All Forum Posts by: Greg Scully

@Account Closed - The deal seems pretty thin. Since it's residential, the value is tied more to comps than it is to income. I'd suggest asking a realtor for a CMA (comparative market analysis) to see what the value is.

Without a motivated seller, it might be a tough road.

@Christa S Rickard - Your not being cheap, you're being smart. Keep in mind most brokers and sellers of all kinds with start with a high anchor price. If my analysis is with 20% of the asking price it's at least worth an LOI or an informal offer.

Keep in mind that I would low anchor as well.  Come up with a strike price (your highest offer) and stick to it.

@Daniel Dietz - Yes, property management costs, and cap ex budget for future repairs fall into expenses.  $200-300/unit per year is a common amount for cap-ex.  Take a look at your expenses on your current portfolio, that should be a great head start.

@William Thorn - We recently had a similar situation. The LLC that owns a property we were pursuing had a lawsuit pending, although there was no lis pendes. Our attorney advised us to check title early and often and we added language to the PSA that specifically protected us should the title be affected while we were still under contract.

We backed out of the deal for other reasons.

@Charlotte Dunford - That's the case in many markets.  Tertiary markets may not be quite as competitive.  Building relationships and networking is a good way to break into the business.  Perhaps you can partner on a deal with a more experienced investor that has access to off market/pocket listings.

@Lue Brooks - Look up "lease addendum" and maybe run it by a lawyer.  If both parties agree you should be good to go.

@Lue Brooks - It sounds like a violation of the lease.  Either amend the current lease to reflect your pet policy or start the eviction process.

@Spencer Gray - It's very deal dependent.  My first multi family investment (with partners) was done with a bridge loan.  It is a heavy value add and would not have met agency lending requirements.  A local bank backed out late based on our experience level relative to the project scope, which left bridge lending as the last option.  

@Michael Glaspie - The debt is probably the most simple approach.  Keep in mind that you could still be the decision maker on a equity deal, just write it into the agreement.  

@Jodi Terrell - I'm involved in the Michael Blank program as well as the Wheel Barrow Profits (Jake and Gino) program.  I got into them years ago and the cost was reasonable.  I'm not sure what either one charges now.

It certainly accelerated my education and my results.  Both have a strong community.  Yes, all of the information from coaching is available at low to no cost online.  However, the community and accountability that comes with coaching is difficult to put a price on.  Coaching or not, it all comes down to execution.  You have to take action.