All Forum Posts by: Erin Wicomb

@James Wesley we got lucky they approached us 

@Chris Salerno Thanks bud appreciate it !

@Jason Etheridge Thanks bud - I've had many people that helped me get started along the way if you need help just let me know - I'm here to help and share the good the bad and the ugly 

@Bjorn Ahlblad thanks bud but did get a lot of help from reading a lot of books !

@Martin Vehlow Thanks Bud #12yearsinthemaking

5 reason why I dont think I can lose on this deal: 

1) We bought it off-market

Buying a property without a competitive bidding situation or having exposure to a ton of agents or buyers gives you a negotiating and competitive advantage (as there are no competitors). You are able to adjust the price and terms to help you get the deal done on your time.

2) The rents are/were significantly undervalued

The way you make money in commercial real estate is by improving the income, the average rents on these units were $1000 a month were there comps were $1700+ per month

3) The property is in a gentrifying neighborhood

This is not yet the best neighborhood in San Diego / Southern California but based on its location to downtown San Diego and waterfront its just a matter of time until the whole area improves. 

4) The owner was retiring

The previous owner has made tens of millions in real estate over the last 30 years and didnt care about getting the top dollar for his property as he is just 1031 exchanging into something making him 6% a year without any hassle. So he left quite a bit of meat on the deal. 

5) The property was well maintained and cared for. 

Even though the rents were really low the owner really cared for the property and some of the interior units really only need a light cosmetic renovation to get it up to market rents. 

6) BONUS we signed a master lease

We signed a lease for $2200 a unit for the next four years with a company that needs military housing. Boom value bumped up almost 1 million! 

@Jovan Nurse My suggestion is to start brokering deals that you can almost do yourself. Start gathering resources such as contacts, capital partners, lenders, prop managers etc and then add value to other peoples transactions which will allow you to develop your own community and relationships in your market and that should make it easier for you to start to build your portfolio

@Account Closed Hi bud best advice I can give you is to focus on building relationships closing on small deals and then building your way up. I started buying single families then moved my way up to larger multifamilies and commercial deals. 

Also focus on identifying motivated sellers there are always people that need to sell for specific reasons I can call it the 5 D's : 

Death, Disease, Divorce, Disaster and Distance. 

Get in front of people that need to sell and become known in your market as someone that can close on deals and you will get more deals sent to you. That is what I mean by focusing on relationships. If you can help people solve their problems and make a profit and positive cash flow its a huge win for all parties. 

@Alex Jr 

Going good just picked up another 8 plex : 

https://www.sdbj.com/news/2019...

@William Hines definitely check out confessions of real estate entrepreneur ! - One of my favs