All Forum Posts by: Chihiro Kurokawa

Hi @Nick B., I think I recognize you from some meetup events in DFW. I'll have to introduce myself next time I see you!  That's good to know that you were taken seriously, although the response is not ideal. Perhaps it's just a matter of time. 

@Josh Eitingon Are you able to provide specifics with regard to deal size? I.e. you had success with assets up to X units. Do you think that 6 mailings over 6 months is long enough? Also, I'm not sure how much more specific I can get than "I want to buy your property." Do you reference the property name? If so, I'm wondering if ListSource or Prospect Now provide that data. I'm definitely not going to look up property names given the number of owners I'm planning to contact. 

Thank you @Chase Keller, I DM'd you. Congratulations on your recent close! 

Have any of you used DM to source deals? I'm planning to target a list of ~700 multifamily owners once a month for six months and I have a few questions.

1. I'm not sure on postcards vs. direct mail - do you know which has better response rates? I feel like postcards are great because you see the message immediately. I personally throw away envelopes when I know it's marketing that isn't relevant to me and I don't want to risk that with my campaign. 

2. Do you have tips on what kind of verbiage to use? What I'm thinking so far is very generic:

"Hello XXXXXXXXXX, We are actively seeking B and C class multifamily properties. If you or your colleagues are interested in selling a property directly to an experienced investor group, please let us know."

3. How can I incorporate skip tracing into my campaign? Should I skip trace the entire list as soon as I get it or only skip trace returned mail?

Thanks a lot! 

Are there any implications for LPs invested in a syndication structured as an LLC? What if an LLC is invested in that LLC?

Hi I'm evaluating an 85 unit property in New Mexico right on the outskirts of El Paso and I'm seeking recommendations on Class B / Class C multifamily PMs in this area. If you all have any recommendations they would be appreciated. Thanks! 

@Jeff Greenberg I experienced that on the purchase of my personal home; with Zillow and Redfin, non-disclosure doesn't really exist anymore. 

However with commercial properties that seems to be a disingenuous tactic - just assess a ridiculous amount so that the transaction price will simply reveal itself... 

Thank you @Michael Le and @Joseph Gozlan! Joseph, I heard you on a recent podcast, I can't remember which one but kudos to you on your successes. I'm working hard to get there. 

Suppose I'm evaluating a deal and the in-place mill rate is 2.489%. Am I simply going to multiply that by my purchase price in order to calculate my property taxes?

I ask because the broker proforma indicates the following: "Current RE taxes based on actual assessment times the in-place mill rate of 2.489%. Pro forma taxes are adjusted on current revenue to 80% of the sales price. 

Shouldn't they be multiplying mill rate by 100% of the sales price? I don't get it. Thanks for your help!

Thanks everyone!

Thank you both. Based on the research I've done I was under the impression that the PM does run the show as you mentioned. However I talked to somebody yesterday with development (but not syndication) experience who got me worried that this was not typically the case. 

I don't have a deal yet, I am currently getting my team together. 

@Jeff Greenberg

@Jeff Greenberg In your example about the 60k, what kind of debt was it? I hope things have been going well for you since our talk a few months ago! 

Once you've closed a deal and it's time to start rehab, what exactly is your process? 

Are there lender requirements on when the rehab must be completed by? 

Does the property manager typically manage the contractor or does that fall on the syndicator? 

Do you renovate interiors as tenants leave or do you encourage vacancy by raising rents and getting the rehab done more quickly? 

Any other good-to-knows? 

Thank you!!!