All Forum Posts by: Benjamin Seibert

@Eric Steffel Greenville, SC is a beautiful place. RE prices have climbed quickly over the past few years but economic indicators are very strong. There are a lot of potential areas you could buy - Greer, Travelers Rest, Mauldin, downtown... I would recommend getting an agent with some experience in the area to help direct you. Greenville doesnt have many small multifamily properties (although it does have a few) so most times you would be looking at a SFH. There are definitely some viable value-add SFH properties on the market though.

@Corey Knight the best idea is always to consult a lawyer. I have a partnership between myself and two colleagues - we have a multi-member LLC set up with a pretty long and detailed operating agreement for how we will handle all the different scenarios. You can likely find some example documents online or on BiggerPockets of multi-member LLCs but definitely recommend finding a lawyer. Sometimes you can find a very reasonably priced lawyer who will provide you there template and register your LLC for you.

@Chow Ahmed I would start with setting your criteria first: types of properties (commercial, multifamily, SFH, etc...), investing type (flip, buy-and-hold, BRRR, etc...), and any target numbers (available cash for max price point, target ROI, etc....). Once you've set your criteria you'll have a much easier time identifying markets that fit your criteria. If you aren't exactly sure on your criteria and want to explore, it's best to at least set a broad criteria in markets so you can compare between markets to see which one best suits you.

An example: I'm interested in small multifamily investing so I will target markets which have a surplus of small multifamily properties to start off. Then I'll have a set ROI and sift through markets to see which has the best availability of properties with my target ROI... this is an iterative process between markets.

Good luck investing!

@Michael Herløv welcome to BiggerPockets! There is a ton of great information in the forums that will also apply to investing in Denmark. Good luck progressing your REI journey!

@Chase Johnson congrats on the completed deal! Did you get 100% (or almost) of your funds back?

I dont see any information here. I think you forgot to post it

@James Ritter lots of times the proforma isn't 100% correct. Once under contract you'll want to make sure the seller provides you with the exact numbers.

I'm not totally familiar with your area so it's hard to tell if the ~6% cap rate is consistent with the market. First, I would just make sure the cap rate is in line with the market averages. On a property this size you'll want to treat it as a business in that the valuations are all based on how much you can streamline and improve the bottom line. Are there ways you can reduce costs and improve your net income on this deal (pass off utilities to tenants, cut down on landscaping, etc...)?

Also, make sure there isn't any major delayed maintenance on the property. The owner should be able to provide exact dates for the replacement of all the major items.

@Lucy Iburg to give an in-depth personal response I would need more information. It just depends on your goals for the property - do you want to rent or sell it? Then compare the numbers (duplex vs. SFH) and see which makes better sense.

@Elsebeth Birman since you're out of state it may be easiest to use a larger bank with branches around your area. This makes it easier to fix issues, since you'll have a branch nearby, and most of the larger banks make remote deposit easier.

I have an account with a small local bank that I use for my rental lending. They're very much based on personal relationships; however, their banking features leave much to be desired. They have caps on remote deposits and the closest branch to me is 30 mins away (this makes it tough to deposit rent checks). 

@Miguel Devaughn it's a tough market to get into real estate. Deals are flying off the shelves due to low inventory and interest rates. I would stay patient and make sure you stick to your criteria (you may have to expand your criteria a bit in this market but make sure the deal works).

 Don't overpay or massage the numbers just to get into a deal. It's better to stay on the sidelines and save money rather than purchasing a bad deal.