All Forum Posts by: Steve Veen

@Daniel Michalik 

Sure. You can PM me or better yet, post the numbers here. You'll get a great response!

Steve

Daniel Michalik Hi there! With nothing to go on here except high level guidance, you might consider hard money or a private lender to get into the property and then refi out as soon as you can. If the deal is good, you should have 20% equity when you purchase it, and be able to pull most of your original funds out of the deal. That's one way, although I'm sure there are others. Where are you located? Steve.

@Mel Rosario

Here is my humble opinion on debt... right now, with lower rates, "income producing" debt is the best thing you could have... Step back to 50,000 feet and you see that, as a nation, we are poised for above average increases in our rate of inflation.

As the cost/price of everything increases quicker, your fixed rate debt does not increase. This just means that your mortgage will continue to be easier for your tenants to pay off.

Besides that, you get a far greater ROI when your leveraged (smartly).

Steve

@Juan Covarrubias , I currently have a couple of SFH rentals in the high desert and now I'm looking to set up a good team in the IE and get my first flip (of many)done. Maybe eventually move into the OC area when $500,000+ starts to feel like no big deal... Lol.

I love the entire concept of fix and flips. I'm a project manager and finance analyst by trade, so managing these types of deals excites me.  

I would also love to get into syndication at some point, like @Joe Fairless . To me, it feels like the art of putting the deal together and seeing it through is the most fulfilling thing. 

Good luck my friends!

Steve

Dorance Creighton welcome to Bigger Pockets! Get to know this site well, it's a great tool!! Go update your profile as well, so we know a little bit about you and your goals! How long have you been a broker in multi family? I'd be interested in talking with you about what you've done and are doing out here in the IE. Steve

Welcome Juan Covarrubias ! I'm based out of the Inland Empire as well. If you haven't heard, setting up some keyword searches works out great on this site. Give it a try. Steve

@Neil C.

Hi Neil,

kinda late post to this thread, but I wanted to see how things worked out for you a year later in the Inland Empire? Did you ever come out this way and secure anything?

If you still are, please get me on your list of potential buyers - I'm always looking for a rehab/flip deal if you can get it with enough cushion...

Best of luck!!

Steve V

Welcome @Faiz Khan - If you haven't already, look into attending a couple of REIA meetings...

@Aaron Mazzrillo  - is that Tuesday Steakhouse lunch in Upland still happening regularly? I'd take a day off (of my day job) and try to  make it up there if it is... sounds like some good IE folks talking shop...

@Elizabeth Colegrove    The lease renewal isn't until November.  

They also just recently brought up that they may give ME a 30 notice and move somewhere cheaper. FINE BY ME!! They may actually leave cordially. 

We'll see. 

Scott Shafer Hi Scott. I don't have experience with obtaining private funds, but I have read a lot on the subject. In terms of your lack if a track record, you should emphasize the years of experience of your "team". (I'll need to do the same when I first start looking for PM) something like: my GC has been working flips on budget and on time for 15 years, my attorney has worked the paperwork on 100's of these types of transactions, etc... It's about all you can do for your first couple of deals. Steve.