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All Forum Posts by: Vince Gethings

Vince Gethings has started 14 posts and replied 57 times.

Post: Saginaw / Midland, MI Investing

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

https://www.mdlbay.com/ is a good PM

Post: Wheelbarrow Profits Academy with Jake and Gino

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

@Uri Frodis, I'm a coach with J&G, but I started as a student in 2018. There are tons of educational options for you to choose from and it can be overwhelming. Your range can be from going to your local library for free to spending 90K in some cases. With that said, the J&G team is absolutely committed to over-delivering and it is a great option for a well-rounded and high-quality educational platform bolstered by a world-class community. I'll be happy to jump on a call to give you a peek behind the curtain if you'd like. 

Post: MI - where is the love?

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

@Lisa Gould I started my investing career in the Tri-City Area. I began with 20 units all small multifamily. I then bought a 52 unit complex in Saginaw.l, and currently buying a 22 unit.

I have mixed feelings about Michigan, but ultimately my team is steering away from this market. Declining population, little job or income growth is slowly killing the state year over year. Couple that with High Taxes and policies that hurt landlords and businesses are only fueling the fire.

With that said, there are still pockets of prosperity, you just have to be very narrow on your criteria and location.

Post: Just another question on Coaching- 20k for 2 years

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

I'm jumping in on this to add my personal experience of the WBP Academy (Jake and Gino). 

Background: I started investing in 2016, I racked up 20 rentals on my own in just under two years. Mostly Duplexes and fourplexes. Around mid-2018 I hit a plateau in my portfolio, personal bandwidth, and funds. Up to this point I got my education through BP, podcasts, books etc. I knew I needed some coaching to break into the larger Multifamily properties, and MFM is were I needed to grow to if I wanted to reach my wealth and cash flow goals. So I started asking around and interviewing all of the big names: Rod Kheilf, Micheal Blank, Brad Sumrok etc, and none of them resonated with me at the time. I talked with Josh at Wheel Barrow Profits (WBP), and he started added value from day 1, before I ever even wrote a check I had tons of leads on how to continue to grow my business. So, I pulled the trigger with WBP. 

Review: The content is great! Literally hundreds of hours of content to digest and tons of forms and system process outlines that I could implement immediately in my business. Going in I thought I knew a lot about REI, but I still learned tons of golden nuggets in all of their material. Next is the coaching calls, when I joined in 2018 they didn't have the robust coach/mentor system they have now. I did a couple calls with Gino (founder), and a couple of the other team members like Josh and Dylan. Now, they still have Gino, Josh, Dylan, Mike and a team of outstanding dedicated coaches to push you to complete the course and help you analyze deals, markets etc (all of the coaches are active investors as well). Then there is these Monday morning webinars which are like podcasts on steroids, and you can ask questions for J&G or their expert guest to answer, this has added tremendous value to me. The Private Facebook group is awesome too, lots of great networking and connections made through there and its good to have people cheer you on when you post about your progress and when you close a deal. Finally, is the vendors, Gino will introduce you the the vendors they use to in their personal companies, I've used at least half a dozen of them, with great success and have full confidence because they have vetted them already. Oh I forgot about the Live events, those are awesome too, you can meet the whole team, a lot of the vendors, and people you've networked with in the group!

Does it work: Well going back to my plateau in 2018, I was stuck for about 6 months before I joined the group. Within the next 7 months after starting, I closed a 52-unit deal with a couple partners, and now I am in contract on another 58 unit deal! I can't talk about the other programs that I didn't go with, but if you commit and put in the work, J&G will take you to the next level!   

Post: iWholesale Reaches New Levels

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

@John K. Do you have large multifamily deals? 20-100 units?

Post: Multifamily in a small town...How small is too small?

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

@Sean Lambert they are boasting a 4.5% vacancy rate. I know my underwriter uses an 8%. For this place I would use 8-10% too, because the town is so small, and vacancies are hard to fill during the winter months in my other units, so I figure it would be harder here with a much smaller tenant pool. So, the rents are about 15-20% less than what 2/1 and 1/1's are getting in the city so that is a big factor plus I think people like living here because it's more quite and a lot less drugs/crime around.

@Vee K. I was calling around those towns on Wednesday, going off internet reviews, I only have 2-3 agents/pm's to choose from, so that will be a huge challenge. Plus, my current handyman and contractor, won't travel that far, I need to build a whole new team for these deals. 

@Sylvia B.

@Sylvia B. I haven't seen a stigma regarding apartments in general, but there are "those" complexes in town that carry stigmas because of the rampant heroin and other drugs.

I asked the broker some information regarding the current tenants and screening process.; any sex offenders, felons etc. I'll get their applications if we get under contract. Also, I re-run background checks on all the tenants I inherit.   

Post: Multifamily in a small town...How small is too small?

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

Hi BP, 

I am looking for advice on buying and operating apartments (15-25 units) in small towns. 

Background:

A couple properties came on market in a town about 20-30 minutes outside my normal market. The properties themselves look like solid C+ properties and the financials provided look typical of a mom/pop operation, with some decent upside potential...selling at an 8 cap on actuals.

Now, the biggest concerns I have is that these town are small, 1,700-2,500 population. I'm not familiar with them at all, so I called a couple agents in the area. They confirmed my thoughts that most of the population commutes to the larger surrounding markets and they is little for economic drivers in this town. The demographics and average incomes look solid to support the rents for these properties. 

Questions:

1. Does the size of this market add considerable risk to investing in apartments here?

2. What concerns or factors should I be considering with small town apartments?

Thanks in advance for any helpful comments!    

Post: looking for Landlord/investor Software

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

Hi BP, 

I am looking for recommendations for a software to help me manage and grow my portfolio. Most of the software I have looked at like Buildium, Hemlane, CIC etc., are great for landlords that do their own property management, however, I have a property manager that handles the day-today operations so I those platforms really don't fit my bill. 

I am currently using Quick Books Online, which is great for the overall financials of the company, but I would like something that integrates the tools needed for CRE investing, partnerships and syndications.

I am looking for something more strategic to were I can set targets, milestones for projects, properties, and my company and track and manage their progress. Something, that will track the equity in each property, can calculate the ROI, ROE, and projected IRR in real time.

If something like this exists, I would greatly appreciate the lead. Thanks!

Post: Amazing 6 Unit Multifamily Property in Kalamazoo Priced to Move!

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

what are the rents...$175/mo???

Post: Price reduced $30k on this incredible package deal in Saginaw MI

Vince GethingsPosted
  • Rental Property Investor
  • Midland, MI
  • Posts 76
  • Votes 31

I sent you a PM.