All Forum Posts by: Terrence Williams

@Smita Rahatadkar Hi Smita. I am a agent in the area that work with investors. I also invest in multi family and single family in Tacoma. I would be happy to help you and get together. Msg me your contact info and let's put something together for next week.

Would like to start investing in apartment buildings in the Tennessee area and would like to start building some relationships with Wholesalers, agents, property managers and commercial lenders in the area. Who do you know in the are that I need to be in touch with?

I am currently looking at putting in a offer on a apartment building.  The dilemma I have is that the property management company is renting one of the lower units to conduct business.  This company is also the company listing the pocket listing.  He is currently paying about half of what the market rent is. Maybe even a little more.  He has been the property manager for the building for about 10 years.  He sais he has 3 more years on the lease with a 10 year option to extend.  My thoughts where that the discount was in exchange for managing the building but he said that is not the case. This will be my first bigger apartment building with retail space.  I want to put a offer on the property but not with him having the rent at half market price and having the option to extend.  Does anyone know what can be done to get him out if I purchase or what I can do to make the adjustment in the rent even thought he supposedly has a valid lease with 3 more years.  I think property owner and manager are working together to get him a lower rent after purchase or there is some kind of compensation for the management side that is not being disclosed.  Thanks in advance for any feedback.

On my journey to reach my goal of purchasing my first big apartment building over 4 units. Currently I own a hand full of single family homes and some multiplexes up to 4 units. 1031 exchanging out of them to get into something much bigger. Im on the hunt for buildings from 1M up to 5M. Before I pull the trigger I want to know what lender I will be working with. I have scheduled a meeting with 5 lender for next week. I would like to know what questions I should be asking and what things should I look out for regarding terms. The basics I question I have include DSCR requirements? Interest rate? Down payment requirements? Reserve account amount? Recourse or non-recourse loan? I know a lot depends on the deal but I want to go in armed with the right questions. Thanks in advance for any of your expertise you can share with us. Im sure it will be helpful to others as well.

Tee

@James E. keep me posted on your next deal that you put together with them.  I'm looking for great lenders to do biz with. 

@Chris Tracy Thank you for sharing your experience and advice.  Congrats on your 36 unit as well.  Why did you choose to purchase all cash verses using your cash on hand as leverage to buy more or buy bigger?

Networking with brokers definitely seems like the direction will go in since I need to buy outside of my area.  Reaching out to a few is definitely a part of my homework for this week. 

@James E. Congrats on your first deal man.  I hope that more comes your way soon.  Thank you for sharing your experience as well.  What made you decide to use a local lender?  Have you done business with them before?  Now that you have one under your belt it will probably be a little easier to get lending from other place with better terms?  

@John Warren  Thank you for sharing your experience and congrats on purchasing your two units.   How did you select the property management company you chose and what do they charge you to manage if you don't mind me asking.  Learning what you have learned so far would you purchase another C class property?   I'm so ready to pull the trigger on something.  Just don't feel comfortable running number yet to know that I'm buying a great deal.  I need to find some agents to network with on loopnet as well.  The Seattle market is a little high so I'm ready to venture out.

Purchase with a hard money lender, rehab, fill, then refi out to become whole again.  

Looking for my for my first apartment building investment.  16 units or more and up to 10M.  I currently own a few rental homes that i will do a 1031 on for my down payment.  Also have a few people to partner with.  I would like to hear you're experience with you're first aprtment deal.  What and who should i avoid. Who should i know to find off market deal?  Who did you use for financing and how was your expereince with them. What was the criteria they looked for before they would lend to you. What will you do differnetly on your next purchase.  Im at the point where im done studying and want to start pulling the trigger.  I need a good network to do business with in other states.  I look forward to reading the story of your first deal and hope that it can help me avoid some mistakes.