All Forum Posts by: Tal Simpson

Just sent you a DM. We are in Birmingham but looking at a deal in Anniston that would justify getting to know that market better.

Does anyone have a recommendation for where to find a good lease form for the purpose of renting the pad only to trailer park tenants?  I'm in Alabama but could probably be adapted from a different state.  If there's a rock solid lease out there I would gladly compensate someone for a copy that I could take and adapt for my park.  Thanks!

Hey @Brian Tunnell  I’d love to hear the longer conversation on multifamily PMs. I’ve got an apartment building in Bham for which I need a new PM. Also have some houses, so I need someone who will manage both types. Thanks in advance!

I've also done the initial consultation and considering signing up, so I'm in here to follow this thread and get others' opinions!

We are in the planning process and would love to hear anyone else's experience and suggestions. We are putting in our current portfolio of 62 units as our own capital contribution and hope to raise $2M-5M from friends and family circles.  Probably going to be an open-ended fund to allow for continuous capital raising and a bit more investor liquidity, and pretty sure we have identified the securities lawyer for the job.  Thanks in advance!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $64,000
Cash invested: $92,000
Sale price: $180,000

Contributors:
Ryan Ray

4-plex BRRRR worked out better than I expected, thanks to a very hot market for small multifamily here in Bham. We actually packaged this property with 23 others (owned 11 out right, purchased 13 others, 1 blanket loan), and thanks in part to this property appraising for $180k after we were "all in" for just over $90k, we got a big chunk of cash back from the 80% loan.

 Yes I joined Wholesaling Inc about 6 weeks ago. I highly recommend it. You will have a full system set up within a month and it is the same system that Tom and Cody have developed and tweaked over the years and use in their own businesses.

@Cliff C. We have had much better success with the local banks here. The nationwide lenders tend to want properties worth at least 75k each - and East Lake does have some but most are more like 40-50k - but the local banks feel better about knowing their collateral is right there in their back yard. But to answer your question, yes we have gotten loans on cheap rental houses.  One of our houses on our last blanket loan with a local bank appraised for 19k - which is crazy because we get $625/mo for it and could sell it for 40k - but others appraised for much more than we paid and so it evened out and wasn't a problem. 

@Scott Graham I have a call with them tomorrow and would love to hear anything you are willing to share about your experience

Oops, you are right Robert - I meant @Marcelo Bellinaso (that's what happens when you late-night on the forums!).