All Forum Posts by: Glenn Espinosa

Whats the current vacancy rate? Have you budgeted for rehab at all? Generally, the worst the property location the more you can assume you'll spend on rehab and renovations.

Oh and believe me, I will be going in strapped 100% of the time ;)

Bienes Raices I don't think I will be marketing to section 8 tenants. With the type of rehab I have in mind, this will not be the type of apartment for these type of tenants. Now of course if I get a good applicant and the apt is a good fit then I would consider them.

Also, I will be going into this "warzone" on a daily basis. I've lived in this area for over 20+ years and I know these streets like the back of my hand. A lot of it is just a matter of having good street smarts.

Rob K I think I have a good strategy to protect my apts when they become vacant. I saw a youtube video before about a landlord that would put up fake security signs in their lawns as well as security stickers on the windows. Also, a sign on the door saying "smile you're on camera" coupled with a fake $20 video camera from Home Depot might go a long way in deterring theft. I'll also have big floodlights for the front yard and side driveways.

Can't wait! I missed the last one due to my military commitments but I definitely can't wait to meet and network with a bunch of you.

Happy Thanksgiving and go Skins!! (ooh Im gonna get some hate for this one)

Justin Lee You've received some really good advice in this thread.

I too am a nurse and I work for the Navy. Nursing is a good fit for those who want to invest in real estate. I make a decent salary, have optimum job security (especially male nurses), and I work shift work meaning I can have 3-4 days off a week! This has allowed me to truly divide my time between my job and my REI career.

If you need money fast I would recommend a community college program for an LPN (practical nurse) program. You won't make as much as an RN but you will be out of school faster and still command around $15-$18 an hour. If you work night shifts you could make considerably more. This will allow you to make a decent pay check for your family while you continue your studies to become an RN.

Real estate can wait and in your case it almost needs to. Work on stability for now and acquire a marketable skillset that you can make decent money with. Afterwards, skies the limit!

Mike H. Thanks for the response.

The college kids are already migrated past the area that these apartments are in, so that's not really a problem. Is this area the most desirable for these kids? No, but with time and with the increasing population, I expect more kids to look towards this area. As for now the bulk of the population in this area consists of low-mid income people.

To be honest the numbers look good even if I don't get the high end tenant I want. The high end tenant is just a bonus. I was conservative when I said the avg rent in this area was $625-$700. I put up a craigslist ad advertising the future property and I got a bunch of responses. Most of the students currently rent a bedroom for $400-$450 so with these apartments being 2 bedrooms, I can really expect a minimum of $800/unit. I would expect high end tenants would pay $100 more per room.

Also, thank you for bringing up the security issue. I thought about it a lot and I plan to pave the side driveway as well as a parking lot in the rear. I want to put up gated parking as I think that will really attract a lot of high end renters who may have been on the fence regarding the area.

So to update everyone, I've really been doing a lot of research in the area and so far everything is sounding really good. I got a hold of the University's 5 year plan and they plan to increase their student population by 3 - 4 thousand within the next few years. I also read the city's master plan and they are working towards converting a popular street into a more pedestrian friendly walkway with sidewalk stores and restaurants. There's a 10 mile bike path in the works as well as an extensive plan to plant more trees and turn a few vacant lots into parks.

The college also recently finished building a 15 story business center with offices for professionals and student organizations. This is less than 5 blocks away from these properties!

Again, these are all plans that the city and the university have in place, whether they are carried out or not, we will see. Until then my eyes tell me this area is emerging. I just hope I can slice my little corner while staying proactive in the community and helping as best I can.

I'm breaking into the multifamily scene and will be converting a 4 unit multiplex into upscale "loft" style apartments marketed towards young professionals and grad students. This is just to get my feet wet.. I eventually want to break into the Hard Loft development scene.

I've done the normal google searches as well as scoured Biggerpockets with little to no success.

Does anyone have any experience in this niche? I'd definitely like to learn as much as I can so that I'll be ready for when opportunity strikes.

If you're offsetting anything in your flip formula with the potential for an increase in property value, you're doing it wrong.

What does this $25,000 fee get you other than entrance into the program? Is it money put towards a partnership deal? Even then I wouldn't do it.

I would never spend that much on a program. Go out, get your feet wet and get a flip going on your own! If you lose the $25,000 then you still would have gained more experience than that program, IMO.

Seriously though. Read FLIP: How to Find, Fix, and Sell Houses for Profit by Rick Villani 3 times in a row. After that if you still feel like you can't get a flip going with your $25,000 then you are simply not meant for flipping or are totally risk adverse. Maybe try wholesaling?