All Forum Posts by: Tim Shin

Hi David, welcome to BP. We'd be happy to get your started. Have you gotten a chance to read Rich Dad, Poor Dad or cash flow quadrant? I'd recommend these in addition to the BP books. Not sure how going you are but having a w-2 income history will make real estate easier in many ways.

0 Votes

hi Dio, welcome to BP. No need to tell us how black you are. Let us know if you have any questions. 18 is a great time to get started and I wish I had started when I was your age. Hopefully you also have w2 income job because everything will be easier in real estate with an income history. If you haven't gotten a chance read the BP books and Rich Dad Poor Dad.

4 Votes

hi Sonya, I'm not a commercial real estate investor but I do have a few suggestions:

Don't seek a mentor by asking someone to be your mentor. Ask them to coffee or lunch or dinner to pick their brains/discuss commercial real estate/how they got their start and see if the relationship blossoms to a mentorship.

1. Try using the meetup app to find a commercial real estate investment club

2. Try attending the main event at RICH Club and see if you can find one there

3. Ask residential investors if they know anyone

4. Go to big events like JetLending or Noble Mortgage

5. Use the bp search function to find people who identify themselves as commercial investors. First in the Houston area then larger, you may get what you need from a non local. Maybe even target podcast guests and send them a colleague request. I didn't believe I'd ever get to actually speak with Elizabeth Colegrove after hearing her on BP but I sent her a colleague request and we've had a few discussions.

Network hard and ask questions

2 Votes

Originally posted by @Zewuze Ladzekpo:

Hello everyone,

My wife and I are new members in the BiggerPockets community. We are co-owners of Prestige Fortune Properties which is a professional, full service real estate solutions firm that buys & sells various property types throughout the Greater Houston Area. We can't wait to connect with y'all!

Hi Zewuze welcome to BP! How long have you been in business? You'll find lots of great things here including books, podcasts, and blogs that will help you. Let us know how we can help.

0 Votes

Welcome to BP! What do you want to do in the real estate business exactly? What interests you? Have you gotten a chance to check out the BiggerPockets blog or podcast? Some really great info to get from there and you can bring some of that knowledge of questions to the table when you meet us at meetups. Use the meetup app to find events. I plan to regularly attend the JetLending sponsored event every third Wednesday. Let me know if you have any questions or I can help you.

0 Votes

Originally posted by @Justin Morris:

My wife and I are considering purchasing 2 unit mutifamily home, probably a duplex in the northern NJ area with FHA 203K loan. We'd live in one unit and rent the other one out, can we use the income from that 2nd unit we would rent when applying for the loan?

Perhaps. Check out a book called Real Estate's Best Kept Secret. That info might be in there. But I don't think they'll let you count it as income immediately.

0 Votes

Originally posted by @Rolando Chang:

Hello! I'm a new investor in NW Houston (Cypress) and am excited to get my RE investment business started. I have lots of questions and am trying to learn as much as I can as fast as I can. I've got an offer in, and if it's accepted (oh my!), I hope I can turn it in to my first success. If it's not accepted...NEXT. Lot's of offers is my goal.

Thanks for reading!

Rolando

Hey Rolando, welcome to BP! Hope you've gotten a chance to check out all the great podcasts and books that will help in your offering on that house. Good luck. Got any juicy details for us?

0 Votes

Originally posted by @James Kandasamy:

Hi BPers,

Achieve investment Group would like to announce about their first Multifamily Acquisition in San Antonio, TX. This is a value add 45 units apartment in South San Antonio. This acquisition marks the transition of Achieve Investment Group's investment strategy from Single Family Homes to Multifamily. The Apartment is a beautiful C Class asset with great upside potential. We captured almost 50% of equity as the appraisal came in 200K more than the purchase price. Here are the numbers.

Purchase price: $1.57 Million (34.8K per door)

Rehab: 155K.

Proforma: 12% Cash on Cash Return.

The Value add component is comes from expense reduction and rent increase. The proforma rent increase is merely $40 per door. Current expenses are at 62% of gross income. We plan to bring it down to more realistic 50-55% of gross income. It was managed professionally by one of the biggest property management company. That shows that great deals are not only presented by mom and pop operation but also by property management company.

This kind of deal is not available on market. This deal was found using our direct marketing strategy. We have to go through 25 off market deals to get this one deal.

Achieve Investment Group lead generation strategy has always been to look for off market deals where profit potential is the highest. We think its important to do that as the Multifamily market is at peak stage with many investors buying properties at ridiculous prices.

Only the Great Deals !

Congratulations! That's awesome! But how is getting $200k above purchase price in appraisal a 50% equity capture? I'm not a multifamily investor so I don't understand the math. How did you fund the deal?

0 Votes

Originally posted by @Bram Spiero:

I'm not a wholesaler but what I've found marks the starting wholesaler is a lack of appreciation for the sophistication needed to put together a successful deal. What @Tim Shinsays is super important. Learning to estimate the kind of rehab needed and pricing it along with developing an ability to asses a realistic ARV are what is going to prove to potential buyers that you are bringing value to the table. Building relationships with a limited number of buyers where they learn to trust your analysis is what is going to lead to success.

Right! Get the book on Estimating rehab costs and the book on flipping houses both by J Scott and learn to properly estimate or slightly over estimate repair costs. And if you can't figure it out, bring a seasoned rehabber with you and split the wholesale fee! Don't be greedy.

0 Votes

All Forum Posts by: Tim Shin

Tim Shin has started 22 posts and replied 239 times.

Post: Initial Wholesale Analysis

Post: Young man with big dreams

Post: Yes Iowa has a wholesaler and he's black everyone

Post: Best Way to Start with Commercial REI and Finding a Mentor

Post: Real Estate Investors from Houston

Post: Investor from Houston, TX

Post: Buying Mutifamily Property with FHA 203K

Post: New Investor in Houston

Post: Achieve Investment Group Acquires First MultiFamily !

Post: Common Mistakes from Early Wholesalers