All Forum Posts by: Account Closed

Thanks, Oleg... appreciate the help.

We're looking at some new markets.  Has anyone worked with a property management company in Tulsa they'd recommend?  Looking for a company with deep knowledge of the local market and experience with value-add business plans, renovations, and preferably one that likes to invest in the deals for the properties they manage.  

@John Hewitt no one can give a comprehensive answer... so many different factors around incomes, interest rates, local markets, home prices, people’s ability to qualify for loans, etc. my general high-level thoughts would be to buy for cashflow and see appreciation as just a bonus, and also to focus on B and C-class assets that will tend to have higher occupancy during a recession.

@Obed H. Bey agree with others on The Best Ever podcast and Syndication book. Also, the idea of using equity to finance another deal at this point in the market cycle makes me nervous. Don’t over-leverage and get yourself in trouble.

@Aristone Louxz I’ve done a couple of them. Sold them now and did well on the appreciation but will never do condos again. The dues eat you alive from a monthly cashflow perspective.

@Pramod Yash if you focus on buying for cashflow and make sure your numbers could withstand 2X the historical vacancy rate during the last recession, then recession shouldn’t matter.

@Tyler Lee I’d say 2 things. Focus... sticking with one good strategy or idea until it succeeds... and the ability to break complex problems down into simple terms.

You could find someone who's doing what you want to do and offer to do work for them for free.  You'll learn a bunch, and you may even convince them to start compensating you with equity or profit in deals.  Another way to get started is simple house-hacking... come up with enough down to buy a house, duplex, or fourplex and rent out rooms/units so you live for free.  You can use that to save up for your next purchase.  

Another vote for Joe Fairless' "Best Ever Apartment Syndication Book."  My recommendation, rather than diving in head first by yourself would be to bring the deal to an experienced partner, which could do a few things for you.  First, they may be willing to put some money down for their equity portion, which will lower the loan balance and make cashflow even better.  Second, you may need someone to help you guarantee the loan.  Third, their experience may help you drive the value of the property up far beyond any equity you have to give up.  Good luck!

As @Account Closed suggested... you'll have to carve out the time, but if you can get involved in a club around an activity/cause you enjoy.  Ideally, it would be a club that tends to include high-income and/or high-net-worth folks.