All Forum Posts by: Stephen Glover

@Russ Marlborough I agree with @Adam Reynolds. I just had a post about contesting an appraisal on a BRRRR and the appraisal jumped $40,000. If you feel strongly about the appraisal being low, read that post and the thread which shows how to contest it, and give that a shot. Either way, it looks like you have a good deal.

@Eddie Gonnella Solid. I still need to get by and see it. Keep it up

@Vernon Trice III I'm hyper focused on Richmond markets only, so I'm no help outside of Richmond as far as the markets are concerned. Additionally I invest in SFH for now, not multi family, but many of our clients have 5-16 unit buildings that I help analyze and perform walk-throughs during the due diligence period and as we manage them. There's absolutely no shortage of renters in the Richmond area for multifamily. Rents are strong and the tenant pool is large in any class asset. Prices are sky high and some folks are buying "breakeven" properties. Richmond is flooded with out of state investors that don't seem to be too concerned with buying a 5 cap.

If you want a multi-family investor's point of view in Richmond or DC, talk to @Taylor L. (not sure he invests in Richmond due to reasons listed above, but I think he'll have something to say about the market) or @Kevin Dean who is in DC and again, likely doesn't invest in DC (does anyone?) but would know the market as a MF investor.

Hope that helps.

@Joshua Bufford Definitely reach out to a successful commercial agent or someone who specializes in land there.  A few phone calls should land you the right person.  Look to see who has a bunch of listings in the area.  They would know better than most of us from all over the nation as to what its potential is.  Good luck!

@Teren Cooley I’m in Richmond and would be happy to help if you want to send me the information. I’ll walk you through what I would do in your shoes. Good luck!

@Hezekiah Butler REIA, RING, and RPOA meetings are paid meet ups but great. There are other meetups, literally at meetup.com where you can search for local free meet ups related to wholesaling, multifamily (@Taylor L. has an outstanding one in Forest Hill area), and more.

@Hezekiah Butler You're in a thriving city for investing.  I recommend going to some MeetUps too!  Welcome to BP!

I have no idea of his cost structure, but Peter Walls of Kinloch Capital is a friend of mine and works with a a lot of RE Investors, some mutual clients of my company.  He focuses on diversifying instead of just pushing stocks.  Might want to at least shoot him an email and see if it's a fit.

@Taylor L. I could probably talk for hours about this.  Thanks for tagging me.

@Ryan Knutson there are a lot of advantages that a typical investor wouldn't think about when it comes to being a PM.  I don't even know where to start. I'll say that getting into the PM industry has been a massive advantage over simply being an investor.  I get to see what hundreds of our investor clients are doing in our local market, what the tenants are doing, rent rates, improvement ideas, etc.  How they are winning or losing.  As a part of my job, I "get paid" to network with local banks, lenders, CPA's, commercial and residential agents, investors, attorneys, and contractors DAILY.  I "get paid" to go to RE meetups.  Talk about building a team, developing relationships, and passing some business!  I develop relationships with my clients, learn their strategy so we can serve them better- and the whole time I'm soaking it in like a sponge.  What do you think happens when ANY of our clients are thinking about selling their property?  Who do they come to first?

On the other hand...... there's definitely a potential for conflicts of interest, and you should always work ethically.  Always put your client's interests of growing their portfolio above yours.  You're working a job in a business that needs to be successful- you'll be putting in a ton of hours to deal with tenants who can't open a front door (yesterday's fun). There will be a lot of frustration and managing people and processes.  However, if you can stay focused and see the longer-term benefit, being a PM is the HUB of RE investing.

I would NOT change your profession just because you want to buy some houses.  The frustration and learning curve won't be worth it in the PM industry.  It's tough with low margins.  However, if you're willing to invest your time to GROW the business and GROW your team, and a spin off would be that you have more opportunities to invest and more relationships, then it might be a good idea.  The business' priorities should come first, with you there to take advantage of the rest.

In 15 minutes I'm meeting with an investor that owns 20 units and just bought an 11 unit building that we are managing.  I've learned so much from his experience purchasing the 11-unit and was involved every step of the way.  Now, I'll provide exceptional service so he stays on our team for years to come.  Just another daily meeting!

PM me if you want to chat more.

@Chase Gu  I know a few GC's in the commercial space, but none that do apartment buildings- all office and retail.  Harlan might be a good place to start, or to at least inquire.  I only recommend them because of mutual connections and hearing great things about them.  If they don't do apartments they might be able to point you in another direction.  Good luck on your search!