All Forum Posts by: Adam Lacey

Nice @Sarah Castellanos! Way to take action. There are a ton of ways to structure a deal. Do you have a good idea of what the seller is looking for? Higher price vs monthly cashflow? Does he/she need $ now or are they just tired of being a landlord. I think answers to these questions will help you put together an offer that the seller likes.

@Simone B. are you asking about service for sending mailers? How much data you can pull for free from the county website depends on the county. There are tools like CoStar, Yardi, Reonomy, propstream that can help you create your own lists. Or there are places that you can buy a list. It really just depends how much $ you are willing to spend vs time you are willing to spend to do  it yourself.

"Good" brokers are the one's that get the most deals. I would find every brokerage that does multifamily in your target market and make contact with at least one person on that team. I usually start with the youngest looking, newest broker because they are still building their investor base and have more time to work with you than the well established brokers do.

@Thomas Wang that's great! Let me know if I can help. Looks like you're in the Denver area as well. Are you planning to invest locally or out of state?

I would focus on the income approach, but make sure you are conservative with your exit cap. I'm guessing this will take a little while to complete the work and it's hard to say what will happen in the market over that span.

Hi @Thomas Wang. I started focusing on education and networking with people already in the multifamily space. The, once I had learned enough to be dangerous (familiar with process, terms, what to look for..etc) I invested passively in 2 apartment deals. That gave me the confidence to use the network and education that I had been focusing on to take action and flip over to the sponsorship side. I partnered with people that were experienced in the industry and did what I could to help an learn on that first one.

Try 

JESSIE PHILLIPS COSTELLO

President • Owner | Volunteer Properties

Hey @Kristopher Kelly, I'm not sure I have a book recommendation for you. I know Bill Ham wrote one on creative financing, but haven't read it so not sure it answers your main questions.

But yes, once you come to general terms with the seller, you consult your attorney and have them draft up a contract. The sky is the limit as far as what you can include and how to structure it, so make sure you have an attorney with a lot of RE experience so they can guide you and help avoid any critical omissions. Good work locking up a seller financing deal though, that's awesome.

@Eric Berkner, I don't know anyone that invests there, but I lived in MT for a brief stint as well and really love that state. I have never fully explored it but I'm guessing there are some opportunities in the bigger cities like Bozeman, Helena, Butte, Brookings and Missoula. I'm very interested to hear what you find out. Good luck.

Hi @Simone B., brokers are going to have access to the most deals. I would start by finding a broker that specializes in the product that you're looking for. You can find them by asking around on BP or other real estate investor forums or going to Crexi or Loopnet and find a broker that has something similar to what you want and call them.

A lot of people also have success with a direct to seller campaign to find off-market deals. There are a lot of very opinionated people on how to go about this, but imo they all work if you are consistent (mailers, sms, cold-calling). 

@Pedro Cardoso every PM company handles their fee structure differently. I would call three companies and discuss the specific property with all of them to understand how they work. That's a good way to build relationships with PM companies as well.