All Forum Posts by: Steve Veen

@Amy Wan

Hi Amy, thank you (and everyone else) for the response.

Well, I’m not interested in going up against the SEC, :) but I’ve got a network of sophisticated investors that I’d like to bring to a deal in exchange for a small slice of the GP. Where’s the line between “raising” and “sponsoring”?

Steve

@Scott Mac

Hi Scott,

I’ve been thinking about raising money for syndications. I was trying to determine how those funds could be directed depending on the mix of acc and non acc.

If you are a Multifamily syndicator, I’d love your feedback on this:

What percentage of your deals require accredited investors only as opposed to being open for sophisticated investors?

Thanks,

Steve

@Ryan Cox

It was great talking to you as well this weekend. I agree with you on your comments about the 2nd day events. It definitely was great to step back and look at the state of the economy and talk about future macro trends that will effect us on a micro level. Millennials, interest rates, inflation... 

Looking forward to keeping in touch will the many folks I met that weekend! You included!!

Steve

@David Padilla 

Welcome!

Are you planning on living in the duplex you buy? 

Steve

@Jeff Darr

By the way,

there is a ton of info under the "Learn" tab at the top of the website... (Podcasts are there as well)!

Steve

@Jeff Darr

Hi JD,

Welcome to the site... looks like you got lots of good advice already, but here's a website tip... When you want to reference someone in your post, type the @ symbol and 'space' and the first letter of their name... a list should popup and you can choose that person. Then, they get notified that you used their name in a post.

So, are you interested in being a landlord, or flipping houses like they do on HGTV? Maybe you just want to find houses for other investors. Your main areas might be: "Buy and hold", "Fix and Flip", or "Wholesaling"

My advise? just keep reading, reading, reading the blog and forum here.... and asking questions on the forum. and listen to the BP podcast as well as other Real Estate podcasts. 

Hope this helps!

Steve

@Richard Pulido 

I'll send you a connection request... you accept and we can use BP to message after we are connected...

So, to answer your question about repairs costs... that is an acquired skill, so yes, maybe you get a couple of quotes from some "recommended" contractors... but to be quick and accurate, you just need to get a feel for it. 

needs windows?              7 x $XXX

bad roof?                         $XXXX

Kitchen overhaul?            $XXXXXX

you can't be the expert, but you can sure learn from one and get in the ballpark on estimating. Sometimes you don't know there's a problem with the electrical, and that can happen... but most of the time you will get into the ballpark and not look foolish to someone kicking the tires of your deal.

Now for ARV: After Repair Value... What will the property sell for fixed up new? You can get a Realtor or two to give you a CMA - Comparative Market Analysis. Eventually, as you farm certain markets, you will get a good understanding of what price houses are moving at, and be able to do your own quick CMA...

Keep asking questions my friend....  there are lots of people that will scratch your back for you... My philosophy is the ole' "what goes around, comes around". 

Steve

Richard Pulido Hi Richard, Welcome! As you read through the blogs and posts about wholesaling on BP, you begin to see two main points emerge. They're kinda obvious but they are key: 1. Know what your buyer wants - meaning, you'll move your properties a lot easier if what you're looking for and what you find = what your end buyer/investor wants. 2. Know your numbers. You have to nail both the ARV and the estimated repair costs! If you fudge those numbers to make the deal look better than it is, you will lose credibility FAST! Send me a connection and we can keep in touch. Hopefully I'll be buying from you soon! Steve

Keywords: inland empire. IE California. meet up meetup 

So, I was just wondering if this is set for October and not August, like the title states. 

I would live to meet up with all the IE folks I've seen on BP. Can we all begin to comment on this post or repost this with the correct date?  

Let's make it happen!

Steve