All Forum Posts by: David Acosta

@Mary Seo - As @Alina Trigub mentioned, most of the in-person groups have switched over to virtual MeetUps through Zoom. Outside of the online events that local REIA's are hosting, it's also a great time to jump into local Facebook Groups and engage there. A few that I'm involved with go live and host Friday Happy Hours or Lunch and Learns that have served as a great light and fun way to connect and stay engaged.

For forming the relationship -- shoot those few people you want to connect further with a private message and schedule a follow-up call.  I think one of the silver linings in our current situation is that people are more willing (and available) to make new connections!

@George Provatas - I would second much of the above.  Fear, anxiety, nerves, etc will always be there.  If you find yourself getting overwhelmed, I find 1) Reflecting on the deal numbers is extremely helpful.  It gives some reassurance that you're controlling the unemotional controllable's.  And then 2) thinking big picture -- this is your stepping stone to your next level.  Don't be reckless, but also don't frame it in a way that's it's your absolute end all, be all.  Taking these two approaches and focusing on the larger "why" I've found to be helpful.   

Awesome turnout, @Lee Ripma!  I would imagine the cash-out refi has some stories of its own given the timing and lending environment.  One of my favorite parts of the above breakdown: "I gave the seller what he wanted...".  Often it pays to keep it simple!

@Jason Malabute -  I would second @Brett Peters suggestions.  Taking the same concept, jump on LoopNet or Crexi, and take a look at who is simply brokering the deals that fit your target market criteria. It's a relationship business -- as much as one would want the broker to work hard on their behalf, I would imagine that they are receiving hundreds of inbound e-mails a week from potential buyers. Once you have your shortlist on who is brokering the majority of volume in your area, spend the time to build the relationship and trust so that you'll be the call they make when a deal pops up. If you can make it out to the market in the near future and buy them lunch, even better.

Hey @Jack Thanadabouth - you'll likely be looking at a commercial loan if you're buying 5+ units.  25% is a good basis to go off of, but the loan can be geared toward the specific needs of the property.  For instance, if you're looking at a heavy value-add, you can roll the renovation budget into the proceeds and post-close funds.

Outside od the downpayment, you'll have your normal closing costs, etc that you'll need to bring to the table.

Hi, Everyone -

We will be pushing back this month's event to Thursday, June 25th at 6 PM. We'll continue to monitor the local guidelines, and hopefully, we will be in the clear come next month. Feel free to reach out if you should have any questions or any real estate related wants or needs.

All the best!

David

Hi, All --
We will be pushing back this month's event to Thursday, May 28th at 6 PM. We'll continue to monitor and adjust with the local guidelines, but hopefully, we'll be connecting soon!

All the best!
David

@Anthony Liguori - much of it will come down to your investment criteria and capital. When sizing it up, it's important to understand that you're buying the neighborhood/submarket, as opposed to the MSA as a whole. I would look at a couple of reports on the best performing cities -- IRR.com puts out a great one, and then focus on getting to know one very intimately.

If I had to throw out a couple of early considerations I would say Columbus, Indy, and KC. All the best moving forward!

@Allison Winston - If you're able to source good deals, consider bringing on a partner to help with the funding. I know you mentioned that your immediate circle doesn't have an interest in REI. I would start looking at your network and explore where you can grow in this area with likeminded individuals. A local REIA would be a great start if you haven't jumped in already.

@Whitney Hutten brings up a great point regarding reserves.  With the current economic conditions and likely economic vacancies, you'll want to ensure you have healthy cash reserves going into a deal.  Just some food for thought as you continue to evaluate and source.  Best of luck moving forward!

Hey @Manasseh Arnold - thank you for your service!
I would use your VA Loan to purchase a property in the 2-4 unit range. This would be contingent on you being able to occupy one of the units as your primary residence. To get your criteria dialed in, speak with a lender so that you can have a solid understanding of your purchase power, and what your PITI will likely shake out to.

Once you have these numbers, it will be easier to evaluate and shift through deals.  For sourcing deals, take a look on BP for active investors and/or agents in your target market -- they should be able to get you going in the right direction with deal flow.  All the best!