All Forum Posts by: Joey Budka

Depends on the area. But generally, 7% cap rates are fairly commonplace. However, there's been significant cap rate compression in Sac over the past 18 months. Higher quality assets are trading in the high 5 to low 6 range. Overall, sounds like a sound investment.

@Troy Fisher Thanks for getting the ball rolling with this event. I'll reach out to my network of investors in the 831 and see if we can mimic the success of the East Bay meet ups.

Pursuant to my RSVP...

In State / Out of State?

In state, and out of state.

Strategy?
Local apartment syndications and flips, national NNN syndications and TIC structured syndications

Type of properties?
Multifamily and NNN properties

Looking for?
Investors, commercial mortgage brokers, asset managers.

Can offer / knowledgeable about?
On and off market multifamily properties, apartment flipping, commercial brokerage, private funding/hard money, discounted note sales

I'm in. See you guys in January! And thanks again for setting this up J.

Here's a brief description of my marketing plan for 2014:

·Cold call, cold call, cold call!!!!

o250 calls per week

§50 productive conversations and/or voicemails

§Send follow up letters

oFSBOS

oExpired Listings

o2-4 Unit List

o5+ Unit List

·Open Houses on Weekends

oDoor Knocking

§25-50 Knocks per open house

·Networking events

oBecome active member of 4 groups

§AREAA

§Commonwealth Club

§BP Meetups

§One other…

oAttend 2-3 networking events per week

·Post Card Mailers, Market Updates and Email Marketing

oQuarterly multifamily update to current clients

oNew Listing/Just Closed Post Cards and Emails

·Monthly Newsletter to Investment Clubs

·Craigslist

oPost Listings

·In-House Referral Leads

Any additions you can add to the list?

Welcome Alan! Sounds like an exciting time for you, getting your feet wet in CRE loans and buying your first deal. I do CRE throughout the Bay Area, so feel free to give me a call. I'd be happy to fill you in on the current market, what to expect as a new CRE investor, and any advice you may need moving forward with your new career. Licensing in Cali can be a real pain. The DRE took nearly 3 months to issue my license, thanks to our super efficient CA government ;) Just make sure all your info is current, especially name and address. Otherwise, it could be a nightmare obtaining your license. Again, best of luck and feel free to reach out to me if you have any questions, ideas, etc.

Although it is traditional (though lightly used today), I have to recommend: Cold call, cold call, cold call! Nobody likes to cold call, but since the majority of agents are so focused on internet marketing, the "personal" factor is neglected. As a result, you have a competitive advantage connecting with others directly.

To increase your conversation rate of calls to meetings, target a certain demographic or buyer/seller group and send out specific marketing materials related to their situation, i.e. short sale households, investors, condo owners, etc. Then, when they pick up the phone, you immediately have credibility and something to talk about. Go through the cold call steps:

1. Intro/Credibility Statement

2. Interest Generator About Market Trends

3. Ask Open Ended Questions (Get them talking!)

4. Listen for Window of Opportunity to Close for Meeting

5. Set Appointment

Thanks again @J. Martin for organizing this event! Had a blast. Looking forward to the next one.

I will definitely be attending. Look forward to meeting local BPers!

Hey Jessica,

Are you initiating the increases in congruence with Oakland's rent control ordinance? I believe the increases are only allowed once every 12 months, and according to the CPI fluctuations for the Bay Area metro region. I know that in San Jose, you can only increase rent by 8% per annum, or 21% every two years. How many units does your building consist of? Have you ever considered exchanging into triple net investments to eliminate management responsibilities?