All Forum Posts by: Tyler Fontaine

You've put some thought into this and I think you're checking most of the boxes. I would say you could charge a Project Management Fee. They bring the money but if you're running the play using your team, resources, and network then you should charge for that off the top like you would for labor or materials (assuming all investors are made whole first of course) - then split the rest as profit.

In terms of an operating agreement between partners in addition to what you mentioned, you definitely need to outline specific roles and who's doing what for the project so everyone agrees before the real work begins.

Lesson learned is huge. A good realtor is worth it every time.

Lots of variables in this. That said, review your contract and talk to your attorney. The PM maybe liable for this.

That said, when did the pipes actually freeze? When did the heat actually stop? All factors that can affect how this plays out. 

Im late to the party on this post but get some dehumidifiers in there. Clean it up, get the heat up, see what you can salvage. Begin treating any potential mold spots.

Call your PM and just ask them whats going on? How did this happen? How often do they frequent the property? Why were you not notified immediately, especially since the solution wasn't immediately administered.

Not sure if you're looking out of state but Rhode Island can check a bunch of those boxes.

Glad you're here. It's a great pllace to grow your knowledge and network.

Any realtor who is good, puts ups numbers, knows their stuff, and has the experience you're looking for will not allow you to work with multiple agents. 

That's like telling a girl you want to get married one day but won't seriously date her until you shop around to be sure. A good woman would just move on.

You should look for a realtor who specializes in multi-family assets. Ask them how many deals they did last year, how much in sales volume, how much of that was multi-families, and if they are themselves investors.The person you're looking for either individually or as a team has done a solid number of deals and are active investors.

Feel free to interview them and do your diligence but you should make a decision on one and start working with them exclusively. 

Congrats on this, can't wait until you get to the closing table. 

What is the question or feedback you're looking for?

Build your real estate network. Let everyone know your criteria and what deals you're trying to buy. Most of our deals recently have been from relationships we've established.

Other than that, go to as many off market showings you can. Even if you can't buy it, you want to start building your brand so people associate you with being a part of that word. Use Social Media to your advantage on this. Show what you're doing, what you buy, and that you're lookng for more deals.

Talking about putting money behind it - you can Drive for dollars and market to those people. You can buy lists of distressed off markets that you can market to. You can build an online presence that you can try to leverage over time.

If it's 6+ units it most likely will be a commercial loan that you will be accessing in order to purchase it. This process is different than residential mortgages. How they underwrite the deal is the major difference.

For financing they are usually concerned about the Debt Service Coverage Ratio. Basically what will be the total income on the property after what ever value add is done and does that cover the mortgage payment enough for them to take the risk and loan you the money.

Also, looking like 5%, 10%, and more commonly 20-25% down payment.

Get in touch with a commercial lender and a commercial agent. They will be able to guide you with more experience than regular residential professionals.

Good for you, not a bad turn around.