All Forum Posts by: Kimberly Gamez

I am an investor out of Michigan and we actually own 3 converted motels. In my experience we only needed to show a current "rent roll". Now since you own the property you should be able to provide. This may be a dumb question but have you asked your local lender this question? OR send a local commercial appraiser the question and see what they would want to see. It will all depend on your local lender. I am happy to talk more about my experience with this type of asset class. Good luck my friend!

@Carmella Lombardi

We own 87 units and every one has come by cold calling owners.

“Hi I was driving by your house at ... any chance you’d be in the market to sell? I’m a real estate investor and really love what you have there.”

Then listen, take notes and always schedule a followup.

“I understand you need to talk to your wife. Is it ok if I give you a call tomorrow or if you both will be home tonight I can call back?”

It’s easy... just be you. Worst they can say is they aren’t interested in selling. BUT after 20 years I’ve found everyone has a price :)

We own 82 units and currently use Buildium as our property management software system. Before I bump up to their next tier to add additional units I would like to see what everyone else uses or if there are any perks to other programs out there. We also just bought a 20 door property that will be used for short term rentals and buildium doesn't have a good solution for that either.....sigh. 

For reference: 

1. -We manage and maintain all of our properties
2. -We like our tenants to pay online if and when possible but some still pay cash (which has its own perks) 
3. -We want to get to 100 units by the end of the year and hopefully to 150-200 by the end of 2022
4. -I like to manage our P&L from the platform but I do not need it to offer bill pay
5. -I do not manage anyone else's properties so I do not need any of that functionality either

Any feedback or suggestions would be helpful!

@Gabriel Johnson thanks this is great feedback.

@Chris Davidson I mean that is what I initially thought but wholesaling sounds interesting in this case because I’d be skipping the extra fees wed pay and not to mention capital gains and such would be nice too 😅

I am a licensed real estate agent as well as a seasoned real estate investor for the past 20 years and own 60+ units. Today I was approached by a distressed seller that wanted to know if we would be interested in buying their property to flip. His asking price was $15k and I honestly think I could get him down to $10k! Unfortunately I do not love the area for a flip or rental but think it could easily sell on the open market for $20-30k as is. So my question is... should I try to wholesale this property or buy and then list as is? I’ve never wholesaled because it honestly feels super slimy but in this case it would save a lot of fees, transfer taxes, etc.

I’m open to honest feedback and suggestions. 

@Tina Tsysh

8 of the 16 are occupied the other 8 need some minor love. I added all of those expenses in the report snap shot. I guess we normally get a unit/door between $30-45k so it just seems super pricy to me but the numbers seem to work out.

Typo “can’t beat the terms”  

We can buy a 14 unit for $850k- land contract with 10% down, 30 yr amortization and 5% interest. I feel like cash per unit is high but I can’t be the terms. Here is a screen shot of cash flow and RIO. Cap rate is 9-10%

@Rob Gillespie this is great advice. Thanks