All Forum Posts by: Taylor Burns

@Greg Dickerson Thank you for this! 

@Brian Burke - thank you very much for that info! That is a quick way to just get something in place as the face to my company. I was not aware of that option.  

@Michael Le - I very much agree. I don't want to get caught up in the minutiae of things that don't produce results. I was looking to just get the basics set up where I could have a card to pass out or a website to reference. I don't want to spend much time on this part at all. Just like you said, nothing really matters until I have a deal. Thank you for the advice! 

-Taylor

Hello!
I am going to be setting up a company for my syndication business. Is it best to just create this as an LLC, an s-corp or something else?

I am not putting a deal together yet. I just need to create the initial company that will be on my website, cards, podcast and marketing material/ branding. 

As I will be creating individual LLC's for each syndicated asset I am not finding the best structure to use for the "parent" company per say.

Thank you! 

BP,

I am in the process of buying 16-32 units. I am looking at San Antonio, Houston and Indianapolis. I am looking for referrals on property managers that service this size of property in these locations. Also, still open to get in touch with additional brokers as well. 

-Taylor 

Hey BP, 

I'm working on getting into a mid-size apartment building (30-50 units). I am exploring options on funding and was curious on some non-traditional ways. 

Is it possible to get a 10-20% (of purchase price) bank loan for the down payment on a seller finance deal? Is this something that is doable/allowed. Can a bank put a second type lean on the property as collateral for this loan? Or is this type of loan too risky for a bank. 

Has anyone done a deal with this method?  

Thank you!! 

Hello BP! 

I am working on building my specific criteria for what type of multi-family deals I want to focus on. I am looking for feedback on what number of units is realistic for a first time multi-family purchase. I am in outside sales and have connections to individuals with money. I am not too focused on the money right now, but what it takes in handling a deal and how big becomes too big for a first time buyer or is going big a better way to mitigate risk/ more room for error?

However, I am not trying to go learn on a 150 unit deal right out of the gate. I am thinking 20-30 units as a starting point. From experience, is this an acceptable number to start at or does it seem too high or too low? Looking for any wisdom from other investors to help me lock down my criteria. 

Thank you BP! 

@James Carlson & @Matthew Carroll

Those are some great points for sure! I actually really do like the area over by Pablo's coffee. Running north and south on Syracuse has a lot of potential. That whole space between Lowry and Stapleton is slowly turning over. However as you go east a bit on Colfax between Yosemite and Peoria, I personally would not want to live within 3-4 blocks of Colfax north or south.

I live a bit further away off Peoria and Mississippi. My set up is a 5 bed 3 bath house. I live in the master and have 4 unfurnished rooms that I rent out. I furnished the main areas and the kitchen. I have been doing my leases set up as month to month however, once people move in they tend to stay. I set it up this way for two reasons. First, it is an easy out incase of a non-compatible roommate. In my lease I state that I can give a tenant 30 day notice to leave for any reason. Second, I can ask for a higher rental rate that is justified by the month to month terms since no one is signing into a year long agreement. 

Overall, I believe there is a lot of opportunity to be had around the Anschutz Medical Campus. As a five year outlook in my opinion, things in this area will look much better than they do now. It will be a completely new place. As for current time just be in touch with a knowledgable property management company or personally drive the area (day and night) to see how it is for yourself. One street over can make a lot of difference in that area. 

@Matthew Carroll,

I believe there is still a lot of opportunity in Aurora right now. That Anschutz Medical Campus is continuing to grow and will bring in a lot more people. The area is still turning over though. So there are pockets and areas that are still not too desirable. Try to stay further away from Colfax as it gets a bit rougher the closer you get to that street. 

I have one house about 10 minutes south of the hospital and finding tenants has not been a problem at all. I would continue to research and reach out to find the best neighborhoods though. I have shifted my focus towards multi-family so my attention has not been too focused on this area anymore as it was a year ago. I hope that helps a bit! 

@Jessica Stewart, sounds good! we are looking to start this group in the DTC area as hopefully a central enough location for everyone. I am starting a facebook group here shortly and will send you all the links! 

Hello! 

Does anyone know if you can start a private group on BiggerPockets? Looking to create a group where 5-10 people can all communicate and have a focused on going group discussion as well as coordinate meeting places for a mastermind type group. 

Thank you!!