All Forum Posts by: Charles Carillo

@Mitchell Pudelski

I would speak to a commercial broker and sell it as a package. We currently are selling a portfolio of 3 family and 5 unit properties through a commercial broker and it generates more interest from larger investors who are actively growing their portfolios and do not want to purchase small properties individually. 

@Theresa Amouzou

You can purchase a list of cash buyers using List Source in your area. You are searching for buyers with high equity. You can network in Social Media groups in your area or attend local real estate Meetups to build your buyer's list.

@Ellie Tattar

You should have your attorney draft the purchase and sale agreement after you have a signed letter-of-intent. For the LOI, you can really use any LOI template and just change edit it for the deal particulars.

@Zackarias Aitchison

Here are some helpful websites:

• BestPlaces.net
• City-Data.com
• Census.gov
  • Factfinder.census.gov
• census.gov/programs-surveys/ahs.html
• data.census.gov
• StateLocalGov.net
• SpotCrime.com
• WalkScore.com
• DeptofNumbers.com
• DataUSA.io
• Bea.gov (Bureau of Economic Analysis)
• Bls.gov (Bureau of Labor Statistics)
• Indeed.com (Jobs)
• NewGeography.com
• NeighborhoodScout.com
• CrimeReports.com
• FamilyWatchDog.us
• Geometrx.com
• SocialExplorer.com
• Costar.com
• Colliers.com
• Irem.org
• Zillow.com
• Google Earth / Google Maps / Street View

I would research and drive prospective markets and neighborhoods before purchasing. Your broker will also take you more seriously when they know that you took the time to drive the areas you want to purchase in.

@Malika Zholymbetova

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@Andrew Jones

If you are setting up an LLC; you can both fund it and then show that bank statement to the lender but, it sounds more like this private lender is acting as a second position lender. In that situation, I would let the lender know and see if they will allow a 2nd mortgage on the property before you go any further.

@Brian Kantor

Yes they can 1031 into a syndication. It requires a little different structure than just investing as an LP in a syndication. It is setup as a tenant-in-common (TIC). The other point to consider is that operators typically have a much higher minimum investment for TIC setups since you have to re-structure the deal. We normally have a minimum investment of $500k but others I have seen do a $1 million minimum.

@Eric Fietz

Most if not all, established landlords do not use landlord insurance for repairs or "warranty policies" etc. If you have a good property manager and you properly vet tenants; you will avoid most problems. I would have a reserve account that you add to monthly instead of paying for property warranties or landlord insurance policies for repairs. 

@Marshall Magnus

I think we had a dozen units when we switched to professional management. The problem is finding a good manager. A property manager will make or break any real estate investment. They are the most important piece of the investing puzzle.