All Forum Posts by: Adam Lacey

@Cory Lucas anytime! 

Hi @Ron C., I think @Chase Keller laid out a nice gameplan for you. First step is to make sure you understand what the City will allow and then hire an engineer/architect team to put plans together for you and help with permitting, if needed. Once you have preliminary plans, bring them to a few builders to get quotes. Sounds like a great project!

I've heard good things about Jessie at Volunteer Properties. Haven't worked with her myslef, but have spoke to her a few times. She came recommended from a local broker.

@Alex Ballesteros my suggestion would be to pick one market and go all in. Visit the city, talk to every brokerage that does MF, talk to 3-5 property management companies that specialize in your preferred asset class and just really get to know the ins and outs.

I made the mistake of looking at too many markets when I first started. I started to gain traction once I niched down to 1 or 2.

@Alex Scott, one of the perks of being an LP is that it is completely passive once you vet the team/deal. One disadvantage is that you have no control over the business plan or disposition. If you aren't concerned with the liquidity of the capital you're looking to invest, being an LP can be a great way to develop streams of income without having to spend too much time on it. I invest on both the LP and GP side and would be happy to chat with you if you think that would be helpful.

@Cory Lucas you should ask for detailed financials including a T12 (trailing 12 month P&L) and recent rent roll. With a commercial MF property, you are buying a business and should be able to see their financials. If it's a true mom and pop situation, they might not have it all packaged, but you should at least ask. Having these numbers will alleviate a lot of questions.

Hey @Brandon Bouchereau shoot me a message if you want to chat about what I've experienced/learned about specific programs.

@Joe S. I think BEC is about $800

Hey @Alex Scott are you looking for info related to being an LP (passive) or GP (active)?

I would check meetup.com if you haven't, but @Brian Pownall may be able to help you find a good one.