All Forum Posts by: Jim Kittridge

Exactly. The market has carried a lot of them along and covered most mistakes. It will get ugly for them when the IO loans end or rates tick up. 

You're forgetting about the best part, when there are 25 "different syndicators" on the GP side, all claiming to have just added 500 doors. Not to mention they have 1/25th of the 25-30% equity chunk on those 500 doors and that is after a preferred return.

We've refined an Excel model over the years that fits our needs and generates reports to share with investors and lenders.

In my opinion, Excel is a great place to start as it forces you/your team to understand the fundamentals to your investment model.

You’re on the right track, just be aware they are buying there as well. Just so you know, taxes are much higher for landlords in SC. 

Kyle, what you're looking for is right on target. Having said that, you should be aware that all of the institutional buyers and hundreds of out of state buyers are all competing for the same asset. I had lunch with a friend last week that is going after the same criteria with all cash, $50k DD after walkthrough and still only winning 10% of offers.

I'd consider going after something slightly different than the institutional guys. For example, larger homes, no garages, older homes, etc..

It really depends on what you're looking for. Activity level, your risk tolerance, timeline, etc..

Personally, I'd educate myself on syndications and spread the $600k across 12 different assets in growing metros that are operated by an experienced team that have been in the business for multiple market cycles. You will likely be close 6-8% yearly cash return and around a 15% IRR across them and have little to no involvement besides conducting due diligence on the operator and the deal on the front end.

@Jay Wilson I PM'd you

Regarding your other questions, you can see in my post history, I'm a strong proponent of investing outside of the 485 loop. Strong cash flow, appreciation, and delta between purchase and replacement cost.

Hi @Kyle Belles, welcome to BP. Metrolina REIA is the primary REIA in town. They have monthly events as well as sub-group events that are more specific. Best advice is to jump in and attend as many as you can so you learn and meet other investors.

If you moved and don't live there as your primary, it's going to be tough to get a HELOC or refinance on it.