All Forum Posts by: Tab Teehee

Thanks Chris! Since there aren't any partners and this was my first experience hiring a management company, I just trusted the management company a great deal! I'm sure it was irresponsible on my part but I of course knew what the NOI was projected to be and I was sure after expenses there would be a good return.

I guess the question is....is there any reason for the management company to sit on funds that aren't being held for a specific reason or should all excess be paid out to me either monthly or quarterly?

Hello all, as we near 100% occupancy (YAY!), we are hoping to see some regular income from the fruits of our labor!

Currently the management company is collecting rents, building an emergency expense fund, paying themselves, paying the loan payment, water/trash, etc., and whatever is left just sitting there! I finally had to say, hey...i've got bills to pay too, can I have some money!

Seriously, what type of arrangement is most common for owners distributions? Is there a preferred way for tax savings? They've proposed a flat monthly amount of what's available and a lump some of what's remaining at years end.

I've only self managed so I'm in unfamiliar territory here.

@Greg Dickerson

I hoped a guru would chime in, lol!

Been watching your youtube channel, good stuff! I already have a number from my partner and the buyout is eminent, what comes next is the big question! I've approached the owner of my management company who's very connected with most of the folks you suggested we contact. I'm working with an architect/planner on some

preliminary designs to present to

the city. Most people say if the deal

is right that the money will be easy to

find, do you feel that statement applies in my situation?

@Karen Margrave

Thanks Karen, I'll reach out to David!

I'm actually thinking some kind of senior housing and a gated townhome community. There are no multi unit townhome communities in this small town and there is a shortage of 55+ communities. Perhaps my motivation comes from the housing options that are available here in Florida that hardly exist in rural Oklahoma. The area has little affordable new construction for first time home buyers or retirees.

Here is an outline of land in question 

I've mentioned this development prospect a few times on other posts, but I felt it was time to give it a post of its own.

I'm a majority owner in two parcels of land and sole owner in a third. All of these parcels are in the same section. The one that I'm sole owner of is a 8.25 acre plot with a 20 unit apartment complex and a 1/2 acre pond, the other parcels join the apartment land are 16 acres and 11 acres. The other partner/owner of the vacant parcels wants me to buy him out, so that I would become sole owner and have ultimate control to develop as desired. The other option of course is to just sell the land as is.

My question is:

Where do I start? How do I determine highest and best use for this land? How would I conduct a feasibility study to determine the need for either more rentals or new construction sales?

@Yosef Lee

Well, the numbers worked, and the presence of Googles data center was a factor also. It has given me the confidence to look into other states but I still feel like I have a lot to learn.

Thanks Justin! I may have a JV opportunity coming up there soon! I'm just now beginning some discussion with an architect/planner for the development of 27 acres around the apartments.

@Simon Hernandez

Might try local small banks...I just closed on a multifamily (20 units) with a small local bank @ 4.25%, 20 year amortization and 10 year fixed term and .5% origination fee