All Forum Posts by: Jeffrey Donis

ATL is very hot, which is good and bad. Bad because it may be hard to find deals in ATL, however it is good because that means that surrounding cities are experiencing growth. As mentioned, you want to look at it as a MSA, not a city. MSA will include a lot of "sub-markets" which may fit your investing criteria better + will make it more likely that you will find a good deal.

Best of luck with the move!

Hey Paul!

Depending on the size of multifamily properties you are after (the more units typically means the more sophisticated the seller and the less likely that it is a mom and pops) the VA's effectiveness could vary. On smaller buildings it could work since the VA could get basic information using a normal script with a few added lines so they can get information that you need (with training and practice they will get better and more comfortable). If you are after larger buildings, most VA's that are not from the U.S will most likely not have to much experience when it comes to these complex deals therefore the chances of them being able to carry a conversation with a seller I would say is small. There could be a VA somewhere who is experienced, however with the ones that I have worked with in previous businesses it took time and practice for them to be able to get comfortable calling single family property owners.

I have heard of VA's (from the Phillipines, Honduras, Nicaragua) ranging from $3-$7/hour.

Hey Vicky!

Great job taking action to find this potential deal. What you want to focus on is networking with investors who you think could potentially be interested in working together on the deal with you. The value you are bringing is the deal, and you can lean on your ability to work hard and find more deals if they choose to work with you (if you lack a track record, liquidity, net worth). 

Hey Janki!

It all should come down to your criteria- if you have not come up with that I recommend doing so. It should include the class of asset you are looking to buy, what returns you are looking for, areas, and business strategy you plan on using (Value add, distressed, turnkey). This will help you in the long run- personally my team focuses on 10% coc since it is what our investors like to see. However, your goals are very likely to be different than everyone else's which is why it is so important to have a buying criteria beforehand. You can always go off of it slightly but it is a good thing to have in the back of your head when you are analyzing deals. 

Making sure that the team managing the asset is capable of fulfilling the business plan is one of the most important things. The returns look good, 8% preferred return, 70-30 waterfall model and 20-22% IRR is not uncommon at all, as long as the team that the general partnership has put together can execute.

A book I would recommend you read is The Hands-Off Investor by Brian Burke- it is from the perspective of a limited partner.

Hey Dylan!

Glad to see you are interested in REI. House hacking is a great way to get into your first property. I am out of NC, so not that far!

Looking forward to staying connected, 

Best of luck!

As mentioned, the place to start out is through your close network. A good way to start generating your own passive investor leads is by starting a thought leadership platform- Joe Fairless talks about this in his book The Best Ever Real Estate Syndication Book. 

For example: Starting a podcast, posting content on Instagram, Linkedin, Biggerpockets, Twitter, Youtube, etc. Anywhere were people can see that you are in the business- this will give you a sense of authority + credibility to your audience. It is not something that will happen overnight, so it is important to be consistent and persistent. It is a long play. 

Full disclosure, my team and I do syndication real estate deals. We are partners with Mark Kenney out of Dallas Texas. Some syndicators that I recommend you look into are - Brian Burke, Joe Fairless, Jorge Abreu. 

Coming across good off-market can be hard at first. (2-4 units) The best ways people get access to these deals are through pocket listings from brokers, or by being direct to seller. Being direct to seller- Cold calling, Direct Mail, Ringless VM, etc- is probably the best way to find the best off-market deals for multifamily deals that size. 

One thing I can say is to leverage other people on your team (mortgage brokers, other members who know how to underwrite) to look over your underwriting to confirm that you were conservative enough.