All Forum Posts by: Josiah Swartz

Whoa, sorry @Ethan Kanning for missing this a month ago!

Our discussion was only on the NOI of the property, I never got into anything more complex. He insisted that the property would be making MUCH more than it was (3x-4x more) and came up with his selling price based on that. He was convinced it was going to become a very popular location for WMU student organization meetings.

Maybe it did and I missed a big opportunity, but I really doubt it

@Ethan Kanning

I never did so no experience to share unfortunately! We couldn't agree on an initial valuation before going through with inspections. The seller was insistent on using probable future revenue rather than previous performance, which was a difference of hundreds of thousands.

@Josh Bloomquist both those are correct! Although one small correction, the KARHA meeting is the 4th Tuesday of the month, but that rarely makes a difference.

The details for the Kzoo REI are here, KARHA/RPOA details are here

While it might be a good deal, I would not buy it only because of my own goals. I'm looking for a small to medium-sized apartment complex with a similar return rather than 20 different SFR's that I have to keep track of individually. It will take me longer to find what I want, but I think the reduction in "headache factor" will be worth it.

There seem to be a lot of deals like this in Kalamazoo. 40,000-60,000 purchase price, 600-850 rent. You could build a whole portfolio on SFR's like that pretty quickly (whether or not it's worth it is a different question)

I think it really comes down to what you have the tenant paying and taking care of. Obviously it will work much better if you can get them to pay all the utilities and take care of the lawn and snow. Do you have those estimated costs? What neighborhood is this in?

Yes, @Jean-francois Ndomb, I've got a guy named Rich. I'll ask him if I can send you his contact info. 

Carpenters, drywall, plumbers, sheetmetal/HVAC, painters...just about everything you'd need in the rehab business.

Hi @Kevin Schneider, our next Meetup is Tuesday, Sept. 5th at Panera on West Main. We meet at 7pm. Details here. We usually have 10-12 people of varying backgrounds so it would be a good place to get connected!

The KARHA group meets on the 4th Tuesday of each month so I think you might have just missed it. Good group of people there too

We have a monthly Meetup that you're welcome to join. Normally have about 10 with a mix of backgrounds in wholesalers, flippers, and landlords.

Details here if you're interested. Next meet up is June 7

KARHA has one as well, which I think is mostly landlords

This is the most recent thread on hotels I could find so I thought I'd start here. Seems some of you have some good experience with the industry.

I've been doing direct mail to commercial apartment owners, but one of them brought a hotel to me that he wants to sell. He's got some decent motivation so I don't want to pass up a good opportunity.

Would someone be willing to give me some guidance on evaluating and negotiating a hotel deal? Or point me in the right direction of some resources?

I've used Erin Gallagher at Seber Tans for the last few years with good success. I'll send you his contact info.