All Forum Posts by: Jason Kosowan

Hi All

I'm looking to invest and I've started investigating the multifamily space.  Joe's name has come up and I've requested some info from him about current offerings.

Has anyone invested with him?  If so, what can you tell me about your experiences?

Thanks!

Hi there

I'm doing some first steps to evaluate the business potential for creating a new property management product.  If you have a few minutes, I have a few quick questions for you.

1) What product(s) do you use?

2) What is the functionality you use the most?

3) What functionality do you wish you had but don't?

4) How did you (or how would you) decide on which product to purchase?

Thanks for your time!

see all of you there!

I'm not sure if I understand the question.

I usually ask for a deposit that exceed the monthly rent by some. And if the renter has pets, an extra deposit is also collected just for that.

I don't think it's illegal to ask for more than a month's deposit.

Chris DeHaan I've sent you a "Connect" - let's discuss the details of the property off-thread.

As for buying to remodel, I've never done that before, but it sounds viable for the right property. All of my fixups have been pretty much cosmetic (paint, tile, cabinetry, etc.)

I can't tell you if Folsom is the same or not since my purchase was a special case. There wasn't much competition since I got in pre-MLS to a new construction development. But, if I didn't have my ear to the ground in that area and jumped on it right-quick, I wouldn't have got in at all.

Within 4 days of listing on the MLS, everything was bought up and the next development was going for 20k over what the previous inventory was selling at. I don't know if it was hedge funds doing the buying, though. My friend (and investor client) also bought one the same time we did, so there's at least one other person that's not corporate in the complex. :)

I do like the idea of going either 2br or duplex, though. With the big boys bidding aggressively only 3br/2ba, it seems like they're blinded by their formula so this is a great way to outsmart their process and find value outside of the beaten path. I'd also look at tri and quads too if your budget allows.

Let me know what you find out!

I own some condos in California and they've been good investments so far. But, I bought them a few years ago, when the market was tanked out.

Now, though, with the upswing in home prices and rents around here, getting a cashflowing SFH is much harder so condos have been flying off the shelves, often at over-asking to all-cash investors. The prices went way up and I backed off.

I felt that the "spread" that a low market gave me has helped cover the extra costs of HOA, special assesments, etc. but without that advantage, I didn't want in. So, in areas that aren't as volatile, price-wise, I don't see them as that good of an investment.

Maybe condo investing should be viewed more like investing in the stock market? That's not a good thing in my book.

Also, around here, there are many condos that have no-renter policies and, with the investor frenzy around here, there have been newbie investors getting stuck with an unrentable unit.

My first couple of purchases, I focused only on cashflow. It was an ok first step, but as I went down the road, I found that I got more issues too. Rent collection was sometimes hard, rehab between tenants was more expensive and time-consuming. It's a little tiring to juggle that with working a full-time job.

Now, I try to look for a balance if I can. My latest purchase was a smaller unit in a better area, which I think covers the middle ground. I'm happy with it so far.

Hi Chris

Welcome from a fellow Bay Area investor - you've found an excellent resource.

I'm not sure if I'd recommend Stockton, it's a little rough out there. I recently invested in Folsom, which is pretty close to Sac/Stockton, and so far I'm very happy about the results. There's more industry and big, stable employers there. Just something to consider. The prices are a little higher, though.

In Sac, I've heard there's big companies with deep pockets snapping up pretty much anything under 300k, edging out smaller investors. I've also been seeing the same thing happening in the California Delta.

Drop me a line if you want to chat. All the best in your upcoming investments!

- Jason

Putting the initial 20% on a credit card is a new one to me

Not sure how relevant this is, but I've used zero-percent credit card deals to finance materials, appliances, etc. for rentals in the past. It keeps my reserves healthy, but you have to make sure to pay it off before the retroactive interest kicks in.