All Forum Posts by: Adriel Hsu

@John Halverson

I would get a realtor to vet the ARV numbers as those are notoriously high from wholesalers.

Having a 1250 sq ft, one story home, and a 825 sq ft garage apartment (2nd Floor) getting painted completely inside and outside in Beaumont TX. Will come out to around $7,000 labor and material

Exterior (Siding and Trim): 
- Pressure Wash
- Caulk, wood putty, all exterior
- Prime exterior
- Paint Exterior Siding and Trim

Interior (Ceilings, Walls, Window/Door Trim, Baseboards Interior Doors):
- Prime
- Paint

I financed my 14-unit from a local credit union.  Try talking to your local small banks and credit unions.  They are more flexible in their lending.

Also, an option for you may be bridge funding, where you can complete the re-position and then refinance out to long term debt.

You'll learn soon to just eye ball appliances and make a judgment call to add into your rehab budget or not.  You shouldn't back out over a 6 year old water heater that will probably last another 6-10 years.

@Tab Teehee

Are you looking at stuff listed on the MLS or from a wholesaler?

If the property is immediately adjacent (across the street or 1 block away) from the actual campus grounds, it should be fine.

But that area in general is a pretty rough area of town. Be very careful of the neighborhoods there. There are a few parts of South Park around there that are decent but it’s a street by street basis

@Tab Teehee

I flip and wholesale in Beaumont area. Single family and commercial

Let me know what area you’re looking in

@Yonah Weiss As @Alina Trigub has said, it depends on how much the KP is bringing to the table.

If the KP is only bringing half of the net worth requirement the GP's are missing, I would say 5%.  Normally a KP brings in experience, net worth, and liquidity, then i'd say ~10%

@Scott Shrider Joe Fairless' book called Best Ever Apartment Syndication Book is a great starting book to learn all the aspects at a high level.

Having been a former server myself, and have rented to numerous servers, Asking which restaurant/bar they are working at and how long they've been there is important.  

There is a high amount of turnover in restaurant work, usually in under a year.  So if they have been there for close to a year or more, that's a good sign.   

Also, the type of restaurant and location in general gives a good idea of their tips.  Is it a high end steakhouse where the average ticket is $~70-100?  Or is it a small joint in a less desirable area?  

Just some other points to consider instead of purely tax returns and bank statements

@Kirdare Luciano There's tons of information right here on BP and on other social media.  Youtube has plenty of information as well to learn how to get started.  I also recommend Instagram, as each post usually has bite sized amounts of information to help you instead of being overwhelmed with information.