All Forum Posts by: David Beatty

Lucifer,

Curious, for your landing pages are you using clickfunnels, leadpages, OP2.0,?

This would be my first multifamily. I have done residential, but this is the first commercial.

looking at small commercial. 5-20 units right now.

Hi All,

I was wondering if any one out there has a good referral for local banks in the Phoenix area that do commercial/multifamily loans?

I hear The Republic Bank of AZ is good, anyone else that you would recommend. 

**Note- Especially for a first time multi purchase**

Any thoughts would be greatly appreciated.

Dave

Welcome to BP, I am in the east valley and also a MF guy. Phoenix is competitive right now but there are still deals here, just got a find them the hard way :-).

If I can help out a fellow valley guy let me know!

Dave

@Mark, it's a tough one. Best advice I would give is this:

you have to get a mentor/sponsor/money partner (s) that has been in the game and are willing to help you in those first few deals. You will have to give up a lions share of the profits but the learning experience and the notch on your belt will get you further than anything else . This is a job in, and of, itself. But coming out the gates with a dream and ambition (but no money) only get you so far.

Take heed from Joel, his words are a pretty true response to what you will get from commercial brokers, they only make money when you close, and if you're not a performer, they will go to the next investor that has the capitol, know how, and track record to get the deal done. You have to be respectful of their time and expertise and develop that relationship, it can take months, even years to get to that point with a successful broker.

It sucks for new guys, and is a difficult hurdle to get over, but many have done it before you and if you work you *** off, network like crazy, and are willing to put in the time/sacrifice...you will get there!

network...network...network!

Dave

Nice to see a fellow vet using his benefits in a why that benefits him! House Hacking is the way to go, if you can do it. 

Congrats, and good luck!

Dave

@assaf I would really spend some time on your market research, if looking into a market to buy a property, most of the questions you have posted would be answered by analyzing the market in a little more detail. 

If you haven't already (and you may have) at minimum reach out to some local brokers and try to get a general feel, market conditions, DOM, current CAPs, etc. I have found that you can usually get a few to chat with you. Also, call the Chamber of Commerce in the area and talk to the economic development division and find out what is going on in that market, are they adding jobs? is there revitalization going on, or planned? What incentives are they providing to businesses coming in? etc. Call some property owners. By just working the old phone and little bit of your time, you should be able to get a good grasp of what is going on in the market, and whether it is a good place for you to invest to meet your goals. 

If you need ideas on how to reach a market, PM me.

Best,

Dave 

 Hi Brad,

I may be missing something but if your gross is (9600x12= $115200), and your expense is (8300x12= $99,600), How is your NOI $69, 850? Unless the expenses include the debt service from the seller...sorry if I missed something.

Also, I would ask, what vacancy % did you use, as it seems that they are fully rented right now, but what is the market supporting? Fully rented is great but if the market is at 15% that 100% occupancy won't last... just my 2 cents (only worth 1 cent in today's market ☺)

Dave

Hey Jason, welcome to BP, I am new to REI and BP too and already have learned more than a number of books that I have read, there are tons of info in this site and a lot of contacts can be made. Post in the New Member introductions to and introduce yourself to everyone.

Good luck and enjoy the great info here!