All Forum Posts by: CJ Hamlin

@Colin Sweeney we use TenantCloud and have been very happy with it. It’s great for tenant communique too.

All the best!

I'd like to put together a CAP rate map showing the most current average CAP for small multi-family and medium-sized multi-family in each region (USA).

So, what's the average CAP rates your seeing in your region or county? ...and just for fun, what's your target CAP on new purchases right now?

Which REI app or software do you use for purchase analysis? Of course, besides the Bigger Pockets calculators...

Which app or SAS do you prefer? Which calculator has the most in depth analysis and options in terms of purchase calculations?

I like the app "Deal Check" - it serves as a good tool when I'm on site checking a potential purchase. Sure, excel is great, but some software services provide beautiful reports that make for excellent organization of financial figures and great investor presentation. 

What are your thoughts? What would you like to see in a REI calculator that you haven't found?

@Chris Hanisco - I have a feeling that you will own a portfolio of investment properties a few years from now. Hats off to you for thinking big and SMART.

To your success.

I use a business line but mitigate calls with great photos and a video walk-through of the property. 50% of your silly calls will not call after watching the video walkthrough of the property. It's a powerful form of marketing too. 

To your success! 

Planning to attend. 

@Shawn G. Thanks for putting these meet-ups together.

@David W. All of the comments/advice that you have here is very good and worth considering. Hopefully you are still in the inspection or due diligence phase...

You are definitely on the road now. Getting this far with an investment is great. **If your first deal becomes an anchor and a stress, this can really be discouraging so do your very best to maximize all of your numbers. On the other hand, a great first deal/investment can be like rocket fuel! 

Overall, congrats on taking the initial steps!

Hi Sean! Welcome to BiggerPockets! I am in Central Florida - I'll send you a message about linking up for a coffee sometime. 

What I'm reading right now, real Estate: Crushing it in multi-fam real estate -- non-realestate: 12 rules for life by Jordan B Peterson

To your success.

Let us know how your crowd funding research goes. It certainly is an interesting approach. Coupled with blockchain, it might become more popular over the next five years. 

There are some lenders out there that get creative if the numbers add up for them. If you have equity in other properties you could take a look at using them as collateral. Sherman Bridge and Capital Funding might be of interest although I don't have personal experience with them.

Best of luck to you. 

If the "motel guests" have "possessory interest" things can get a bit hairy. If they are transient, and not considered a "tenant" under Chapter 83 Florida Statutes, you can have the local law enforcement evict them (refunding you whatever monies they have paid in advance). 

@Thomas Dyman You should consult with a good attorney in FL that understands hotel/motel law. I would do this either way - if you want to buy a motel you'll need to have an attorney ready to handle any bizarre things that might come up. Daytona Beach + motel = Wild West. Bike Week, Daytona locals, NASCAR, college students, ... its a unique city.