All Forum Posts by: William F.

So a typical deal is going to involve various contractors doing work over a few weeks or a month. Contractor Management 101 is to have a qualified, trusted individual walk the property something close to daily. Payouts to contractors are based on work performed correctly. When buying remote properties, how do you manage the contractors? I'm even wondering about the simple things, like: 1. Getting bids and information 2. Monitoring progress 3. Assessing work quality 4. Paying based on milestones Has anyone developed a system for this that they will share?

Has anyone read the book entitled Commercial Real Estate Analysis and Finance by David Geltner et al. (non-affiliate link below)? 

It's $115 on Amazon and it comes with a CD. Most books I've purchased are around $20 - before I drop the money on this one, I want to talk to someone who thinks it's worth it. It seems like a textbook, which could be good or bad.

Good problems to have guys. I'm running out of my own money. I've gotta get someone else to start financing my profit machines. A couple options are seller financing, creating securities, private money (loans or equity) and hard money. 1. Even though I know the BENEFITS of these things, I don't know the ins-and-outs that might help reassure a seller or private lender. What's your solution? 2. Any good books on financing options? Intro-level books like Multi-Family Millions have options LISTED but without the nitty gritty. I want the nitty gritty. What are your thoughts?

I failed to consider a couple things in my monthly expenses: water bill (not individually metered), lawn care (shared lawn = bickering = bad looking property), and random sub-$100 repairs. You can include these things in a lease as tenant responsibilities, but I didn't. They were also long term leases. The water bill was about $90 a month and lawn care was over $100. I'd say here was a $100-150 expense every month or so.

I'm moving from South Carolina to Phoenix. In South Carolina I was focused on smaller MF properties, buying and holding. I'm torn on where to go with Phoenix. The MF market here seems totally raked over. I'm also concerned about the long term water supply. If I continue to swing financing along 10-30 year terms, the medium-distant future is a real consideration for a buy and hold strategy. Do you guys have thoughts on: 1) the Phoenix area in general? 2) strategy in Phoenix at the moment?

Hey guys! First ever success story here. My first property was a two unit (SFR + apartment) that I bought to rent out. I sold it for a nice profit today! When I closed on the property I was new, I didn't run the numbers perfectly and cash flow was usually between negative $100-200 after property management fees. Good news is that I chose a 15 year mortgage, so that translated into around $1000 in equity a month. I sold the place today, and even with all the money I put into it over a couple years there was about $40k left over! At this point I have a few more irons in the fire, but even so it's nice to get that first deal in the record books as a win!

Hello BP!! I've just completed the sale of my first property, a 2-unit place in South Carolina. It feels great!! Right now I make a living working a job, but my 1-year goal is a $10k/month system of deal sourcing, rehab, and rental or resale. Add another $10k/month for every year in the game! I'll be in Phoenix for 10 days in August, looking through as many properties as I can. Starting in September I'll live in Phoenix full time, and I can't wait to work with you all!