All Forum Posts by: Chris Coleman

@Robert Grant Gordon welcome! I'm both a GP and LP in apartment syndications. I've been investing in SFR in Memphis for several years, and also have been scouting the Tennessee markets for multifamily.

Look forward to connecting.

@Craig Choksey check out Open Letter Marketing. If you have the addresses, they can do skip tracing for you and find the owner information. You can then contact the owners yourself or hire them to help do it.

You didn’t specify what type of commercial property it is, so I can’t say exactly all the information you should ask for. But at a minimum, you want to ask for the most recent 12 months Profit/Loss statement, broken down by month if possible. You need to be able to see all the Revenue, Expenses, and Net Operating Income. You also want a list of currently leased Tenants, or Rent Roll, if it’s rental property.

@Jake Soper

@Nathan Caffero you have the up front money, construction experience, an LLC, and even a few deals lined up. Sounds like you already have a lot ready to move forward.

So I recommend determining exactly what you want or need a Partner to do. Is it helping to secure debt financing? Helping to work with attorneys or title companies on Closing? Helping to list the property for rent, screen, lease, and manage tenants?

From all that you’ve studied about the business, what pieces of the puzzle are you looking for a Partner to take on? You need to define that.

Look for REI meetups in your area and start connecting with people there. That's generally a good place to start.

@Christian Thompson yes, just open another checking account separate from your existing personal accounts, and use that new account for all things related to the rental...income, expenses, mortgage payments, etc.

@Forrest Hatfield from how you describe what you do and don’t like in real estate investing, it sounds like you would be great at hard money or private lending, especially for flippers who need help not just with the money but also with creatively structuring the deal.

But what are your goals also? If it’s long term steady cash flow and asset build up, then buy and hold properties will provide that.

Maybe you could consider doing both by partnering with an operator to do the BRRRR method. You be the money partner and they will be the operations partner.

@Trevor Aydelott @Greg Dickerson is a wealth of knowledge and experience in new development.

Yes...to everything you listed.  Plus, check out a website called ListSource.  You can put in the geographic area you're looking in and your property criteria, and it will provided a list of properties.  You pay a one-time fee based on the list, rather than having to subscribe to a monthly fee.  You will typically need to hire someone to skip trace the list for you in order to accurately find contact information for the owners.  You can find real estate experienced skip tracers on sites like Upworks and Fivvre.

Also, connect with some commercial Brokers in the markets you're looking in. Not necessarily the bigger firms like CBRE. But rather, find a smaller firms that focuses in that market and build a relationship with a Broker. Let him/her know what you're looking for and that you have REI experience and money ready to buy.

One last note...multifamily properties with less than 50 units are really hot these days...so be patient.  You'll find an ample number of potential properties to review.  But finding the right one in which the numbers work out and the Owner will accept owner-financing, etc, takes a lot of research and patience.  So reach out to a lot of owners, and expect a lot of "no thanks". But be persistent, patient, and just stay in the game, and stay encouraged.  

Depends on how many units you're looking for and what lending options you qualify for.  Keep in mind that 2-4 units, while technically multifamily, is still considered a conventional residential loan.  Once you get to 5 units or more, then you get into commercial loans.

Great job!  My first 1031 Exchange was also out of 1 property and into 2 properties, increasing my cash flow.  Congrats!