All Forum Posts by: Brian Alfaro

Devon, it depends on if it's a flip or a rental. That's a general rule of thumb - buy & hold investors are usually willing to pay a little more % of the ARV because of their long-term strategy. Again, it depends on the asset and condition/neighborhood it's in.

I would suggest you reach out to an experienced wholesaler in Houston if you've never done one in this market before (or in general). Trying to buy/sell something when you don't understand the market or sub-markets is not a good idea. 

Disclaimer: I am a part of the Wheelbarrow Profits Jake & Gino Program as a Student. I do not work for them. I joined in June of 2020. 

@Uri Frodis, I can honestly tell you it's been the smartest move I've made so far in my real estate journey. If you search these forums and the FB group, you'll find no shortage of people who don't believe in coaches, mentors or professional guidance in their business. While it is totally true you can make it own your own, the question becomes can you afford to (cost of mistakes), how fast are you looking to move without guidance/connections, and do you value being in a community with like-minded people actually making it happen? Ask any successful business owner if they eventually got guidance in how to take their business to the next level. The answer is almost always "yes." Often you can find most of the education/knowledge for free, but the issue is a lot of people don't know what to do with it and fail to take action. That's where these programs really help. The education in the platform is first-class and allows you to have many tools in your tool belt. 

There are a lot of coaches and gurus out there selling false hopes and opportunities. Some have lots of rules and regulations and are only in it for the education fees. You need to make sure you're doing your due-diligence with these programs. Before I joined, I definitely did (had 4 interviews with Josh & Dillion of J&G). I joined J&G for a lot of the same reasons already mentioned, but the biggest one was I felt that they were genuinely interested in my success as a student. They understand that the long-term success of their program is 100% determined by the success of their students. Just because you have the funds to join, it doesn't mean the program is right for you. They do serious due-diligence on each student and their goals so they just aren't taking peoples hard earned money and setting them up to be disappointed and fail. You can see the difference as soon as you get in the program - I was genuinely shocked how helpful everyone was in the program and how the students all seem to lift each other up. Someone who's ahead of you is always willing to help.

At the beginning of 2020 I was looking at SFH to rent/flip. By the end of the year I had two skilled partners (and many more experienced investors interested in working with me/us) I met in the group. We have been actively submitting offers and competing with confidence on B/C class assets that are 50-150 units during the pandemic with guidance from the community and coaches. We have our team lined up and are ready to go, and we are adding value to the real estate community through our website, meetup, podcast, and educational content we share internally within the community we learn through continuous education/experience. Never thought I'd be in this position at the beginning of 2020, so I thank the program and community for propelling me to step outside my comfort zone to THINK BIG. It's not just about the Xs and Os; mindset is the key to success in this business.

I'm happy to answer any specific questions or share my experience further- feel free to DM me. I'll echo what @Anthony Vicino said: If you're not willing to be patient and put in the hard work, you aren't going to be successful no matter which coaching program you're in. You get what you put in, period.

I have messaged everyone interested! I am trying to get an email thread going so we can coordinate something this upcoming week. Please check your messages and shoot me your contact info. 

Cheers,

Brian

@Juan Vargas @Mark Brown @Matthew Rolf @Ikenna Okoye @Pete Moran @Paul Leavitt @Tony Castronovo @Viraj Chaudhary

@Tony Castronovo! Looking forward to meeting you in person. It's been a while since we chatted! Will definitely keep this small. 

@Viraj Chaudhary Will do!

@Paul Leavitt Great! I will reach out to coordinate.

I am looking to keep this thing small & intimate, regardless of whether COVID is happening, so meaningful relationships can be built. I will message each of you to discuss! 

Hello BP! 

I am interested in getting a small group together monthly in Fort Bend (suburbs of Houston) at a local coffee shop to chat Commercial Multifamily (5+ units) Real Estate. No particular agenda, at least for the first few meetings. Just talking multifamily and networking. Looking to build new relationships with those in the space or interested in the space and strengthen those we already have. 

Anyone here have any interest in joining something like that on this side of town? This would be in the Sugar Land, Katy, Richmond, Rosenberg area. 

Feel free to reply below or shoot me a message.  

Check with your local lender, but not likely. It'll be considered mixed-use commercial. 

Congrats!

@Dakota Brown What size asset are you talking about? 

There is no "trade secret" in finding good deals, whether it's in MF or SF. You have to get out there and grind. As already mentioned here, in the commercial MF space it's all about relationships with brokers. You can go direct-to-seller, but be ready to build a team for this and have systems/processes in place. You'll be competing with brokers for leads, so that is why I recommend if you're getting started focus on broker relationships. 

@Kyle Swengel You need to speak to a Syndication Attorney and Real Estate attorney. They're going to be setting up all your contracts anyways, so networking with them now and building a relationship with one you'll use in the future will be beneficial. Search Google and see if you can find one in your market or your investment market that will take a consultation call over the phone. Most work nationally as well, so let me know if you want a recommendation on some names we know.

Seeing a few of these on the market in Houston. The thing you have to be mindful of is the zoning (which isn't an issue here, but is in other areas) and the conversion cost. Some of the experienced convertors we've talked to say getting the buildings up to Fire Code for Multifamily + installing separate electric meters for each unit can be costly (most hotels are not individually metered rooms). It's not for the faint of heart!