All Forum Posts by: Jason E. Smith

Cameron, I would ask a local real estate attorney for one. Or attend a local REIA meeting and ask if anyone has one they would share. I know @Ian Kurela was wholesaling at one point in time, he might be a resource to ask for help.  

Nicholas, Another factor to consider is North Carolina is more landlord friendly.  A couple partners of mine are under contract with a 200 unit property near where you will be at.  If it's something of interest let me know and I'll connect you.  

Paige, really depends on what flavor of real estate you are talking about? If you are speaking about residential real estate that’s very different than commercial. Residential just falls on schedule E on your tax returns. I believe years ago there was a chattels website where you could break out faster depreciation items to increase your early year tax advantages and do it in a low cost manner to make it beneficial. Really other than that there’s not a lot of hidden secrets or challenges in residential. At the end of the year a third property manager would provide a end of year statement, plug that into Schedule E and all done. If you are talking about syndication that’s a different world. You’ll need a CPA that understands all the nuances of syndication. If you need someone in the syndication space let me know and I’ll make an introduction, but don’t spend the money on a CPA that does syndication if you just have residential because the cost will far exceed the advantages. Best of luck! Jason E. Smith

La’Naeschia, if you opened up a State Farm agents portfolio less the 5% is 100+ unit apartment properties. It’s just not their specialty. I recommend Stuart Moore with Turner Wood & Smith in Gainsville GA. Tell him I sent you and he’ll take care of you. 

Jonah, bad areas are east of hwy 52, Waughtown, Sprague st and near Forsyth technical community college area. Nice safe areas would be Clemmons, Pfafftown, Ardmore. Hope that helps!  Linda Beck with Allentate realty is awesome if you want a realtor to help. Welcome to NC!

Tim, Would this be your first renovation?  If so, I don't know if I would begin independently renovating a property further than a day trip.  There's frequently unforeseen issues that arise in almost every renovation and finding great team members is challenging in itself.  So starting off with a property in a market you're unfamiliar with, new team, late in the cycle, etc. would be high risk in my opinion.  I would either look to a market your more familiar with within an hours drive from where you live or I would spend time getting to know locals who could help with a renovation further away.  Hope that helps

Sorry to hear your struggles Jeremy!  You should reach out to @Paul Moore , he runs a podcast called How to lose money.  Might be a silver lining how to help others avoid getting into the same situation.  Cheers!

Hey Josh, You could pay a home inspector to get a detailed inspection.  Or you could take a realtor and a contractor to look and let them tell you about how much in work that needs to be done and how much it would be worth after repairs.  I'm in Greensboro, if the property isn't too far I'd be willing to meet you at the property and give my opinion.  

Welcome to BP Gerard!

Amy, Have you seen a T-12 for the property? I'd be curious how much management fees and payroll expenses are? Although as I say that I remember you saying he manages the section 8 tenants himself, so his expenses won't be accurate to what yours will be. I looked at a 40 unit in Winston a few months ago and their payroll and management fees were almost 30%. Fifty units is tough because it's too big for managers great at single family but it's too small to financially justify onsite staff. The last time I checked @Kevin Stringari and Bottom line realty in Charlotte NC wasn’t managing in that area but you can check to be sure. And there’s a company called Real Property management. I believe they’re national but they should have an office in that area and I’ve heard many great things about them. This is where syndication offers a better alternative. If you can buy 50 units by yourself and you have four other friends who can buy 50 units by themselves you are much better off to pool together and buy 200+ unit property. You’ll getter better debt, better management, lower expenses, etc. Hope I could help, best of luck!