Forum Posts by: Scott Pirrie

My shortlist:

Closed on 3 lines of credit
Closed on 1 local rehab- rehab in progress
Rented- 3 units still have 1 to go
Participated in rehab in Indy- rehab in progress
Working with sellers on two apartment deals- hoping to close on in the next couple months
Pushing my commercial investment group meetings I started in October along as we all go to the next level with our investments.

In the Seattle market we are seeing multiple offers on REO's and Shortsales. Anything in the under 300k market that is in move in ready condition gets snapped up quickly. It took two months of putting in offers daily and getting out bid on REO's and Shortsales to get one under contract.

I am working with folks who are rehabing SF's in Indianapolis too. We have been experiencing the samething there just at lower price points.

I am strictly talking multi-family here but, I look for $100/mon per unit after all expenses. COC 20% plus.

I was able to hit about 80% of my goals for 2011:

1. Purchase 2 apartment buildings 20-50 units.
Purchased 17 unit, 11 unit, and duplex so close.
2. Get other units cashflowing postively instead of negatively.
Was able to get this going by summer.
3. Start investor group focused on apartments commercial RE.
3 months ago started one and have great members who have a lot more experience than me.
4. Flip two properties.
The one flip turned into a flop!

2012
1. Purchase two apartments 20-80 units
2. Flip 3 houses
3. Quit my day job by summer and travel at the end of the yr to Europe.

Dave,

I agree with Mike go check out REAPS a lot of active investors that invest both locally and out of state. One quick tip there are many different ways to invest in Real Estate but, to do well you need to choose one a do it well.

Monica,

Thanks for the reply but, the deal ended up falling through during negotiations. But, if you have any recommendations please let me know for the future!

Thanks!

On the flip side I know other investors who are very successful buy finding tenants then going after buildings they want to rent. Where as the majority of us do it the other way around, I would find out the needs, wants, plans, and budget of the agency then work from there.

Yes he has a couple people that work for him but, he is the owner. I understand you don't trust one man show type but, I have been screwed by larger companies probably the same as you have by a one man show. I wouldn't put a recommendation out there if I didn't trust him.

http://www.bbb.org/indianapolis/business-reviews/handyman-services/wilson-s-handyman-property-management-services-in-indianapolis-in-32004376/

Michael,

I have 2 duplex's and SF managed over there. I have found this property manager to be responsive, professional, honest, and reasonable on rates.

Clayton Wilson

Yes I think you are getting somewhere, find out what he needs. If he just wants to be done with it you may just be able to pay off his financing.

You could split them out or package them into the deal at a discount. Your expenses shouldn't be 50% or your GOI but, most parks bill back through a RUBS system water and garbage. The way we look at the mobiles themselves is we try to sell them on notes to people ASAP. So if you could pick those up seperately or packaged at 2k a piece and then turn around and sell them on a note for 4-5k a piece you will be doing well!

This something you can propose your end buyers do so they see the potential in the parks. Or create a proforma showing this.

Hope that helps Steve.