All Forum Posts by: Jim Genis

Hi @Matt Frawley, I can recommend a property management company, plus a realtor who knows the investor model and can find you turnkey properties. If you could connect with me, I'll be happy to make the introduction once I understand your needs and criteria better.

Jim

For owners of large multifamily properties, we know that property management can be a big headache and not typically a money-maker. It's an old service that hasn't changed much in 50 years.

There's a new approach to apartment management that's a complete platform: advanced technology + on-the-ground operational support that reinvents property management similar to how Uber reinvented taxis. This is not just software: the solution unifies and streamlines all property management processes, reducing costs and increasing speed. It's the only PM solution that proves an improvement in NOI as much as 20% or more.

Most continental U.S. MSAs apply. Please reach out to me if you're an owner of 500 doors or more and would like to learn more. 

I'm looking at ways to get multifamily owner information and saw in similar threads that people have mentioned CoStar and Reonomy. I'm pretty familiar with CoStar but was wondering if anyone here uses Reonomy and what you think of it, especially for MF owner info.

I agree with Mike on prudent leverage. I used some Ramsey principles to help with debt management on the personal side. For RE, I've been investing (flipping, BRRRR, and turnkey) for 16 years and I've consistently use leverage. That said, I admit that there were instances where my leverage (frequently 100% on flips) was too high. I've not lost money on a RE deal but I've had a couple of pretty thin ones; if the market took a sharp dive, I'd have been underwater. My view moving forward is to:

1. Leave for at least 25% equity in any deal -- buy low enough or put the cash down. This protects you.
2. Snowball mortgage payments to pay off properties faster. This can quadruple your cash flow.
3. Take the slow path: don't buy unless it's really good. One great deal a year is just fine (as I do have a day job).

At the end of the day, you paid off your debt and you should be proud of that. You want peace of mind. Over-leveraging creates stress. But leverage is great for RE investing as long as you're smart about it. Keep that peace of mind... it's precious!

Jim

@Daniel Chu, kudos on your decision to invest in Kansas City. I agree with @Alex Olson that following a BRRRR model from out-of-state may look good on paper but the reality is that it's damn hard to manage from LA. Having a local JV partner is cool, but it still requires finding the perfect deal to make it work for all parties... and those deals are hard to find nowadays.

I lived in San Diego for 10 years and invested out-of-state. Turnkey is, in my opinion, the best way to go for long-term results. If you want a quick buck, do a flip in your market; you'll learn from experience about the effort involved. If, however, you want long-term wealth, turnkey is better.

Jim

@Yer Xiong, I've invested out-of-state and in-state, including when I lived in California, just like you. Two factors that I've found are key: 

(1) having a great local realtor who REALLY understands real estate investing. Almost every realtor can find you a house or small MF deal, but very few really know what they're doing. 

(2) having a great property manager. I know there are people who manage remotely, but I find most investors do not want to spend their time managing tenants and headaches. You also need to be intimately familiar with local landlord laws: if you self-manage and you're not careful, you could get cross-wise with the law and run into some very real risks.

When you're ready to buy, let me know if you'd like me to introduce you to the best realtor in KC for investors. DM me.

Best of luck!

Jim

@Tonye Jack, if you'd like another referral to a great realtor in the KC market, just let me know and I'll make the introduction. You can PM me or email

Originally posted by @Edo Y.:

Hello Everyone.

I wanted to update this group that our story finally had a happy end. After a year of struggle, last week we finally received a loan from Bank of the West! They gave us amazing terms and I highly recommend reaching out to them to see if you qualify for a loan (they work in several other areas).

I'd also like to say a good word for Bank 21, NBKC and Land Brothers Mortgage Brokerage. All were very professional and appeared very reliable. We ended up taking the best offer but will definitely remember them for future loans.

Finally, I thought it would be useful if I share my (partial) spreadsheet with all the lenders I looked at. Feel free to reach out to me and I can share with you the full spreadsheet that includes all the contacts, the offers we got and my comments - the good and the bad.

Cheers,

Edo.

@Edo, this is great. You can also add Country Club Bank to the "no" list since they don't lend to out-of-state investors, nor on out-of-state properties even if you are an in-state investor (KS and MO). I've worked with them on in-town deals but they're very conservative.

Agree with @Jake, especially if you're in California.

@George Gammon, just seeing this thread. Let me know if you are still looking for property manager referrals in KC. If so, PM me and I'll let you know whom I recommend.

Jim