All Forum Posts by: Brian Garrett

I'm local here and I stay away from 55+ communities due to their restrictions and limited tenant pool.

You'll see a lot of 55+ properties that look like "deals" because most local investors stay away from these.

@Mark Cruse Hey Mark I'm actually heading to Snowshoe next week for a little time on the slopes. Is your unit available next Monday the 18th through Thursday the 21st or Friday the 22nd by any chance? 

If not, what about any of your friends units? Would love to help someone on BP rather than book one elsewhere.

For a loan that size you're going to be looking at a recourse loan with a commercial/portfolio lender.

The non-recourse agency debt is for loans greater than $1MM.

60-65% LTV won't be a problem but you'll likely be looking at 20-25 year amortization rather than 30.

I have seen some lenders who offer 30 year AM on commercial products but they are less common.

$2,400 for repairs and maintenance and $2,400 for CapEx seems pretty low.

Even though you are self managing you still want to account for the 10% property management fee.

I don't see any rehab budget and even if they are advertised as turnkey they will almost always need some work.

@Alvin Taveras Is the 8plex a value-add property or new construction? Feel free to PM me.

Acquire, reposition and stabilize a commercial value-add multifamily deal as direct principal buyer.

@Jared McCullough $500k is a significant price drop! Do you own any multifamily in that market?

@Mike L. Good to know thanks for the info. Are you buying there currently?

@Jason Hirko Congrats sound like a relatively easy deal. Also love that you took it down with partners and kept it simple rather than going the syndication route.

@Christian Decker Yeah I've heard Seattle is one of the more expensive markets. Doesn't fit my goals!

@Eric Bilderback Is this a more rural part of OR? I'm not familiar with that area on your profile.

@Kyle Wells I'm only looking for value-add but it sounds just as expensive there as it is here.

@Josue Paulino Yeah I used to live in LA it's certainly no better out there than it is here in South Florida.

@Preston Morrison Over 100 units for $1MM in Huntsville? Do you own any multifamily there now?

@Nick Sheveland Thanks for the info are you currently buying multifamily in any of those markets?

@Andrew Rosenberg I've heard Hawaii is very expensive and more of a single family and condo market than it is multifamily. Are you finding a way to make deals work there or investing elsewhere?

@Arn Cenedella Most of the lenders I've spoken with require 20% down and some 25% but rarely do I see 30% required. Are you noticing this more now because of Covid or has that always been your lenders guideline?

@Carlos Ptriawan Yeah CA is definitely tough for cash flow. Are you investing elsewhere currently?

@Owen Dashner Good to know thanks for that info. I'm not very familiar with Omaha but it sounds like there's some good value there. What type of rents are you seeing on those properties?

@Steven Foster Wilson If you're finding small multifamily deals that you can just do a little work and it's worth double after I would continue with that model as long as you possibly can. How are you sourcing these deals?

@Thomas McTier I agree and it sounds like we are actually in the same shoes for the most part! Have you found any 5+ unit value-add deals in Cleveland that you're pursuing currently?

@Kevin Gregg Thanks for the info. The only way I'd possibly be interested in going the syndication route is if it's on the GP side. I wouldn't have interest as a LP since I'm not a passive investor.

@Scott Krone I hear you and I agree I've actually been seeing quite a bit of investors who have pivoted to self storage and to MHP's. From everything I've seen and heard they both throw off very strong cash flow.

@Christian Beyer Feel free to connect with me on PM. I'd be curious to know what market this is and what type of deals you and your team are currently doing there.

@Jeremy Toney Thanks for the feedback. It sounds like your main focus is single family flips. Do you buy multifamily properties as well? I'd love to hear what one of your typical deals looks like in your market.

@Eric M. I agree and that's just one reason why I don't have any interest in being a LP in a syndication.

I've never heard of anyone needing a rental license before unless they were operating as a short-term rental on a platform like AirBnb or VRBO and their city/county requires them to be licensed for vacation rentals.

For a traditional rental I'm not aware of nor do I see any reason why it would be an issue. 

Renting out a mother-in-law suite is something that is commonly done here in my market. 

@Steven Rubino Congrats I notice your down payment is fairly high given the purchase price. Did your lender require you to put more down?

@Julius Chinn I believe the cash flow is higher because of the larger down payment.