All Forum Posts by: Justin Winn

I believe this is something your broker should be assisting you with. If they are unable or unwilling to assist you then I might recommend searching for a different broker.

Best of luck out there.

Quote from @Louis Davis:

What's up @Dustin Davenport. If you go to Facebook and join El Paso's #1 Real Estate Investing Group, you will find a lot of meetups and connections on there. Hope to see you soon

El Paso #1 real estate investing network appears to be a private group, is this the same one you’re referring to and if so how can I connect and start attending some of these meet ups? Any assistance is appreciated.

I would think no. Call an exterminator, clean out the poo, fix any related damage and call it a day. However, there may be some local laws and regulations that can better answer your question. I might have that conversation with your exterminator, they may know better.

Two things stand out to me in this post. The first being your concern about the 7% rate. If you have run the numbers and what ever amount your new payment will be, if you’re still comfortable with the cash flow then the percentage is irrelevant. 

The second thing is that rates have already started to dip some, however, most economists I listen to think you have 6 months and then rates will start to climb again and that as inflation comes down the FED will work to get rates back down so you could potentially refinance in a couple of years and then your deal gets a little sweeter.

I might recommend a couple of podcasts. On the market, a BP podcast and planet money a NPR podcast.

Best of luck to you.

I agree with @Steve Vaughan. While chase is great, I also use a local bank. I would encourage you to talk with several of them in your area. My lender actually educated me on several loan products they offer and some unique strategies to use them for.

https://www.fha.com/lending_li...

The FHA website has some useful limits, obviously you'll want to search for your state and county. But multi family can work for a family if you and your spouse are on the same page with the investment.

I’ve also known people to buy a single family, then air B&B a room for extra income, and because they were in a college town they did pretty well. But again, those are options that could be used. 

Quote from @Mark Motyl:

@Taylor L. I'm not sure all the terms just yet. They want me to sign a NDA before they share any financial info.(is this normal?) They did say they are open to some seller financing. Not sure how much.

I wouldn’t say an NDA for a portfolio that size is “normal” but I don’t think I would be overly concerned about it either. People have their reasons for not wanting information shared. Maybe they are famous… idk. I agree with everyone else, if you have the capital for repairs, reserves, and a plan for management, then I think you’re ready to take action.

Best of luck, I’m excited for you.

I don’t know this company, but a flat rate of 200/mo seems a bit odd. Most PM companies will charge 8-10% of rental income. Also, I didn’t see mention of a deposit so I’m curious how they work maintenance requests, with no deposits and my assumption is 200/mo is significantly under the 10% of what your charging for rent in Brooklyn, I have to assume they are going to be calling you a lot for every single maintenance issue.

It sounds like several people have Sid 100 is the threshold, and you mention having several other properties in the 30 unit range. Do you have a PM office somewhere near all of these properties already? If not your ideal hybrid situation could be on site for your 55 unit and they manage your other properties as well. Or maybe you get e centrally located PM office. For me the answer to that is if you’re transitioning this larger property into  high end apartments or not? If yes, then I think you absolutely need an on-site manager.

I hope this is useful, and best of luck.

You could consider a pet fee or deposit with a specific date range.