All Forum Posts by: Greg Scully

@Oleg Shalumov - Check out Cozy, I personally do not use it, but I've heard good things from people that do, and I've been impressed with the presentations I've seen at conferences.

@Andres Prince - Cash flow is great to keep the lights on and fund your pursuit of other deals, however 100K can go a long way towards a larger purpose.  Define what your goals are and do a pro/con list based on selling or keeping.  Sounds like a good problem to have.

@Gary B. - This is  very "it depends" type question.  When first evaluating a property I use 50% to test the waters.  What market/class are you looking at, your rule of thumb may be a little different.

@Account Closed mentioned, but a community with some shared amenities could be a real attraction.

@Au Jia - Try to get 10 soft commitments from potential partners equal to 130% of the capital you expect to need.  You may want to create a sample investment package reflecting your business model and returns objectives.  When the deal comes you'll have most if not all of the funds in place, and you'll sleep better too.

@Brent Crosby You can also check out:

NAI Black

Loopnet:  not necessarily for great deals, but for the most active brokers in your market.

@Micah Doty - We use DK Management.  We've been please with there service.

We're negotiating a PSA on a multifamily property in Tennessee.  The seller has disclosed a pending lawsuit against the Trust that owns the property stemming from a fall that resulted in injury.  Potential lenders have already stated that this would need to be resolved prior to closing.  My initial research shows that pending litigation does not necessarily mean the seller CANNOT sell the property, but it may make it more difficult.  

Can anyone share strategies for buying a property where legal action is pending against the owner?

@Account Closed - I would suggest being deliberate and objective with your market analysis.  I'm certain you can find on BP or the web a good checklist for choosing a market.  If you have some markets in mind, see how they stack up against the checklist.  With a little luck, you may have friends or family in these markets that may be able to act as boots on the ground for you.  

I would also suggest going on market tours.  It will improve your credibility with brokers and help bridge the gap between internet knowledge and true market knowledge.  Best of luck to you, I live in Alaska and all my investments are out of state, specifically in Tennessee...it can be done.

@Demario Scott - Search craigslist too. I look weekly for "must sell", "investment", and "FSBO" listings. Network with other investors, sometimes they have one property too many and can be creative to get it off their plate. Best of luck to you.