All Forum Posts by: Chris Masons

I think some people are missing the point here. He is being forced to sell his 10% ownership without having a voice or a say it sounds like....

Are they planning to continue to Partnership without you meaning continue to operate the properties without you? Or are the properties being sold off and everyone is cashing out??

If you feel like you are being taken advantage of I would absolutely contest and or consult an attorney as a last result but wouldn't just accept it if something seems unfair Etc...

Good luck,

Chris

Go for it!!  That is the beauty of Real Estate!! You can be as unconventional as you want and do things your way.

MY first property was a 4 family that I bought while I still lived at home with Mom... It was on eof the best and smartest thing I ever did!!

Good luck,

Chris

My thought is these are great vehicles to build wealth as is real estate. Both have advantages and dissadvantages.

Invest in what you know and are comfortable with. If you know one but not the other learn About the other and start building wealth!!

Good luck!

Regards

Chris

Hi Greg,

Interesting question.. Not sure I know the answer but would tend to think this definitely would have an ill effect on the value of other properties in the area when appraisers get the comps. All I can say is there are more than 1 way to value a property, IE. by its gross income, location, comp. sales, Etc....

What you are describing has happened as a result of multiple short sales taking place in a concentrated area and I feel has definitely caused somewhat of a bottleneck for prices to run up but should only be temporary....

would like to hear others weigh in on this...

best regards,

Chris

Not sure why people keep referencing the relationship between the appraiser and the Realtor...Here in NJ there is no relationship, the Appraiser works for and is hired by the lender/bank.. Sure the Realtor may be a liaison between the two parties and they may interact but in no way shape or form do the two work for one another....

Appraisers in this environment seem to error on the side of caution based on what happened in the past it seems...

As a result unique properties end up suffering because the value isn't in black and white and the appraisers aren't as creative/adventurous as they once were in a different era..

Good luck but I agree with the majority, if you still have a healthy profit go for it as if you roll the dice the appraisal may even come in lower next time..

best,

Chris

Wow,

very inspiring! Amazing what you can accomplish when you think outside the box!!

Congrats Joe!!!

Best,

Chris

Jon,

Bit of a tricky situation... You would need to find a buyer wishing to occupy the residence. This would be a valid reason to have tenant move out, assuming he is only on a month to month lease...

Only other way I see if current owner wanted to occupy the dwelling, than he can ask tenant to legally move out but sounds like this will be a battle either way.

Owner may want to consider a cash incentive to get tenant to move out....

Good luck!

Chris

Hi Andrew,

I generally put 20% down and as of my last 6 deals I brought on a partner so essentially 10% comes out of my pocket.. I generally won't invest unless I can achieve a minimum of 12 to 14% cash on cash returns....

I have built up a portfolio consisting on multi families (largest is a 4 fam) single families, and as of lately condos....

I find that your biggest return will come from multi families.. (from a cash flow perspective) If you do not currently own consider buying a 2 family and owner occupying one unit.

This is a great way to get your feet wet and gain experience.

best regards,
Chris

This is a great thread and it illustrates that there are multiple ways to make money in Real Estate. I am of the mindset of a hybrid between the Turn key buys and the rehab purchases....

I look for properties needing cosmetic stuff that can be had for a discount for one reason or another. It could be an estate sale, it could be a divorce, could be a distressed owner or short sale Etc.... Admit tingly these are harder to come by and fewer and far between.....

The goal is to have minimal work to get the building operating. I self manage everything I own (approx. 26 doors) and also work a full time job (which enables me to recharge as it was put here) I absolutely do not have the time or energy to manage a full rehab as this would interfere with my day job. But the typical property I buy is usually older needing some updates but definitely rentable without needing gut rehabs in kitchens bathroom Etc.... I have a love affair with brick properties as these will require virtually no exterior maintenance, brick is timeless, has character and gives a nice clean look in my opinion. Never a need to paint or side.....

Another strategy I tend to utilize is when I have a property UC I can usually get the realtor to allow me to start to show it to prospective tenants and ideally I strive to have the unit rented prior to closing. This allows you to start cash flowing immediately (assuming you are buying right)  typically if I tell the tenant I plan to replace this this and that in the next few months IE. light fixtures, maybe paint, maybe a bathroom vanity Etc.. they will be ok with this. There is nothing worse than an empty rental, actually I take that back there is.....  a bad tenant!!!!!

In short find what you are good and and be persistent. Persistence pays off!!!

good luck,

Chris

Great thread.. I am a seasoned investor who currently has a decent portfolio of buy and holds consisting of multi families, single family and condos here in NJ....

I manage these myself while working full time. I would love to take things to the next level and put together a syndication deal on something on a much larger scale 20, 50, 75 + complex or something along those lines...

I have a pretty good network and feel I can definitely raise capital as I work in the financial services industry and know a lot of people....  I just don't currently have the know how of what is involved from the capital raise to the legal standpoint...

Hoping to learn more on this subject....

best regards,

Chris