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All Forum Posts by: Elvin O'Neal II

Elvin O'Neal II has started 6 posts and replied 17 times.

Post: BPCon ready! Golf or meet up before?

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17

Hey Raj.  Fellow Multifamily Investor and golfer. I will been in town a couple days earlier for Jake and Gino's conference so I would definitely we down for a round of golf.

Post: Multifamily Syndication Mentorship Program

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17
Quote from @Jeffrey Donis:

Hey Billy!

Great question! First off, let me share some general advice on finding a multifamily mentorship program. I'd obviously encourage you to speak with members who are currently in any mentorship program before you join, as a rule of thumb. 

But for starters, here's what my brothers and I looked for in a program.

- Direct Access: We knew we wanted to have direct access to the mentor whose name was on the face of the group. This was essential for us, because we wanted to have the opportunity to get to know this established mentor and potentially work with him.

- Ability to Network with other students: We not only wanted a mentor, we wanted a tribe. The benefits of having access to other students is that you can learn from people who are only a few steps ahead of you. You can also find potential partners, and you can find friends walking on the same path as you. The benefits to a mentorship network are endless! And there ARE mentorship programs out there that don't provide you to other students, so make sure to ask!

- Ability to Partner on Deals With the Mentor: This one sort of builds off the first one, but when my brothers and I started out in the multifamily space, we didn't have a track record or credibility. As a result, brokers didn't really take us seriously. So we knew any mentorship program we were going to join needed to allow us the opportunity to partner with a mentor whose track record and credibility we could leverage. There are no GUARANTEES that he will partner with us, but we do have the opportunity to assuming we find a deal that meets his criteria. It's the NUMBER ONE thing that has propelled us to the place we're at today (partnered on 1,000+ units and are now lead operators on a 100+ unit deal). We're also only in our 20's, and I don't say this to brag, just to express to you that it IS possible to actually do big deals in the multifamily space if you're willing to work and if you invest in the right network/mentorship. https://thinkmultifamily.com/d...

Hope this helps! And if you're wondering, the mentorship program we're part of is Think Multifamily with Mark and Tamiel Kenney. They've got an event coming up in Texas in April called the Deal Analysis Workshop where you can learn how to underwrite multifamily deals. You'll also get the chance to meet other multifamily investors, learn about the program, and learn more about the syndication industry in general.

Hope this helps man!


 1000% agree with these points.  Great advise.

Post: Multifamily Syndication Mentorship Program

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17
Quote from @Jason Merchey:

Henry Washington is in AR like yourself. I forget if he does MF or only SFDs. 


 He has mainly been in SF but most recently talking about moving into Multifamily. 

Post: Multifamily Syndication Mentorship Program

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17
Quote from @Billy Daniel:

I know it gets asked often, but the BP search tool is...challenging.

What MF Mentorship programs do you guys recommend?  I've been looking into Jake and Gino, but wanted to get some opinions from those who have been through some others.  I know all the programs only work if the student puts in the work.

For reference, I've bought a couple SFH and small MF properties, so I'm not a complete rookie!  TIA!

 Hey Billy, 

Choosing a program is almost like picking a car. They're so many options and even when you get it narrowed down... there even more options to choose from to make it exactly what you want. I transitioned from single family after BP Con last year. I was running a pretty successful flipping, LTR, and STR business. I say that to say, like you I wasnt a complete rookie when I set out for a program.

The hard part in giving a recommendation is that everyone's goals are different.  Some people just want to go around bragging on how doors they have and others want to be around the mf industry but will never really get in the game.  I personally not only want to learn how to get good properties but more importantly, run them.  I'm an engineer by degree so a methodological, data driven approach was important to me.  

Sorry, for the long reply but like I mentioned, I'm an engineer so like to share the details... lol. Anyway, I looked at some different programs and the one that stuck out to me was Apartment Addicts lead by Ashley Wilson and J Scott. What stuck out to me was their data driven approach to multifamily, their emphasis on asset management, and the lower (financial) barrier to entry. I find that they actually offer more than some other programs at a fraction of the cost. That improves my ROI and lowers my risk. If I didn't find the program helpful and could just stop and wouldn't be out alot of money. I also wanted coaches that were actively buying apartments and not just coaching.

Program is great.  I have gotten more support than imagined from coaches and the group.  I have attended some other coaching program events and they are good as well as have some successful students that I continue to meet with.   But at the end of the day Apartment Addicts had everything and more for the goals I had. 

Hope this helps.  Feel free to send me a message if you have a specific question.

Elvin O'Neal 

Managing Partner 

Www.clearmindequitypartners.co...
 

Post: BPcon meetup in San Diego

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17
Quote from @Jamie Jenkins:

Hi there, I'm coming from the North Atlanta area and I'm traveling to San Diego for the BPCON, wondering if anyone else would like to meetup there for dinner and/or drinks afterwards or something since I'll be going alone and would enjoy talking/meeting with some folks at some point. I'll be staying at the Residence Inn Gaslamp Quarter and would really like to have some company while I'm there. Please let me know if anyone would be interested.


