All Forum Posts by: Greg Kasmer

Abdullah - I think you need to have multiple "sticks in the fire" to really get the deal flow you need. Overall, I would keep in mind that you'll likely need to look at/review 100 deals to find that "1" that works and your close on... so volume is key. I still struggle with that myself. I would keep on reviewing the MLS, but also develop your own direct to owner strategy (mailers, cold calls, etc..) that you can do on a consistent basis. (Every day, every week, every month, etc..) I personally reach out to owners via email and target small multifamily properties. Happy to share more if you want to discuss!

Cory - I've found honing in on a specific vacancy rate for a specific smaller market to be tough... Some ideas would be to: Take a look at a market report for Pittsburgh and add a few percentage points to be conservative, Call around to multifamily brokers or property managers in the area and ask their vacancy rate, asks banks what their vacancy assumption is for underwriting, etc... For a 3 unit building with one unit as a commercial space/retail space I would use either a 7 or 10% vacancy factor and perhaps higher depending on the viability/business strength of the restaurant. Good Luck!

Stephen - I'm about to purchase a quadraplex with some "value add". Not sure if it will become a BRRRR at some point in the next 1-3 years, but hoping to do so. Overall, I think the hard part with a quadraplex is how a bank (and/or appraiser) will value the property. Basically will they value it as a multifamily property (5+ units) using NOI and cap rate or will the quad be valued from a residential (comp-based perspective). I think you can create value (Increasing NOI) and you know that the lender would value the property from an income approach you'll have a better chance as a BRRRR. In respective, I would say create the value (increase revenue, decrease expenses) and then after you do that call a bunch of lenders to see how they would value the property. I would definitely real Bigger Pockets book on "Multifamily Millionaire" as a starting point. Good Luck!

Vitalii - Yes, I typically try and "triangulate" to an answer using multiple estimates, including rentometer, zillow, craigslist, etc... The best source may be to call active listings as well. No one source is going to provide the "answer", but hopefully you'll find some similarities. Good Luck!

Julien - Any idea how much your property is now worth? If it's higher than the 200k that you might be able to find someone to support some/all of the 200k, but they'll want equity or to be paid back over time with interest. You're options are limited if you want to retain 100% of the equity have others have mentioned, but their might be some creative options if you're willing to split equity. 

 Chris - Would you be able to share who you interviewed?  Thanks!

 Bryan - Scaling in multifamily real estate, particularly in the 5-30 unit space. Let me know if you have any suggestions!

BP, 

I'm strongly considering hiring a High Performance Coach to discuss some of my challenges to grow/scale my business. Does anyone have experience in working with a high performance coach and would be willing to share good due diligence questions one should ask to identify the best "fit" in working with a coach? Any coaching recommendations are welcome as well! 

Ko - I'd be interested in a rental loan for a STR as well. Know any good lenders?

@Thurayya Berry. I agree with Kevin. One item I would add in getting an appropriate scope of work is that you might have to "incentivize" the contractor to come out and review the project with you. Now, if you already have a relationship with a contractor, great! If not, it may be worth it to pay them a small fee to walk through the property with you and provide their guidance/expertise. Once you start working with people more consistently (by giving them work), you won't need to do that, but at the beginning you might. Good Luck!