All Forum Posts by: Mike Jakobczak

@Naga A. You can get a mailbox from UPS they use suite # instead of PO boxes. So it looks like a regular address.

RIght now I use a good friends address that she doesn't mind collecting mail for me. It's good to have friends... ;) and it saves money

@Lenny Kancharla Well I generally shop around in the metro area because they tend to be more stable markets. Also have a larger supply of multifamily. The problem there is depending on what type of cap rate you look for it becomes difficult to get a decent cap rate without going into pretty crappy areas.

So I look for complexes that I can add value and make them run more efficient on the management side.

But since these days a lot of big firms have been buying a lot of the inventory, it's not a bad idea to look outside of the metro area to find a decent property to purchase.

The best time to buy apartment buildings were 3-4 years before the crash. As all the tenants moved out and bought homes.

I agree with @Joel Owens I started looking at under 20 doors and found that too many owners ran these properties and didn't keep good records or pay themselves. This wouldn't work for me since I hire third party management.

@Naga A. When I speak with new contractors or anyone who is new to me, I don't tell them flat out I'm out of state. I have found that they tend to see $$$ signs and they don't end up getting work.

For address I have a local address as well.

Obviously if you are not in town to meet contractors etc you will need someone on the floor to help with this. Well until you can put more trust into your contractors and people on the ground. Takes time to build a good team and you need to weave out the bad apples.

@Jennifer Tan Hey Jennifer, we try to meet once a month, our next one is next weekend. Here is the link if you are interested

http://www.meetup.com/Canadians-and-US-real-estate/

@Daniel Fuchs I have a foreign account specialist that may be able to assist you in setting up a company. I use her for my stuff and has done a good job so far. Her rates are also pretty good. PM and I will forward her information.

@Lenny Kancharla You can pull up rental comps on rentometer.com or even zillow might be able to provide some idea of rents. But in the end I would organize a good property manager and they will also be able to give you a good idea of the market.

A number of investors keep asking me about Waycross, Ga. In my opinion its far from the metro where I tend to shop around so I don't have an opinion on the market itself. Keep us posted if you decide to buy

There are many things to keep in mind. One thing that I find is very important and sometimes over looked is the cost of materials and labor for the area. Sometimes they may be similar to your current area but sometimes they are way off.

Example: I live in Toronto and invest a lot in Georgia. My cost of things when I invest in Toronto are double compared to anything i do in Georgia.

Knowing your cost for the local market could make or break your investment.

@Chukwudi Motanya I have some off market properties I can sell you. PM me and I'll put together some packages for you

Use google voice. You can get a local number and forward it to your cell or office line.

UPS doesn't use PO boxes so you can get all your mail forward to a local store.

So many good ones.

I just finished Spin Selling by Neil Rackham. It's a sales book but will help you with raising funds along the way. So I recommend it when you start to go out and raise capital.