All Forum Posts by: Alice K.

Ryder! Sorry I couldn't make it due to work!
But, I can't wait for next month!
@Ben Phillips -- what did I miss?!

That email-- No worries! As far as the conversation with your wife-- that is hilarious. She now is watching you like a hawk. :))
My other friends also ask what on earth I could be doing from 6pm - 12am (if I recall, I dropped like a fly last time and 3 other champions remained). 
See you in a few weeks!

 Your advice helped so much when drafting my first least (as I am a wild pessimist). Thank you for all your posts!

Here is a man who knows what he's talking about. Glad you're coming out Mihn! We've missed you at RE events. *tear*

Love this thread idea--

Bailing on my galfriend's wedding (I'll send them a honeymoon gift instead!) because J, Mihn, and the gang are a hoot. 
AND, can't wait to hear the legendary speakers. 

Haves

• Multifamily investment knowledge 
• Region deal analysis
• RV park & resort management
• Motel management 
• Out-of-state management

Wants

• Connections with other passionate and active RE folks 
• Action plan advice
• Equity / capital partners
• Purchase contract advice (would love to share notes here)
• Out-of-state wholesalers / agents with connections 
• California-based mortgage lenders, CPAs, and/or attorneys
• LLC formation & tax advice

@Jesse K Peak will send your contact info their way.

Cheers,

Alice

Hello Sarah,

You can try to get the price lowered, however, this is not unusual at all as every appraiser has a different way of measuring. Sadly, there is not much standardization here.

You should ask for the current leases and what they've had in the past rent-wise. 
I would also check out averages for that footage on Trulia. (I'm sure you're already doing this.)

Good luck!

Greetings!

A good friend is seeking a great RE agent that services Redmond, WA and surrounding areas. 
I'd like to take business to the good people of BP before any other review site. 

Desired Location: Redmond, WA / Bothell / Woodinville / easy drive to the Microsoft campuses
Seeking: 5BD, 2BA
Price: TBD

Thanks in advance.

Cheers,

Alice

As @George Despotopoulos & @Michaela G. mentioned, I wouldn't worry too much about the 1% rule.
I did myself for many many months, and in the markets I am in, you will be laughed at the door. 
Wrote many offers and attempted to stick to my guns, but you may find yourself simply losing one after the other.
My new benchmark is to see what the average is for the area. Very basic first stab you can try:

1. Check out Loopnet for apartment cap rates, keep in mind these are often inflated pro-formas. Use this as the highest cap rate, see if you can find the lowest. 
2. Check out what other investors in your area are saying they get for a return.
3. Ask an agent/ broker. Call / email one that knows what they're doing with investment properties.
4. Or, try to make deals by finding motivated sellers (this can cost money and time, I'm unsure how much of that you have.)

Perhaps your area just is not good for the 1% rule and you need to go elsewhere. Some may disagree with me, but if this is your first time, I'd say stick with an area you think you can manage without being freaked out and ensure you are at least breaking even (on every last thing, from accounting for 5-10% vacancy, taxes, insurance, utilities, mortgage, 10% cap expenditure buffer, etc.) and then, even better, cash flowing.

A lot of people may rave about their amazing returns, but I'd agree with what Warren Buffett has said: The first goal is to not lose money. 

Good luck!

@Steve Vaughan Good to know. I want to keep things relatively simple myself, so will probably do something similar. In the past, the more complicated I’ve structured something, the more headaches I've caused, and interest I've lost. 

Thanks for sharing!