All Forum Posts by: Kevin Young

Steve Babiak tks for sharing the story. interesting. i'm still waiting for 40 people to complete an application per opening :-) while some, in SF may be doing what the article suggest, not everyone does, at least i'm not seeing it in the east bay where I own.

I don't charge people to complete an application, in a large part, because I only accept applications submitted on line through my website ... anyone with a smart phone, iPad, or computer can complete an application on line. I've found that online applications, in and of itself, are a good first screen. Most people who call don't complete an application on line. Also, I hate dealing with paper apps.

For those who complete an online application, meet my basic criteria, and are interested in moving forward, I charge a $30 fee per adult who will be living in the apartment, $15 of this goes toward the back ground check fee. I accept this fee via paypal or they can pay my onsite contact. when they view the apartment.

WHAT I DO DIFFERENT: For the person who qualifies, I credit the cost of their application fee back to their first months rent. I don't view application fees as a money maker, but rather, use it to sort the wheat from the chaff.

The primary reason I credit the fee back to their first months rent is to support a perception that i'm NOT a greedy landlord, a perception many tenants have in the SF Bay area. If someone is debating between my unit and someone else's, all things equal, this helps tip the scale in my favor.

Yes, i'm in this to make money, but don't want people feeling like they are nickeled and dimed. When I explain my process to people, you hear an immediate turn in the tone of their voice from 'oh ****, not another application fee' to 'oh, ok, I have nothing to loose because I'm serious about renting this apartment, my landlord isn't a greedy schmuck'. The latter is the mindset I like people to move in with.

My theory is that if people feel good about the company they rent from (read: not nickeled and dimed), they'll also feel good, vs resentful, every month when they pay their rent.

i second ned's recommendations, especially the CCIM courses! check out the 100/101 courses in particular. having solid financial knowledge has given me a lot of credibility with lenders and brokers. the courses are unique, in that they typically attract seasoned commercial brokers and the keep the class sizes small (e.g., 30 people) with a lot of case study work. you will be networking with people who know what they're doing vs people who want to know (the latter is what you typically find at bootcamps). so CCIM = quality education + networking

lindah's books cover the exact same material that he covers in his boot camps, almost verbatim. i'd start with his books. having gone through his book camps i'll attest that he does know his stuff ... but, knowing what i know now, i'd save the $$ and read his books and find people locally who invest to dialog with. lindahl has a coaching program too, but its over the top expensive, IMHO.

a+ for the deal makers guide. it provides a solid and broad perspective on commercial RE and is one of my favorite references. pricy, but good stuff.

Paul Khazansky you may want to check out the CCIM site too.

http://findaprofessional.ccim.com/search

you can sort by MF brokers, state, zip, city, etc.

Omayra Carroll generally, a broker isn't going to bring you a good off market deal until they know you and you've proven yourself as someone who can and will close. my best apt deal was brought to me by a broker. in this case, i had a pretty good working relationship with this broker ... he knew my investment criteria, knew i could close fast and was the first person he called. given i did as i said (closed fast hassle free), i was the first person he called with his next 3 off market deals.

in sum, its been my experience that brokers who knew me well, understood my needs, and understood my capabilities where the ones who brought me solid deals before they hit the market. this doesn't happen over night nor with a single phone call. it took time for they to know me and vice versa.

direct marketing works too for smaller properties (i invest in MF commercial >5 units) ... i've found one of my deals that way.

Karen Margrave - you may want to check out www.blackboard.com or www.webex.com/products/elearning-and-online-training.html. Both get the job done, so it's a matter of what you prefer.

Its my understanding lot of higher ed institutions use blackboard and it was built from the ground up with learning/students in mind ... and I see they have a eCommerce functionality. webex started as meeting software and then moved into the training space. I'm sure there are more options out there, but am only familiar with the above listed platforms. They are both robust and very scalable.

@Laura Gonzalez

Hawaii is an interesting market ... not really one for cash flow ... but a market that some have made a lot of money in. I own 2 MF bldings; a 10 and 12 unit in Wahiawa, and would be happy to chat with you more about the market ... the what, how, and why i got in and what I'd recommend after being in it for a few years.

Send me a PM for my contact info if you would like to talk.

Cheers,

Kevin

Hi Jesse

There are two clubs in the SF Bay Area I frequent.

In Marin is www.bawb.info

On the peninsula/San Jose there is sjrei.org

there are others as well, but I tend to attend one of these mgtings, depending on topic and my schedule.

PM me if you would like a ride to bawb tomorrow night.

Steve Babiak found the link! tks for the reference.

Steven Hamilton II is there a guide online that you could point to for multifamily that describes what components can be segregated, and how? I ask because I did a pretty significant rehab of a 9 unit. new roof, new windows, new kitchens, new appliances, new furnaces, new dry wall, new floors, upgraded electrical, etc. reading this tread has enlightened me and i'd like to accelerate as much as i legally can. i'm familiar with the concept of cost segregation but have never seen low cost associated with cost segregation ;-) keen to hear your thoughts.