All Forum Posts by: Ceasar Rosas

@Charles Kao @Matt Crusinberry @Ned Carey @Russell Brazil @Brandon Sturgill

Thank you all for your responses. Let me be a little more clear on why I've asked this. I follow Michael Blank and a few others who consistently say as a rule of thumb use 50%. Yes, I do look at marketing packages to try to get more accurate numbers. Mostly looking in B- and C+ neighborhoods. The property I am potentially putting an offer on now is a 6 unit, and after all is said and done average rent for each would be $1300+.  The property is fully vacant and requires a complete renovation with architectural plans in place. We're shooting for a purchase price of 255k, renovations of 225k-275k. I was thinking more of a situation like this. We may  use hard money or all cash and once stabilized refinance the hard money or pull out our cash. 

Good morning BP Family!

Are you using the 50% rule for multi-units, 5 to 15 units, for expenses? I'm noticing that heating and hot water in places like Pennsylvania, New Jersey, New York, Chicago, Ohio, are a large part of those expenses. If you're able to pass those expenses to the tenants(wherever possible of course) aren't you seeing those expenses dramatically decrease? 

Thanks Calvin for the advice. We have spoken to a few lenders as well. We have a sizable enough downpayment and have considered using hard money to do something similar. We also have investors that have funded our flips that are looking to invest with us as well. We ultimately want to do syndications, but are looking for the 1st 2 properties to have a model/example of what to expect. We should definitely meetup for some coffee and talk.

@Jake Fugman

Just sent you an email. If we can do 8% cap with a potential to add value that would be ideal. 

@Calvin Lipscomb

That's great stuff Calvin. The reason I started looking at Chicago is because it kept popping up in the top 20 places to invest in multi-families. It's not top 5, but seems to produce decent returns where you can still purchase above an 8 cap. As you know here in our boroughs, you're lucky to get a 6 cap if even possible anymore. You can't even touch a 6 unit under a million. Don't get me wrong I love New York City investing, but right now it's appreciation play in the 5 boroughs.  

@John Warren

Thanks! I'd love to come by and check it out. I just sent you a DM, it would be great to connect.

@Mark Ainley

Thank you for your response Mark. We're looking for 5+ units, the more the better, anywhere between 300k and 700k in B/C areas. We'd like a minimum of 8+ Caps with an opportunity to add value. A couple of addresses that looked good to me were 3058 North Kostner Chicago, Illinois and 2113-2115 South 25th Ave Broadview, Illinois, even though these seem to be a bit more turnkey. 

Hey BP Family,

Who's investing in multi-units in Chicago. I will be out there the 6th to the 9th and would love to connect with anyone who is out there investing. What are the next up and coming areas over there?

Hi Everyone,

We are extremely excited for our next meetup. We will have a lender panel that will cover many different aspects of the lending process. Everyone wants to know how to get the money to do your deals, you don't want to miss this one. These lenders have a great amount of experience and you will learn a lot and potentially add new members to your team. SEND US YOUR QUESTIONS! We will have a questions ready for these lenders and afterwards more questions and answers along with lots of networking.

Event Location: 3470 East Tremont Ave Bronx, NY 10465

Price: $10 - pay at paypal.me/c2chomes <--------- Best way to pay and reserve your spot

Date/Time: November 14th from 7pm to 10pm

See our lender panel below:

Over the past five years Mark has helped over 380 families achieve their goal of home-ownership, totaling over $136,000,000 in closed loan volume. Mark has been accredited in Scotsman Guide Magazine as one of the top 75 loan originators in the country, Mortgage Professional America’s “Young Guns” stars of the mortgage industry and National Mortgage Professional Magazines “40 under Forty.” A Fordham University Gabelli School of Business Alumni, Mark accredits his success to three key things; Relationships, Communication and Honesty.

Stephen Ballard, Senior Business Development Coordinator, specializes in building and maintaining customer relationships, finding and expanding business partnerships, and educating potential clients on RCN Capital’s diverse product line. Joining the company in the summer of 2017, Stephen’s mission is to expand RCN’s saturation in local and national markets. His previous experience has been in education and customer relations, which will be used extensively at RCN Capital. Stephen graduated from the University of Connecticut Business School, with a degree in Finance.

Tie Wei is a co-Chief Investment Officer of Silvan Group. He is responsible for origination, underwriting, servicing, and analytics development. Tie focuses on procuring & expanding Silvan’s client base with real estate developers and investors, and his intimate knowledge & experience in distressed real estate rehab & new development make him valuable and approachable to Silvan’s clients. Prior to Silvan, Tie co-founded Metamorphic, a real estate investment firm, where he led efforts in acquisition, rehabilitation, and disposition of distressed residential & commercial properties. He also managed multiple new home construction projects in New York and Florida. Prior to his career in real estate investments & financing, Tie worked as a senior derivatives trader in top tier investment banks, including HSBC, Morgan Stanley, and Citigroup. He is also a licensed real estate salesperson in New York State.

Adam Abuaf is a commercial loan originator at Hunt Real Estate Capital. After graduating from The George Washington University in 2012, Adam began his real estate career. He started as an investment sales broker at Marcus and Millichap focusing on multi-family assets throughout Brooklyn. Adam joined Hunt Real Estate Capital in 2016, and has been originating commercial loans nationwide.

The FEE to attend is $10 per person. You can pay online at paypal.me/c2chomes.

We are expecting a solid turnout. We will cap this meetup at 50 people. Do your best to pay online, or make sure you email me and RSVP.

Again these meetups are very interactive. They are done to help us build relationships with one another, form partnerships, find deals etc... They are not done to push services, negativity, or anything else to bring down the group's morale.

As always we look forward to seeing you all!!

@Erin McIntosh

If it's anything like here in the 5 boroughs or in Pa, if as an owner you are paying the broker fee which is usually equal to about 1 month's rent, then you are paying that fee to your realtor. Which should be in writing. It also should state whether or not your agent is offering a cooperating commission to another agent which is usually half of what they are getting. You don't owe the tenants agent a thing unless it was something agreed to prior to lease signing. They may owe their agent something if they signed an agreement. I hope this helps.

@Jeremy Cardenales

Welcome to BP! Like @Raul R. mentioned, check out the Bigger Pockets Real Estate Events and Happenings page. Next Bronx meetup is November 14th. I see that you are in the military. Thank you for your service! Hopefully you were able to take advantage of the VA loan for your 1st property. Looking forward to connecting.