All Forum Posts by: Charles Carillo

@Travon Moore

First you should figure out what you want to invest into; long-term rentals or flips. They have different time and capital requirements. How much time do you have available to manage your future investments? Will you be managing them yourself? DM me and I can send you over a self-evaluation we use.

@Gabe Belloli

Selling an LLC that owns the complex vs. selling the complex itself is an advanced strategy and should only be performed by an experienced investor with competent legal consul. The goal of this process is for the new owners to avoid having their property taxes reevaluated with the new sale price. It is very normal for property taxes to increase when a complex is sold; especially one that has been owned by the same owners for 10+ years. You are also purchasing a LLC that may have potential previous/future legal exposure; compared with starting a new LLC when you purchase a property. Again, speak to your lawyer and title company before doing this.

@David C.

There is a ton of good, free information on the internet today; however working with a mentor is not just about learning the information but shortening the learning curve for the student. I do feel many of the programs are overpriced but if you want to learn a subject or a skill; hiring a mentor is one of the fastest ways of doing it. It does not have to be one of the mainstream ones you see advertised on the internet though; maybe find someone local that is able to assist you.

@William Isbell

You will need to skip trace the properties; the owners and/or the LLC that is on record. Once you have the actual owner's information, you can run their names/addresses through white pages or a similar website to find their phone number.

@Christine Walthall

This is a great question. How long do you want your money tied up for? A market and neighborhood that is more established and has higher growth should allow you to exit or refinance faster while extracting a larger percentage of your initial investment. Investing into a neighborhood that is gentrifying is a little more tricky. Are the subject properties actually in the wave of gentrification or are you pushing the line by a number of blocks? It will give you an idea of how long you will need to wait to create/capture value. When investing in neighborhoods that are gentrifying; you want to see progress all around the subject properties; properties that are renovated, properties that are currently being renovated and the ones you want to purchase.

@Connor Thornsberry

House hacking a 2-4 unit property with a FHA mortgage is a great way to start. You will most likely also have funds left over for a 100% investment property in the future after the house hack is rented/complete. You will gain a lot of experience and knowledge from a house hack with tenants so on your second property you will not make as many mistakes.

@Samantha Pancoast

When investing in residential; jobs are number 1. You want to see a pretty consistent increase in population over the past couple decades with a pretty consistent decrease in crime (if you put them on a chart they would be inverse). You want to see consistent increases in single family home prices 2%-3%+ per year and household income (over the past decade). 

@Account Closed

I have been in this situation a few times and usually the tenants will leave themselves. You really want to avoid an eviction. You can let the tenants know that you will be starting to renovate the property, starting with the exterior. I doubt these tenants are on leases so you can then resign them on leases with a rent increase. Also, if they want to move, give them 30-60 days to find a new place without signing a new lease. Offer cash for them to move or for them to move sooner. There are a number of ways of doing it but I would avoid having to evict them.

@Eric Smith

You should be able to utilize direct to owner mailing for this size of properties you are targeting. The main difference I have found when mailing multifamily owners vs. single family owners is that there is usually less motivation with multifamily owners and the conversation before they are ready typically takes sometime.

@Cary Miller

Cash for keys is a great option. Have them say a number and a date they can be out by. I would then increase the number and shorten the time to move out. I would inspect the unit prior to shaking on the deal and setting a date and an amount. The unit needs to be clean and empty for them to receive the full amount.