All Forum Posts by: Alex Franks

I have dealt with them both in NC and SC .

It works for some and does not work for others. I found the best thing is the relationship one builds with tenants. IN SC if someone loses the voucher hard to get back on so most someone does take care of the place. NC I am not sure how the voucher system works. Yet again no complaints on the tenants either on that side of the tracts.

Alex

Originally posted by @David Lant:

Wondering what people's experiences have been in regards to renting to section 8 and working section 8 tenants?  How was the process of dealing with the government? Is there any special rules and regulations that differ from a regular rental?

I would love to hear people's experiences. 

Its been a long time since I spoke in Charlotte but someone recently put a post what to do to be more successful in Real estate here was my answer.

• Knowing the NUMBERS
• Educating yourself the business
• NETWORKING!
• Building power TEAMS
• Mentors
• Your WORD and why it is so IMPORTANT
• Credit, Reserves & Credit line
• GOALS / Roadmap / Accountability Partner
• HEALTH!
• HUSTLE!
• Mission statement “Both Business & Life”
• 4 D’s In Life and Business and life
• Market Cycles
• Rush and Real Estate
• Passion, Patience & Persistence
• Passive Income
• Stop and Enjoy LIFE

Originally posted by @Ted Dunn:

I'm a new investor in Charlotte, NC. Any Advice on the top 3 steps to take to get off the ground. Would setting up an LLC be one of those first steps. Thanks.

Lately, rain has been more problematic for this season. Slows a lot down around here. There is so much building going on. Paying higher labor to keep the best guys. That takes a bight out of things as well.

So it's not really complaints but its the little things in this business that can drive you crazy.

Alex

Originally posted by @Lucia Rushton:
@Alex Franks I would take your “problem” any day :)

Really good post ..I walked away from a company that had large contracts to build quite a bit of turn key rentals in multiple states. I was traveling and speaking in multiple states and countries. Then I realized I truly was not happy. Did not agree with the numbers. The biggest thing was I wanted to be home more for my wife and family. I wanted time in my garden. So I downsized and basically started over. I still have some great partners ( lenders) and a few new ones. ) To me personal time and making sure things make sense for me this time around. Spending time with my wife and a lot of my nieces and nephews, mom and dad and mother in law and father in law. Feel in a much better place when I stopped chasing money and deals. Now deals seem to find me as well as capital when needed.

Alex

inOriginally posted by @Nathan Gesner:

Funds to purchase. I can find deals regularly, even in my difficult market. But getting the funds together takes time because I'm not willing to over-leverage and borrow my way to success.

The truth is, I could sacrifice more of my personal time or family and work more to get the funds. However, my family is more important to me than an accelerated business plan.

We can't have everything.

@Thomas W.

Back in the day, I was traveling 4 different states buying, flipping, selling. Now I tend to stay in a 60-mile radius of my house. I am in a lucky situation living on the border of NC and SC. I live in Rock Hill SC but can jump on both sides of the tracks.

Keep in mind it's not just about you and what you want. It's about the teams you build to help achieve those goals thats most important.

Alex

Originally posted by @Thomas W.:

I'm looking at investing in buy and hold properties and obviously finding on in the heart of a city is going to be near impossible, but there are areas around the city that are less expensive, less property taxes, better rent ratio, etc.

How far would you all advise someone goes away from a city until the properties start becoming so far away that they're not getting rented out and it effects your vacancy rate?

Here is my list in no certain order on getting started and understand what you need to know.

Things that I thought if we learn them all it will help your business. Then I would pin down more of what I want to buy or accomplish. Feel free to ask away hope the list helps.

• Knowing the NUMBERS
• Educating yourself the business
• NETWORKING!
• Building power TEAMS
• Mentors
• Your WORD and why it is so IMPORTANT
• Credit, Reserves & Credit line
• GOALS / Roadmap / Accountability Partner
• HEALTH!
• HUSTLE!
• Mission statement “Both Business & Life”
• 4 D’s In Life and Business and life
• Market Cycles
• Rush and Real Estate
• Passion, Patience & Persistence
• Passive Income
• Stop and Enjoy LIFE!

