All Forum Posts by: Jason Yarusi

I run a heavy construction company and I have in our proposals clean up and removal when that is part of our scope or I may put removal by others and or dumpsters provided by others based on the circumstances. Based on the scenario I just would bill back for cleanup and removal or put in your proposal to leave a broom swept site with completion of their work. Shouldn't be too involved.

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I can't speak for others but it keeps down to your investment goals and your strategy. I went from a duplex to a 94 unit both out of state. I knew I wanted to go larger to achieve economies of scale and also that I am out of state I wanted to be able to take advantage of having the ability to have on site staff and a great third party management team. If I was to buy local and took on a smaller property 8-12 units then I could manage it myself. That wasn't my goal. As for the down payment I did a syndication and will continue this model but again that comes down to your investment strategy. Hope this helps.

Go to the sheriff sales/ local auctions there will be cash buyers there. Go to your REIA meetings. Look for people in your area on this site.

There could be the option for shared workspace. If you are going to have such demand for apartments, the rest of the building depending on zoning would be prime also to split off for other uses that serve the tenant base. Coffee shop, laundry mat, pharmacy etc

Hi Matt Go on the FEMA site and see what zone the property is in. This will determine the impact of the insurance. Also floodsmart is one option for flood insurance - your local insurance company will need an elevation certificate. You will need to get a surveyor to do this for you unless the HO has one. The current owner may not have been required to because he was pre-firm property or many other reasons but going forward you will need to if this is in a flood zone unless you purchase cash. Flood smart will give you an insurance quote without a cert but they are not a public provider and are one of the private providers popping up. Good luck.

Does anyone use one of the large storage unit providers as their management company. What would be reasons you did and how has the process gone? Has it helped from an automation side and or marketing standpoint? What other advantages / disadvantages would you point out?

Great show! A ton of value as always. Definitely going to try to AirBnB my house when I'm away in September and December

Is there a local investor that works in this niche that you may be able to partner with ? I agree with a lot here and actually just did our first syndication on a 94 unit deal out of state. What I did before even looking for the deal was to find a mentor who does this, learn the market, the terms and find my team members. I vetted property managers and lawyers and spoke to everyone in the market- brokers , investors , friends , friends of friends. With that I was able to find deal flow and get a deal under contract. Well you are way ahead of this and have a deal that works for your numbers. That said if you want to bring in private money you have to make sure the deal still works to offer them a return as well. Are you going to offer a preferred return for the deal and you get paid on a percentage of remaining cash flow or is it strictly a 50/50 split. There's a ton of ways to cut the pie those are just two basic ways. I would suggest speaking with a syndication lawyer. You need to protect your investors and yourself as you are offering a security. Also your investors are going to want to know the following answers to name a few: How long does the investment last? If I want to get my money back at any point can I do so? What is the initial investment? What is my return? Are you managing it? What is your stake in the game? What experience do you have doing this? What is your plan with the property? Why this property? I wish you the best in putting this together. Make a plan and go for it but be prepared for a lot of steps along the way. We learned a ton and made a ton of mistakes but surrounding ourselves with the right people to keep us from getting too far off track.

Kevin Whelan that would be great! I actually just spoke to another gentleman in Toronto through a friend that operates a shared workspace up there. When would be a good time to talk?