Need advice from multi family landlords in Westchester County
Hi, my name is Rome and i wanted to express thank you ahead of me writing anything further for your upcoming reply... and ask current multi family landlords in Westchester County NY, Fairfield County CT or Bergen County NJ for advice.
You see.. here is the scoop... I am new in commercial real estate.... I dived into it 2 months and 7 days ago.... I just realized that I should have done so earlier, but unfortunately I only later at my age I have realized that I need to become multi family investor/landlord.
I am looking for authentic advice from current multi family landlords who happen to be living in Westchester County area in Yonkers, or Mount Vernon NY or other areas of Westchester County or maybe even Fairfield County CT...
You see.. I spent my time analyzing deals, looking at LoopNet, documenting my journey in the world of real estate on my personal blog... and one day was able to actually find a property... that is an 8 unit property in Mount Vernon NY....
However, upon analyzing the property I realized that.. broker is not returning my call... My question is... how on earth do I get brokers to contact me or take me seriously? When I call them I tell them the truth that yes I am looking for multi family buildings in commercial real estate in Mount Vernon area or Yonkers or Stamford, or Norwalk CT or maybe even Bergen county NJ... but in return i get no call back from the broker...
The question that I have is... how do you overcome this conundrum? How do you actually find landlords who are willing to sell their property... if the broker is not responding? Should I just give up and continue in the world of financial freedom doing other things that are less hassle? Or should i somehow initiate direct contact with current landlords to see if i can buy their properties direct... at the fair market value, helping current landlord who is willing to sell their property bypass broker fee and get more money for their property....
What should I do here folks? Upon me diving into other groups... the thought of even mentioning bypassing the broker.... had the repercussion where I was almost crucified for even mentioning this.... in the group... (mostly by brokers... ) while being cheered by investors....
So theoretically speaking if I can pull investors and bring them together and syndicate a profitable deal that is great for investors who have a hard time shelling out money into stocks but feel a lot more comfortable with commercial real estate if i was to show them the math behind the deals ad show them the details of investment that is a lot easier to analyze and see vs let's say than a typical stock...
Can in that case the process of bypassing the broker somehow be simplified? You see.. I realize that brokers have list of buyers etc... and can find buyers easier... but there is still that fee... the fee that is just huge... for the first time deal syndicator... like me... and if it's huge for me it is huge equally for the landlord themselves... What if i was able to provide better price for a building to an existing landlord... who is trying to sell their multi family unit in Westchester County/ Bergen county or Fairfield County ...simply because I would be working direct.... then is this something do you think typical landlord in NJ, NY, CT be interested in?
So once again... i am not asking.... if anyone is interested in selling your building... I am simply asking... if i was able to pull other investors... and obtain money.... would there be any landlord in this area of Westchester, Fairfield, Berget, be interested in working directly with a similar caliber of syndicator..., so this way you can get paid more money for your building... due to the fact that the brokerage fee will be bypassed.... or do you think most landlords wouldn't do this directly... simply because... broker will convince landlords that it's better to go through the broker vs direct... so they can give you better price by pulling other buyers...?
I am trying to figure out the reality here.... Also I realize that when selling your building especially close towards your retirement that you will be hit with major tax... what if i was able to assist in reducing this tax... by purchasing your building and getting financing from you and paying you back over longer time period... to reduce baloon payment hit... and maximize your return on investment... vs just paying huge tax.... and what if i was able to pull the type of investors.. who would be interested in working with me to fund the syndication...
Then would you be possibly be interested in selling your building? You see... so far... I have seen many folks teach these strategies... across many youtube channels etc... such as you know.. being able to do so.... and being able to reach out direct.... to owners/landlords... but i am trying to see whether it's actually true... and how common is it really?
Note... i am not asking to buy anything... from anyone... I am simply trying to figure out... whether I am doomed into doing things through brokers who may barely ever respond... or if i can jump outside of the box... and do something that would benefit both the owner of the multi family building and my investors... (including me)...
Note... as of now as I am writing this post... I am a newbie.. 2 months 8 days in the journey of the commercial real estate of multi family buildings... Hence don't shoot me down if i say something illogical... however, if you do... i won't take it offensive... since I am simply trying to learn and properly trying to understand my capabilities.
Also once again this request is mostly to already existing multi family building owners... however if you are not a multi family building owner in Westchester County, Bergen, or Fairfield county... then you can still provide your advice... i will take whatever advice that I can get.... however.......... i am trying to see whether dealing direct with property owners is actually possible and realistic within this particular area...
If it's not possible then maybe I can dig in other areas... To provide the best value for my investors by thinking strategically and asking this question ahead of time........
Also... if you are a multi family land lord... and need advice specifically in HVAC or... let's say drywall or roofing or anything in that nature or CPA or law or math,IoT, engineering, marketing, app or web development etc.....
Then I can come down directly to your location and provide my consulting advice... Note.. I am not a CPA... I am not a lawyer... I am not a real estate broker... I am simply the guy who dives into multiple fields extracts lots of information across many fields and helps folks stay educated... while simultaneously progressing myself towards financial freedom... and progressing multi family owners towards financial freedom.
Note... I also run a blog that I have created............ where I show my newbie journey focusing around multi family commercial real estate investment/ownership and literally explain in my facebook blog what actions I have taken... (where this very same post is in fact one of my actions take... and I will describe responses I hear from you verbally in the video or in text in my blog.... covering the journey of Rome Wells in commercial real estate journey)
Note.. also.. one more thing... landlords who are residing in these counties that i mentioned...who want to make extra income in addition to gaining money in a multi family field then I can help you out as well doing so... that is providing you good in teaching... and have passion to teach other folks a particular skill that you are good at... (it doesn't matter what that skill is... math... science... real estate.. English... computer science, plumbing.. hvac... playing piano you name it... )
After all relying only on income from multi family investment perhaps is not enough........ but supplementing with teaching... especially if you like doing it... can perhaps be enough.... so that is where i come in... the guy who is not a broker, not a cpa, not a lawyer... but rather simply put it... the guy who is seeking advice in the world of commercial real estate multi family investment... while also helping you in the process....
Hence if you have any advice in regards to above ... question... hit me up... either in private or directly in here... note i am not trying to sell anything... or buy anything.. i am simply seeking for advice from wonderful landlords in Westchester/Fairfield/Bergen County area.
If i see anyone respond... I will have my passion kicking in to passionately continue searching for other investors who are interested in working with me and with whomever landlord who decided to one day sell their multi family building in Westchester County, Fairfield or Bergen counties....
Note how i am being specific about the counties? Technically I have 2 more counties... that I am interested which is Manhattan and New Haven, but I think Manhattan county is just way too high and cap rates are way too low for my investors to consider it... so I don't even mention it...
Also note currently i have no investors... 0 zilch nada... only me... and the passion... and well maybe possibly another 1... however, knowing my capabilities of what to expect from this area..... can help me dive quicker into commercial real estate world and take faster/strategical actions...
Hopefully i didn't bore you guys with my long essay here.. I am simply trying to do what makes sense.. that's all.