Alex

Originally posted by @Joe Quinones:
Hello, I’m new to property investing I have 100k to play with and want to invest in a multi family property I just don‘t know how which loan to go with if i with? Should I try to go with 10 or more units can I go big with 20 or more units with a 100k should I try getting multiple properties instead of one big one? I guess I need some guidance

What most folks forget its not just about buying the property at a great price. Do you have the team in place to get it fixed and resold. Building a team around you in this business is super important.

Alex

Originally posted by @Lorenzo Spurrier:

Originally posted by @Alex Franks:

@Lorenzo Spurrier

My friend, I don't see a deal here I see a money pit that can get you in trouble. Instead, I would google meet up .com and do 30-mile radius of your house. Find some local groups and attend. Sit back and listen and see what local folks are doing. Even share the deal and get feed back. I always appreciated this business in that. When folks see someone is willing to bust their butt. They are willing to help out and point you in the right direction. So I am glad you took the time to introduce your self ( welcome ) and a great place to ask away.

Alex

Originally posted by @Lorenzo Spurrier:

Hi, My name is Lorenzo. I'm new to Biggerpockets.  I haven't done a "new member introduction", but a brief summary of myself:

I'm 25, have been in the construction field since I graduated high school.  I am from the Metro Detroit area.  I'm a licensed builder in Michigan, also a licensed Realtor. Since I graduated, i have been saving as much money as possible to be able to start my own company.  I finally did and now I'm looking for funding my first "fix and flip" project.

I have done quite a bit of research from reading articles, to visiting seminars, to watching YouTube videos, to reading books all about the general knowledge needed to invest in real estate.  I feel like I have enough knowledge to go forth and begin my journey.  

I have a subject property with a motivated seller. I have estimated the house needs about $75,000 worth of work. $20,000 is foundation repair. The house is listed for $120,000. (I have done CMA's, and they have shown that houses in a .5 mile radius that have been updated sell for around $150,000-$170,000.) I have told the selling agent over the phone that there is no way I can purchase the property for even close to that price. She insists on receiving an offer...So here we are.

I have reached out to quite a few HML's online...Patch of Land, DoHardMoney, FundThatFlip; to name a few.

I'm NOT asking for reviews on these companies.  I've done plenty of searching online for reviews on them.  I'm generally looking for whether or not companies like the ones of listed are suited for a new investor with NO experience in fix and flips? Should I be looking for companies local to the Metro Detroit area that I can meet with personally? (Can't find too many online) or are these types of companies good to use? (ones I've listed)

I'm looking for constructive feedback and any suggestions the community has to offer.  All replies are much appreciated.  Thank you

I really appreciate the feedback man. I'll look into networking locally, I'm sure I could meet some great people. As for this property, it certainly is a money pit. I figured if I could get it at the right price however, I could still prevail. My MAO would be around $50k...but then again, I have no experience in flipping houses, so it sounds like you may know a little bit more than I.

Maybe I'm a simple person so a simple answer. When I wanted larger projects and larger apartments. I found the biggest company around me. I went to them and worked my way into a meeting. Without mentioning names they own 7300 units in Southeast and a growing company. I pick the owners ( now a good friend ) brain for data and what areas and why.

Sure that's not the answer you're looking for but just my two cents

Alex

Originally posted by @Omar Khan:

@Account Closed Data sets are incomplete outside of NYC and coastal markets. That makes it hard to use a lot of these services with any sort of confidence. Most folks on these forums are priced out of the markets I have mentioned and prefer to invest in the South or Midwest. 

Unlike a REIT, the level of sophistication is lower as the investor are more mom-and-pop type. Even now, most syndicators/PE groups are relying on rudimentary data sources/data sets to draw conclusions. This is very much a "stick your thumb in the air and hope for the best" type approach.

I looked at a few companies who shall remain nameless who are promising AI/big data/machine learning/buzzword-of-the-moment but nothing really stood out. 

Your company looks interesting. Simple question: How would your service help folks like myself buying 100-200 unit multifamily assets in TX and FL?