All Forum Posts by: Charles Seaman

@Beth Cooper I can only personally speak on behalf of RE Mentor (Lindahl) because I've taken most of their courses.  Their courses are very good overall, but you should expect to pay a handsome price for them.  As somebody that came from a background in commercial real estate, I didn't personally learn too much from the courses, but they definitely give you a good bang for your buck and give you all the pieces that you need to be successful if you go in there with no prior commercial real estate experience.

@Theresa Harris I like your thinking.

@Tanner Enderle If I was in your situation, I'd definitely go for commercial assets, but my background has always involved commercial assets and I personally prefer them.  If you don't have a background dealing with those types of assets, they can quickly become liabilities (as can any poorly managed asset).  So it's probably best to assess your personal skill set and go from there to determine what your best move is.

@Daniel VanRider you're welcome.  While it is possible to have the same broker represent both of you, it's more likely that the broker will only technically represent the seller.  However, if it's a reputable broker, they'll keep your best interest in mind as well because they'll realize that you could also be a future client of theirs.  While relationships are important on the residential side of the brokerage business, they're absolutely essential on the commercial side of it.

@Daniel VanRider in that case, your normal agent likely won't serve you much good, unless they also have commercial experience.  If there's already an agent involved representing the seller, then you're fine dealing with them.  If you don't feel confident to handle the transaction or negotiation yourself, then you can always find a commercial agent to act as a buyer's agent on your behalf.

Most commercial transactions will usually involve deal specific contracts and attorneys rather than the standard boilerplate contracts that are used for residential transactions, so your attorney will have your best interest in mind once you get them involved.

@Daniel VanRider if the agent that you normally use for your SFH purchases specializes in residential transactions, then they're likely not too familiar with commercial transactions. How many units is the small apartment building that you're looking to purchase?

@Trey Knight are you looking for a full-time employee position or are you looking to learn new skills while continuing to find a new W2 position to produce income for the time being?

@Bob Malecki I'm familiar with raising capital because I'm a syndicator, but I'm new to notes and am accordingly a note novice.  Who's the target note buying audience?  In syndication, one of the target bases is high income earning professionals (ex. doctors, lawyers, software engineers) that don't have the time, expertise, or desire to invest their own money.  It's possible that the investor bases must be similar being that they're both passive investments.

I have a note deal that was brought to me on Thursday and am interested in finding capital for it, but want to make sure that I fully understand what I'm getting involved with before committing to it.  If you want to discuss it further, let me know.  Perhaps we could work together on it because it's a sizable deal.

@Shafi Noss How big of a deal are you looking to start with?  If you're looking to be involved with multifamily syndication, it'll probably be cheaper and easier to find yourself a partner unless you already have a mentor.  Now the assumption here is that you and your partner can bring some type of value to the deal either by finding the deal or the money, both of which can be harder to do than they sound.

If you're unable to do either of these things, then you'll definitely want somebody that can serve as a mentor while you start out and grow.  Let me also be clear that while a good mentor can be pricey, they can also be an invaluable resource.

Congrats @Ley Nezifort.  You're taking a big step forward.  You'll walk this property the same way that you would a smaller multifamily property.  If it's just an initial site visit, you're not going to walk all of the units.  You'll get to see a few of the vacant units and should specifically ask to make sure that you see the worst ones so that you know what to budget for.  Just you and your partner will suffice.  Be observant, take photos, and take notes.  Be aware of anything that looks like it could potentially cost you money (ex. a parking lot that needs to be repaved and re-striped, trip hazards, etc.).

Once your offer gets accepted and the deal is under contract, then you should make it a requirement to gain access to all of the units and do a thorough inspection as early as possible in your due diligence period.  During this inspection, you'll bring as many team members as might be needed (a property manager at minimum and a contractor and/or engineer as needed).

@Dan Handford Great idea!