All Forum Posts by: Yuriy Shepelin

Hi. I’d like to connect with a few real estate agents in Detroit and Philadelphia. Im looking for someone with at least 5 years of experience who have closed at least 12 apartment transactions in 2018 (in Detroit) and at least 2 (in Philadelphia/burbs). If anyone here is such an agent, or know someone who is good that you can recommend that probably meets my criteria, please let me know. Thanks.

Hi all, is there such a thing as a simplified/brief offer sheet similar to what is used for the m&a transaction where an acquirer sends just the basics: price, contingencies, due diligence period with the purchase and sale agreement being negotiated while you do a due diligence?

The idea being that with an agreement in principle, I can sign and NDA and get access to other information that I need, such as 3 years of financials, and get seller to make warranties, e.g that there has been no violent crime on the property within the last 3 years?

Thanks!

Yuriy

@Amber Lane Thank you very much! I reached out to Mike, seems like a great operation. Although it does look like their agents are full time. In my case, it will likely be more than full time commitment in terms of effort and dedication, but not in terms of time (I have a great job that I love and not planning to change).

@Brian Egr thank you. I looked at exp, but it appears to be a multi level marketing company where agents that recruit other agents receive part of the override from those agents sales. Is that correct? Also, what I'm mostly interested in isn't the override scheme, but advanced MLS technology and support, which wouldn't be part of the multi level marketing model. Do they help people get licensed or just recruit agents with license and experience?

@Yuriy Shepelin

Hi all. Any recommendations other than multi-level marketing companies? Thanks.

@Nicholas Covington It’s actually a fairly straightforward deal. Property is in a good shape but mismanaged financially (rents too low, expenses too high), it’s yielding good cash flows already. We have a lender who could do 20% down on a recourse loan, we just need to find someone who could do the same on non-recourse. We will probably buy 3-4 other properties this year so it will be a great partnership.

Hi. Any recommendations on non recourse lenders for small apartment complexes in Detroit (30-80 units). I'm looking to invest through self directed IRA and I understand that I cannot have recourse loans.

Hi All,

I'm looking to get my real estate license in order to simplify the process of being able to look and list properties, to have a better control over negotiations, to capture some of the commission and to qualify as an active real estate investor for tax purposes.  I'm looking at properties in PA and NJ, I have a bachelors degree in business (and an MBA from a top business school), and I have taken some real estate classes in college. I negotiate and perform financial analysis for a living, I have owned homes, although never as an investment. 

I'm looking for a brokerage house that operates in/around Philadelphia that offers (1) advanced technology, (2) support, and (3) fair commission split with no monthly fees.  Let me be clear, I'm not looking for a bare minimum service here at the minimum cost. I also couldn't care about the brand/name as I will mostly be doing real estate for myself.

Let me elaborate:

1) Advanced technology: I want full access to MLS, including all prior listing changes and sales. I want to be able to research the opposing agent to see what his/her own ratio is of list to sold (price and time). I want to be able to see deep analysis of market inventory (supply and average days on market). I want to be able to see prior listings on the same property with pictures. I want to be able to search by school attendance zone and walk score. I want very low lag time to the state MLS (I had agents before that sent me just listed properties which appeared on Zillow 2 days before).

2) Support:  I ask a lot of detailed questions and I like when they are answered by people with true detailed knowledge, rather than those with a general idea and oversupply of confidence. While I may not know the answers myself, I generally can easily tell when the person really knows what s/he is talking about. I could also use advise in the least painful way to get my license.

As I mentioned before, I'm willing to pay for this technology and support via a lower commission split. If anyone could recommend the broker with the right technology and support expectations, please recommend them either here or via a private message.

Hi @Seth Ferguson,

It’s closer to the syndication. I’ll have a passenger side view of the road and will be able to ask questions, but I don’t think I would want to be a co-pilot. I think this guy knows what he is doing, he’s done plenty of deals before, and I’m just using it as a way to get exposed and see if I want to invest in a bigger way, either passively or actively.

Does that make sense?

Thanks in advance.

Yuriy

Hi, I'm about to invest in a first deal, with an acquaintance managing it. It's a remote real estate transaction, where I would probably look to put up about 10% of the investment, with other investors putting in another 90%. It's an investment where the manager would oversee a significant upgrade/renovation to the property, so he would be pretty hands on, but would probably not be investing his own capital. In my day job, I'm used to dealing with hedge funds that had a typical 2/20, or now more like 1.5/15 today type compensation structure. I'm using this deal as a way to get my feet wet. And I'm trying to understand what arrangements (and range) are more prevalent in mid-scale (say 1.5m post upgrade) real estate. Thank you in advance, Yuriy