All Forum Posts by: Adriel Cisneros

The sponsor has opted to 1031 exchange into a succeeding property upon sale. 

However, my investment is roughly 43K which meets the Min investment requirement for the new Syndication but I am not sure it meets the tenancy-in-common (TIC) requirements.

Will a side letter be required to include joint and control rights in the new Operating Agreement?

The reason for the inquiry is when I received the new PPM, it did not already include the proceeds from the sale of the original property. 

Thank you @Kar Sun

Hey everyone,

How do I go about using the Harris County Tax Office to locate the owner of an apartment? 

I typed in the address and nothing populates on the open search bar. 

Open to feedback. 

Thank you @Dave Skow

Beyond the SAFE MLO exam ... what recommendation can you offer for supplemental training? 

Official NAMU® Underwriter Boot Camp™ comes to mind. 

Appreciate your feedback.

Thank you for the thoughtful reply @Erik Checkur

Thank you @Percy N.

Feel free to send over a referral. I don't mind compensating them for their time. 

I will be retaking the SAFE MLO exam within the next 2 weeks. 

However, are rising rates a pause for concern given the available housing inventory and inflationary environment? 

Stated differently, as a new and inexperienced MLO, will transactional volume be a major hurdle? 

@Percy N. I believe the Fund is neither Close End nor Open End since they set up a unique LLC for each individual raise.

And Form D via the SEC Edgar system shows they last filed in May 4th, 2018

Happy to share their CIK number privately offline to verify. 

@Evan Polaski Exactly. In other words, since we as LPs came on board in 2020 and 2021; might the Form D be listed under a law firm rather than the Fund itself? And might this explain why the Fund's Form D dated from 2018 has not been amended for new raises?

Investment Info:

Condo buy & hold investment.

Purchase price: $116,000
Cash invested: $7,654

Property is part of a larger apartment complex in the northern Chicago suburbs.

Description is rather simple. Square footage does not exceed 860. One washroom. A small kitchen. 1 1/2 bedrooms. Vinyl flooring. The prior owner added 2 new windows.

Plenty of storage, outdoor patio, exterior parking space and taxes were moderately low until 2021 (i.e unit was appraised higher, etc.)

The neighborhood is rather safe and moderately close to more affluent suburbs like Rolling Meadows.

What made you interested in investing in this type of deal?

The Chicago Bears for many years have considered playing their homes games in Arlington Heights, IL.

And in my view, having a Condo in a region with a new influx of businesses and residents meant I could expect price appreciation and rent growth.

How did you find this deal and how did you negotiate it?

Redfin

How did you finance this deal?

FHA Loan with 3.5 down payment

How did you add value to the deal?

Not much with a few key exceptions.

For one, I added a few touches; including adding 2 new Air Conditioners and a ceiling fan along with a new microwave and a single oven.

What was the outcome?

Overall, very positive.

As a single unit, due diligence is a key factor.

I sought to find the best tenants possible. And in my experience, this is perhaps the most important component related to risk management when operating a single unit condo.

Even during the pandemic, my talents paid on time and were not late on their invoices. No evictions.

Lessons learned? Challenges?

Due to inflation, despite higher appraised values; property taxes increased and this may impact our ability to maintain a positive cash flow on our Unit.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.

An agent.

For current wholesalers in Texas, has anyone encountered a property with a lien from a creditor (i.e. credit card company, law firm, etc.) for a past due balance?

Mechanical and mortgage liens along with unpaid tax liens but I have not seen anything beyond these during a title search.