All Forum Posts by: Bruce P.

Thanks @Russell Brazil

Thank you for that wonderful explanation @Patricia Steiner, it helps!

Hi all,

A bit new to the whole process. Came on a pocket listing where the realtor is acting as both the buyer's realtor and the seller's realtor (so they are getting both sides of the commission). They said that if the appraised value came in less than the agreed sales price, the news must be shared with the seller, is that true?

Ah thank you for the clarification @Chase Louderback, it hasn't all come together yet although as a practical matter, I'd be leaning a bit more on the experienced partner(s) while I come up to speed.

Hi @Chase Louderback, I assume by operator you mean property manager? The plan is to hire property manager(s).  My potential partner(s) are more experienced in the field than me at the moment, and I hope to quickly narrow that gap.

Thank you @Greg Scully and @Alina Trigub, that's sound advice!

Congratulations @Abraham Anderson, I'm super inspired tonight, thank you for sharing!

Hi BP,

I'm new to the multi-family investing space. I'm trying to make it a point to meet more new potential partners in the space. When you're acting principally as the "money man (or woman)" in a two-person deal:

1) do you have any advice for how to vet your new partner who will be acting as the "sourcer" for finding multi-family deals out-of-state? (e.g., they live in an area like the south or midwest where they can source good deals and you are acting as the person bringing the bulk of the purchasing cash).  There's the obvious advice of hanging out with them for a bit and getting a "feel" for how they like to do business. But it seems the only way to really see how well it's going to go is to take a chance (hopefully on something small) and see how it goes, wiht plenty of contractual line items written out.

2) How do you like to structure the deal, esp. if it seems like it good be a good long term fit? 

Hi,

I'm buying a single family home for the first time. The owner had to move out for various reasons. The water has been turned off for about a year and a half for various reasons. Should I have it turned on prior to getting it inspected?  Thank you in advance for the advice and help BP!

@Zach Hoereth, I am in the Los Angeles area and was looking at the Midwest (am originally from the Midwest), including Indiana, would love to chat as well. Feel free to connect/PM me and we can go from there.