All Forum Posts by: Pyrrha Rivers

@Hae-Yuan Changthis is what I gathered from your original post. I think that there are so many valuable lessons to be learned in communal type living. It's not for everyone but I think many could benefit from learning about it. Most people have never been exposed to this idea and all we envision are the college roommates we did not enjoy sharing time and space with. I know your landlord or house leader set up the arrangement. Do you know how the housemate selection was done? Have you participated in the selection process? Can you replicate this in a different house? Perhaps one that is mote traditional, can be financed without issue but you can then house hack by adding a few roommates. The house rules and vibe you create within your house hack is up to you by recruiting likeminded housemates willing to share in the cooking, cleaning and projects you wish to engage in.

@Hae-Yuan ChangThis is an interesting concept,  in spite of the fact that I tend to agree with Roy N. I have no knowledge of what codes may be violated but the fact that this is your current living situation which you obviously enjoy enough to want to acquire it as an owner really got me interested. Many of us struggle with the idea of sharing a duplex with a tenant, few of us are willing to have roommates for a short time but I've never heard of curtain divided rooms, let alone making for a peaceful living arrangement. I think there is much to be learned here from the dynamics of the housemates. Can you share how this many people get along well enough to live harmoniously in such close proximity? If you can do it with curtain partitions. I can only imagine it would be very successful in a home with wall separation. Perhaps you can take the concept and apply it in property that is better suited for it. 

I wish you much success! 

Congratulations @Krista Goodrich! Great Christmas present for you.

@Ehab Shoukry Thank you for posting this proposed JV structure. I would like to solicit additional input by posing my question on the subject.

I live in Japan and have been contemplating approaching someone I've been working with in GA to propose a JV in student housing.

He manages and maintains this asset class for a large corporation and I am interested in acquiring a small property for student rentals. 

Here are my initial question about a JV structure using Ehab's example. (More questions to come on the details for exit/break-up if this first acquisition phase passes your scrutiny).

My contribution - Down payment and closing capital 20% + 4%- 5% = $25%

We are both on title in joint LLC

My partner - finds the deal 10% value and performs the make ready rehab at his expense of time and capital 15% value. 

He manages the property at a 7% management fee (could this be smaller since he's part owner?)

We split the profit and expenses 50/50 

Please comment on my idea which I'm sure has quite a few imperfections which I need pointed out.

My goal is to make this a fair and mutually beneficial venture.

If you're capital partner would you do it? If you say no, why not and what would motivate you to do it?

If you're the labor partner would you do it? If you say no, why not and what would motivate you to do it?

Thanks for your input.

@Fitzgerald Hall Congratulations on your deal and as @Will Barnard said the “stones” not just to share your success but to stand up the unwarranted attacks that often discourage people from posting. There are some here who make it a practice to tear people down in an effort to aggrandize themselves. That does not add value. There is a difference between critical debate which is thought provoking and enriching but personal attacks seldom bring about any value.

You created something for the seller out of the nothing they were about to get. 

Wait! Less than nothing! They were facing evection from their home without a penny to move themselves, their stuff and their disabled relative. Instead they got $175K after they didn’t even have $5K to begin to pull themselves from their situation! 

How could you? Arrange to have them and their things moved, their relative placed until they manage to get a new place with the paltry sum of $175K? 

The nice Realtor down the road could have listed their tear down property, had them put out on the street without a penny and all their stuff but it would have been the ethical thing to do because you don’t have a license! LOL!!! 

All of us investing in Atlanta now want to be on your buyers list.

Keep doing what you're doing.

@Account ClosedWhat do you recommend for management of the rehab and rental of this type of property?

I agree with your statement that good people have to live in marginal areas. I don't believe that being poor is always a choice, I know it is not an indication that someone is of criminal inclination or incapable of being a decent tenant. Not every section 8 tenant is a horrible person, although my experience is limited and I'm sure the reputation comes from somewhere.

Do you successfully own this asset class from a distance? I'm very interested in learning how you do it as it is a great struggle for me to own from long distance. The team on the ground is crucial and not easy to establish.

Thank you for your input.

@Sergey PerevalovI admire your resolve to reach your investment goals! In terms of this property, I have no knowledge of the area but having read a few other posts, I want to offer my encouragement as well as a bit of caution I had not thought of before but makes perfect sense in this case if your house is indeed in a war zone.

Rehabbing will be a challenge as you are likely to suffer vandalism and removal of your new materials and appliances.

That being said, you certainly need to find a property manager that specializes in those areas, has an understanding of the people and perhaps even a rapport with them. This PM will be your absolute best adviser as they'll know contractors to use and techniques to secure your rehab as well as the best exit strategy in terms of rent or sell.

Best wishes and I hope you are able to make this into a great deal. 

Congratulations Chudi!!!

We're at the same stage you and me. Do share, I'm so excited and hoping to learn more from your experience and become a little more "clueful", my favorite new word introduced by @Anna Watkins as I find it a welcome solution to my permanent sense of cluelessness.

Happy Holidays Cudi and everyone!

@Kelli Huang I agree with @Linval T. That's a lot of trees! I'm sure he got you with the contact information.

Happy Holidays!

Scheduled Yokosuka Meetup for tomorrow.

Won't be able to make Tokyo.

Happy Holidays and a prosperous, profitable and successful 2016!