All Forum Posts by: Derek Gibbs

Thanks @Marjeanne Fields! I will definitely reach out to you in the future.  

@Tom Kaz Thanks and congrats to you as well. I agree on the wish I had done this earlier. Been talking about it for years, finally pulled the trigger. Good luck in the future!

@Jason Luongo Systematize evrything! We made so many mistakes because we didn't have a satep by step plan in place. When to schedule what, who should be working on what, etc. 

In a similar vein, more communication. You can't communicate too much. Make sure your partners, the sellers and anyone else don't have to guess what your doing next.

So many more things I hope to capture for next time. Maybe I'll write a blog post i fI get around to it.

@Adam Mittermeier The plan is to rehab these buildings as the units turn over. We are also going to redo all the common areas and laundry facilities. We are going to get rents up to market once the rehab is complete and then explore more value add opportunities.

@Sam Grooms Definitely a good feeling.

Our plan is to go 100+ on the next one. The objective here was to get some experience and gain credibility as closers. We feel that the lessons learned here will help make the next one more streamlined and we are working on the systems to make that happen.

Thanks @Bjorn Ahlblad!

@Henri Meli the seller was on again, off again for many months. He had some health issues and I think that was the final motivation for him to dipose of the property. We went with conventional financing though. 

Well, two actually. After 14 months of courting the seller and working through the purchase process, we have finally closed our first deal. Two, 8 unit buildings. We are looking forward to learning this business and moving into bigger complexes as we gain more knowledge and grow. It feels good to finally see some return on our time investment. Thanks to all the BP folks that helped us to get this done.

@Craig Herring Congrats! Finally some payoff for all your effort, hopefully it goes smoothly.

I'm looking forward to hearing about it.

Anyone have a good CPA that is experienced with multi family?