All Forum Posts by: Bjorik Mutize

Wouldn't spend too much time thinking about it. You read it and it peaked your interest on how it can better your life! Waves are unlimited. Catch one and get started! Spend some time learning actionable steps to take you where you need to be this year.

Welcome to the forums!

Continuing to get educated and transforming my mindset from the small unit space. Getting quicker to learn markets and how to underwrite. Am i speaking to enough key players in a day to learn.

Biggest, biggest hurdle is myself needing to work harder at learning to raise capital.

My goal is to acquire these tools to get me where i need to be this year or at least get me tee me off for the following year to buy.

Congrats on finding this! Have you spoken to the broker and/or seller yet on this?

What brought you to focus on the Hattiesburg market if you don't mind me asking?

Also, an agent may help you seeing if it is worth buying and provide you with preliminary info, however you would want to learn how to do most of this yourself.

Perfect, so yes you would want to compare to other comparable 4-plex's in the area as far as amenities, condition, age, rents, and of course other factors. You want to make sure you are at least competing fair market value to other properties or ARV. Come up with a fair purchase price that you can justify all of the above.

Now for your rents, what is your market rents you can achieve and how long will it take you to get them? How is the property operating right now and how can you decrease current expenses and increase your income? Are you going to renovate it?

If you are serious, try and get a financial statement and rent-roll's from the seller. I'd underwrite the property how it's operating currently and see if it is at least profitable at the purchase price you get above. Also get a business plan on how it will operate on how it if you can increase rents and possible decrease expenses. If it works(be conservative) move forward.

I would speak to plenty of lenders to see what type of debt you will be looking at. After you decide to offer for it ensure you do some very thorough due-diligence to make sure everything checks out!

@Lindsey Spivey

Congrats on moving forward with another property!

As long as the numbers work and you can justify the reasoning to their broker/seller. Like mentioned above, is this your best valuation?

If your offer is accepted, do some thorough due-diligence. Wondering why this property has been sitting so long. Has their been price movement while it has been listed? Is this a distressed property?

Also, when searching for your market. If it doesn't work close to home, don't be afraid to look and learn away from home. Like you said, some markets in Texas and Virginia are thriving. Just make sure you learn the market to a tee and also build a team in the market to help you jump in.

Be careful and conservative in your financials!

Comps.

Maybe to better assist you what type of properties are you looking into? Single family homes?

@Taylor L. Thank you for sharing! I have a few colleagues of mine that mentioned that the conference was great.

@Larissa Luna knocking down some of that debt will definitely help you guys when it comes to obtaining financing!

Spend the interim time learning the market you guys are targeting down to a tee!