All Forum Posts by: Jeff McCaskey

No problem!

Ok cool. As for what I would recommend.... Yeah starting smaller is always a good deal, as in 2-4 unit buildings, way easier to manage from all perspectives and easier to finance and if there is a problem it will likely cost less to fix than that huge deal you were looking at.

Do you own any rentals at the moment or in the past???

As for a mentor, yeah if you can find one go ahead that would be great! I don't usually put much faith in partnerships but if you think you can find a partner I think you could still do this deal with an experienced partner to help guide you through the process safely. Might try that route buddy.

Nuts and bolts of how I did it, I started with 2,3 and 4 unit houses and some sfr. I did most of the work, all the management etc etc, no partners just all me. I learned so so so much that I now know enough I think to get in pretty deep on just about anything I choose to do. I've had problems not saying I didn't, just the opposite - how do you think I learned all that crap lol.

Hit me up man with any questions etc, I'll try to help. Don't want to bury myself with to much bc I'm pretty busy with my own projects but my number is with my info if you need to talk not type, you know on the ground in the field with stuff happening in real time.

Best of luck on this apt deal, if you can figure it out it could be a money maker, just think the price is high. last note - get an appraiser out there and walk it with them and get a market overview of what the value would be after you execute your current plan - it might work well but you don't know until you get the info!!!

Do you have all that experience stated in the experience section of your profile or was that with a group that is not part of this apt building deal???

Yeah Josh, for sure we are two different markets and I'm sure that prices are higher there for certain types of housing vs others. Although at times money for a house can go further there than it can here my friend. Obviously location and each market is important.

If you do this deal use the time you have under contract to figure out the answers to all these questions you have and the costs associated with them. You then would have a reason to give for reducing your offer. But it's hard to go down after making a higher offer already.

I'm going to check out your profile here now. I need to know what your experience is with residential investing - shoot me that info now and I'll repy

Steve,

I agree with these guys.

1) Use pex

2) Use shark bite fittings, they can be easy to remove and reuse. Quick and easy.

3) Copper in ND or anywhere with cold temps is a bad situation in my opinion.

4) They asked about heat tape - you're going to have to tape it up good.

5) If you have issues with the skirting and drafts etc etc this should also be addressed at the same time.

I live in KS and haven't wanted to deal with mobiles for these exact reasons.......

Good luck man!

Josh,

You might be able to get all these things figured out and I hope you do. There isn't any better teacher than experience. However, I get the feeling that you are going to be in over your head and will not be able to anticipate well enough or adequately plan for the roller coaster ride you're about to climb into. This will be a major deal one way or another, either your time and effort being there doing a lot of sweat equity (which is fine if you want to do it that way) or a lot of money having others perform all the tasks required here.

Somebody said the cost per door at 37.5 sounded high, I agree. I bought a 4 unit older house that sounds like it was much the same shape as this deal is and I got it bought for 15 per door and it was fully rented, I kept all appliances etc etc. It's taken a few years and lots of time and money to get it where it is today. Still a good buy for me the way I went about it. However, I just think you are in over your head and I say that because I've fought the fight and am almost out of that rut in my investing to a smoother path, but if you do this without the correct preparation you could flat out get in trouble and I would hate to see that happen to anyone when it can be avoided.

Please don't buy this unless you yourself KNOW you are ready to meet the challenge. Because I promise this will be a challenge from day 1.

And I can almost tell you right off the bat without any more than what you have provided that I think you are paying to much for this property.

Hope that helps man, not saying don't do it, just make sure you can handle this alright.

Jeff

Low,

Think you got plenty of advice already here but......

1) You can buy in other places from afar, you don't have to live there ok.

2) You said something about rentals being "worry free" or something of the sort - not true, there is an enormous amount of work that goes into knowing how to make rental units worry/input free. This will take you time and some bruises to learn and dial in.

3) These guys are right, there is "good debt" and "bad debt". Good debt makes money, bad debt doesn't, so don't worry about the issue of debt, it's all the particulars that make the difference.

4) The only thing that can hold you back or push you forward is yourself, so aim high my friend!!

** At the rate you would be going the debt wouldn't be an issue as much as trying to stay ahead of yourself with having a new bank to go to once you max out your loan limits with the current lender or having private financing on hand to mort the next deal.

Way to go!!!! She would not have been an asset to you ever. Roll on man!

Marv,

You're the boss here dude. The agent is (no offense) the tool to the deal. If you say jump they should jump, how high is the only question buddy. Of course being polite and operating with dignity, class and respect........

not sure what you're asking here.