 Hey Jamie.  I'm coming from North Atlanta also.  I'm leaving tomorrow Oct 1.  I'm staying at the host hotel but we can definitely connect if you'd like

Post: Private lender and Investor Agreements

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17
Quote from @Jeff S.:

It’s good you found people who trust you, @Elvin O'Neal II, and I like your attitude. This is not the way to borrow money from a friend, however.

Can you imagine being offered what could be a life-changing amount of money from someone who trusts you and telling them they will be protected by loan documents you obtained from the web?  How do you think they would feel? Loan documents are state specific. There are similarities, but there is no such thing as a standard agreement. Nor should you be obtaining loan documents from a title company.

Title companies are insurance companies. They have attorneys but these are not your attorney nor that of your lender. Title companies will review some of your loan documents to protect themselves and no one else. No lender should rely on a title company to prepare loan documents and expect to be fully protected or in compliance with all state and federal laws. Plus, you’ll be lucky if they provide a note and mortgage. There is much more to a complete set of loan docs than these.

A complete loan package consists of many more documents than a note and mortgage. Among these is an ALTA 2006 lender's extended title policy that is obtained from the title company. This is normally included with the buyer’s title policy. It should be written for 125% of the loan amount. All exclusions, such as prior liens, unpaid taxes, and any other encumbrances should be paid and eliminated before the policy is written. The exclusions will appear in the preliminary title report which your lender or, more likely in this case, their representative should read and understand.

One super important document that you hardly see mentioned on this board, is the Lender’s Instructions. You won’t obtain these from a title company. These specify all the documents that must be signed and how they are to be handled. For example, if there are a few lenders on a property, in what order does your lender’s mortgage get recorded (IMO it better be first). There are too many posts here about lenders who didn’t know they were unprotected in second position, or no mortgage at all when they thought they held a first position lien. The lender’s Instructions also specify fire and hazard insurance requirements and how your lender should be named (mortgagee), endorsements to the lender's title policy, and it will reference all the documents you will sign and/or initial -- even the pages on which these occur. This document will be signed by escrow, title, and your closing attorney, as applicable, who must agree they will follow it. This is enforceable.

Even though you are now friends, I hate to say it, but nothing will change a relationship faster than when money is involved. I know you’ll ignore this but take heed doing business with friends or family. Your friend should have you sign a personal guarantee. If nothing else, this will make it easier to sell his or her loan if necessary.

There are also many disclosures that are required. Some are federally specified such as the ECOA appraisal disclosure, Fair Lending Notice, Anti-Money Laundering declaration, Hazard Insurance disclosure, Privacy, and a few others. Your state probably has some they require. (Ok. These you can probably look up online).

There are also Environmental Indemnity agreements.

All of these documents and a few more will form a complete loan package, and this should be prepared by a lending attorney used to private loans. I don’t know how loans are originated in GA, Elvin, -- if a license is required, a broker, or how your lender complies with usury. These are discussions your friend should have with a knowledgeable lending attorney. Please note that a lending attorney is not the same as a real estate attorney, who might only do conventional loans or spend a lot of time with leases, evictions, or landlord-tenant disputes.

We lend our own money against flips.  Privately, I can recommend a lending attorney we’ve used to draw docs who works nationwide. The more local the better in my view and one way to find a lending attorney is to ask some local hard money lenders who they use. Call around.  Lending attorneys can be as rare as hen’s teeth, and you’ll likely hear the same few names over and over.

Your friend should meet with this attorney as his or her client. You should sit in on this conversation to educate yourself, as well.

Best of luck to the two of you, Elvin.


 Thanks so much for the wisdom shared.  I will definitely look at this route. Everything is good till it isn't right. 

Post: Private lender and Investor Agreements

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17

Hey BP... I have been flipping and renting for some time and now I'm attracting some private money people (friends that I know) that want to fund deals.  Does anyone have any standard agreements they don't mind sharing so I am do recreate the wheel when setting up terms and contracts?  Yes they are friends but I think its best for everyone to have legal documents in place.  

Also any advice with working private money would be helpful.  Thanks in advance.

Post: Atlanta BPCON Attendees

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17

Guess I'll through it out there, are there in people attending BP CON from ATL or the surrounding areas?

Post: Finding Owner Contacts

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17

Quick question. With using county tax assessor websites, you can find who owns a property (business or person).  What resources are you all using to find the contact information for the owners?

To put it into context, there is a boarded home 2 houses away from a current flip.  I wanted to contact the owner as see what their plans are with the property.

Post: East Coast Peoples going to BPCON?

Elvin O'Neal II
Posted
  • Investor
  • Atlanta
  • Posts 17
  • Votes 17
Quote from @Chad Quick:

Hey guys, think I will go to the BPCON this year. Any east coast folks going? Im a newb at this stuff and would love to meet as many  people in my area as I can. Im in South Carolina.


 I am coming from Atlanta