All Forum Posts by: Chris Tracy

@Jeff Greenberg- You recently sold a multifamily in Houston correct?  Any advice for @Jeffrey Yang?

@Raj Kumar- The trick is to be a syndicator like all these people here on BP!  When you leverage other people's money, the sky's the limit and your concerns of being stuck will be no more...

Hi @Raj Kumar- The key to investing outside of your backyard is to buy properties that are large enough to afford full-time QUALITY property management.  For most deals, the sweet spot will be around 75+ units.  Really good property management is one of the biggest things that will make or break your deal.  Another crucial factor is to make sure you are buying a deal that has a viable and significant value add opportunity.  Don't just buy any old deal and/or one that is mediocre at best and doesn't get your investor partners excited!  Hope that helps.  

We use a Google spreadsheet and Mailchimp.  If someone has or could develop a one stop shopping solution that would be fabulous!

Read the book, "A Whole New Business" by Gene Trowbridge.  That will give you a good foundation... not sure what's out there as far as a checklists.

@Dan Handford- it was great!  Oh yeah, absolutely.  Dave Van Horn is awesome.  His whole event was dedicated to helping homeless people in Philly.  Can't wait for next year... It was incredibly inspiring to say the least and some of the Bigger P family was there as well!

Equity partners!

@Scotland Ray Smith- If there is a significant value add opportunity, what would happen most likely is a different exit strategy (a possible flip vs buy & hold)... that said, to answer your question- yes.  The biggest issue is like what @Hadar Orkibi stated above with smaller deals- quality property management.

75+ units, in a good market, B or C asset class, with a strong value add opportunity would get the job done (generally speaking).

If you can pull it off... shoot for Marcus & Millichap, CBRE, Cushman & Wakefield, etc.  Those companies specialize in working with investment properties, however they may not accept brand new agents.  Keller Williams & Coldwell Banker are not bad options as well.