All Forum Posts by: Cody Barrett

Hey BP! It has been a while since I've posted but thought I'd share some excitement.  My first investment is a year and half old already but has done wonderful for me! I feel lucky to not have lost on the first round of many more to come in the world of RE investing...haha! I live in WI and will actually be moving down to Arizona for a new job as a Loan Verification Specialist.  There I hope to purchase more multi family properties.  If anyone on BP who is active and wants to meet up once I move down let me know! Hopefully I can grow my wealth and purchase my first larger multi family property down there!

Cody B

I agree with Mindy, definitely risky given that appraisal compared to your offer price and you having a balloon. Plus the markets are kind of interesting right now so I'd prefer all the safety I could get. Maybe chat with some local property managers to pinpoint those rents and average expenses to operate 5 duplexes in the area. Capex really chunks down those returns on long term holds too so try and get really specific on the lifespan of those mechanicals so you can budget down to the penny every month for replacement. On top of costs to get the units rent ready, incorporate that into the offer from the appraised amount. Go to a few banks with your new numbers and see how they feel about the deal.

Listings are the bread and butter from what I've read.  I have been learning about what it takes to be successful as an agent and all roads point to gathering listings via cold calls, networking, and doing open houses and never slowing down so the leads keep building.  I am not an agent but aggressive agents seem to find a way to make this work.

@Brian Burke I can't get enough of your feedback.  Thanks for posting! It helps bring a focus and more of a reality in how the business of syndication works and what it takes. Thanks again!

Cody B

Hmm tough spot.  I would calculate a few things to help come to a decision.  What would it cost to turn the unit over and how long will it sit vacant until you find someone new?  If this is a great tenant who pays on time then will finding someone similar be easy and quick to limit losses?  What will you be able to rent it for after turnover?  Then maybe compare that to your cost of lowering the rent 75-80 bucks and having them do lawn care?  You would also save the 120/month you're currently paying for lawn care.  I don't know about giving a whole month off of rent unless the costs of doing so are not greater than other options in this situation.  Hope this kind of helps!

Cody B  

3-D home improvement in Racine. They do good work. 

Thank you very much for the insight! Sounds like the best practice is networking for this subject.  I will definitely still read that book just for the added benefits it may have for someone breaking ground such as myself.  Thanks again @Bryan Hancock @Lane Kawaoka and @Matt Hernandez

Hey guys,

Has anyone read some solid books that teaches the basics and mechanics of structuring and syndicating medium to large sized multi family buildings? Thanks!

Hmm this is an interesting topic.  Thanks for posting as I will follow along!

wow, how unfortunate that people go to these lengths for what sounds like an effort for an easy payday. The tenant couldn't appreciate your efforts to solve her complaints as quickly as you did, she simply looked for the next thing to complain about.  Your documentation and due diligence will play in your favor and the result should be positive.