All Forum Posts by: Boris Slutsky

Good afternoon BP community!

I am currently looking to connect with Property Management company in Memphis TN that works with Single Family and Small Multi-family properties.

Does anyone have recommendations?

Thanks a lot!

Hey Andrew!

Yeah, I am currently trying to look into some multi-family deal. I have done some research in last few weeks, based on some metrics I picked up during multi-family bootcamp and narrowed down to Memphis TN and Indianapolis IN. I even have few people I know who are potentially interested in investing with me, just trying to figure out how to connect all the dots together now.

Ill be posting updated on my journey!

 Hey Andrew,

Thank you, right now we are pretty lean, my break-even point including all overhead is about $4,200/month. And my current revenue for this year so far is right around $3,800. I think by the end of the summer I should be able to be around my break-even point and hopefully keep it up from there.

We have multiple amazing places close be, like a carters lake, which have a marina where you can rent a boat, multiple state parks with hiking trails, like Cohutta Wilderness, Amicalola state park and Mountain Fort State Park.

Hey Bill,

Thank you for your response. What I have in mind is more of the value add situation. This way I can do interest only payment with 2 year balloon. But like you mentioned, unless the value of the property goes up significantly, the cost of selling will most likely eat all property appreciation or even worse.

Like I mentioned I spoke with few people who might be interested and yeah, they would expect to get about 10% interest.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $369,000
Cash invested: $65,000

This is a beautiful mountain chalet located in North Goergia Mountains. I am currently renting it out as a short term rental. I am currently working on getting my review base up, so next year I can be crushing it!

Looking forward for my next deal this year!

What made you interested in investing in this type of deal?

Watching multiple you-tube videos and listening to podcasts, that showed me that out of state investment is possible and the fact that me and my wife felt in love with the area after our anniversary road trip last year

How did you find this deal and how did you negotiate it?

I found this deal on Redfin. I was able to negotiate 3% in concessions based on the inspection report, but we purchased it for a full asking price

How did you finance this deal?

Using second home loan with 10% downpayment

How did you add value to the deal?

Installed new AC, added additional furniture and decorations, to make it more appealing as short term rental.

What was the outcome?

So far we had pretty slow winter and spring, but as summer got here the bookings are up. My main focus for the first year is to get as many positive reviews as possible and I am always ask people to refer their friends and family to us and offer them additional discuounts

Lessons learned? Challenges?

I do not really have any lessons so far, I just think I got caught with the pretty rough timing, out interest rate is pretty high and the industry itself got saturated, but I think if we stay the course and follow the strategy of growing reviews and customer base, we should be successful

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with one agent for a while, but we were not able to find any deal and she had some personal reasons why she could not continue to work with me. I found this deal myself and got the agent through agent finder and just told her to write up the offer. She seemed pretty good agent, but I just feel like I did not have enough experience with her to give a well-rounded feedback.

Hi Everyone,

I am pretty new to raising capital, so far I only purchased my primary residence and one investment property with my own money.

I am currently looking for private money investors who can help me to fund portion of the entire downpayment for my next property and I have few people who said they might be interested in being dept partners in the deal.

My question is, how do I provide a proof of funds for lender or to the listing agent to even get pre-approved for the loan or to get the deal under the contract. It a bit confusing, as to get my private money investors fully signed up I need to have a specific deal, but I cannot get the deal secured or even get the financing secured until I have the investors with the funds. Is there a way of using my investors lets say statement showing the funds available + some broad letter of intent stating that they have general interest in investing with me or someting like that?

Hope to hear back from the community!

Thank you for you help in advance!

Het there BP community, I am new investor here is South Florida market. I have a pretty good idea of prices and rents in local market, but do not see any way to make rentals work with current prices. So I decided to look at some other markets, my problem is that is really hard to get a good idea of the rent in those markets. I used rent estimator tool at BP website, but there are a lot of time where it shows a low confidence and prices seem to be based on the rent list price, not actual rent price.

Can anyone recommend some other software that can help to get the idea of what the rents are? Ideally I want to have something for LTR and MTR!

Thanks a lot!