All Forum Posts by: Juan Vargas

A “rule of thumb” that I’ve used before is 1.25% - 1.5% of purchase price. Now, obviously this is just a rule of thumb and it varies drastically from property location, condition, etc. 

@Elliot Vann Learning from experience is most likely the better way to get into it. Although it looks good on paper to have a masters, having a great track record looks even better and can take you further if syndication is your vision. Just my opinion. 

Search on Loopnet for brokers and reach out to them. Introduce yourself by meeting up with them face to face (if possible). Go to networking events, talk to lenders, property managers who can refer or introduce you. 

Welcome to BP @Trey Knight. As @Ryan Cox mentioned, networking locally is usually the best way as you get real face to face interactions. I would look on meetup.com or here on BP at biggerpockets.com/events.

@Tony Asbille, have you tried direct mail/ cold calling? Sometimes that's the best way especially in this market. Btw this thread is from 3 years ago.

@Daniel Perez no I do not own any in those areas. I mentioned those because of the growth of the cities and because of the closer proximity to your location. Of course there are many other markets you could look into. 

You are correct in that the market is hot overall. But I would look in areas that have increasing job and population growth. Pittsburgh, Columbus, Cincinnati, Charlotte, Nashville are some you could look into. 

@Carlos Casanueva As it's been mentioned above, call multifamily brokers. A good idea might be to find a boutique type of multifamily brokerage and/ or find a large broker such as Marcus & Millichap and then look for the freshman/ junior type of broker that is eager to build his reputation and transactions. He will be the most likely of all to help someone starting out and you both can grow together. A senior broker will most likely never show you the best deals until you have shown you can perform. JMO

Not that it makes that much of a difference on your overall COC but your expenses are actually $801, not $901. Increases your COC just a hair to 5.8%.

Reach out to Craig Haskell. He lives in the Phoenix area and has 30 years+ of experience. I'm sure he can help you out. I can personally recommend him.