All Forum Posts by: Eric Boshart

Hi Daniel, the most important thing to do is make sure that your underwriting is airtight prior to any syndication structuring. Then you'll want to find the deal feeling confident in your underwriting. With the environment the way it is, assumptions have dramatically changed over the last six months.

Then, I second what others have been saying. Finding a good attorney will be essential.

 Please do! Happy to help.

The market was really hot and we wanted to cash out. We bought them in 2020 and used the BRRRR strategy. The other three are our babies, and we want to hold onto them for as long as we can.

And that's great! It really makes a deal pencil that wouldn't otherwise from a cashflow perspective.

Hi Josh, I just sold 5 MTR's in Fort Worth and still own 3. While Dallas has its own set of rules and regulations, Fort Worth has been a great market for us. 30 night minimum stays are required in Fort Worth, but we haven't had any problem being 90% booked out in a given year.

Happy to provide more info if needed.

Also, I believe BiggerPockets is coming out or just came out with a book on MTRs.

Agree with everyone here. It seems like they are double dipping and wouldn't act like a true partner.

I think getting a better understanding of their goals can be beneficial here. Do they want to invest, or do they like the security of being a paid contractor?

I did the same thing when I was starting out and just had my family wire the money to my account a couple of days before closing.

Good luck to you!

David Green wrote a book for BiggerPockets called Long-Distance Real Estate Investing that I'd recommend checking out if you haven't already.

There's also a great episode on the podcast On the Market that talks about analyzing a market to invest in specifically. I believe it's one of the earlier ones. Things like population growth and affordability are huge metrics when looking at new markets to invest in.

Hope this helps!

Hi Jennifer, I've done about 25 BRRRRs in my local area, and we just completed a BRRRR of one of our portfolios that had some tenants in there. At the end of the day, if the whole thing is a gut job, and you want to avoid the possibility of legal issues (always consult an attorney about what you can do to the property as the landlord while sheltering tenants), you might either do a cash for keys situation or just have the performing leases expire and evict the non-paying tenants so you don't have to worry about it.

If you'd like to rehab while you're waiting for leases to expire, it's best to speak to the tenants individually and let them know what you want to do with the property. We notified some tenants that we'd like to upgrade a lot of items in a few of our SFRs, and they agreed to allow us to upgrade while they were living there! They wanted to experience the upgrades while not paying anymore on rent than what was previously agreed to. We accelerated our timeline, and they felt like they were getting a freebie. I wouldn't recommend doing this for non-paying tenants though.

You can probably get started on some exterior renovations too. You can get your property manager to send an email, call each tenant, or post some notices around the building, and you can begin the exterior work slowly and during daylight hours.

As far as electrical, I'm assuming this is going to have to be done in one go, but I'd consult a licensed electrician. This is something you definitely don't want to cut corners on.

I hope this helps!

 Thanks Don, helpful insight.

 Very helpful, thanks. I like the idea of going after NPL's secured by special-use properties as I doubt that market is as saturated as the conventional loan space. There still could be short-term opportunities in this space as well (bridge, mezz, etc.) that could be fruitful.