All Forum Posts by: Kristi Kandel

Hello everyone! I've just closed our first residential multifamily deal in New Jersey and am now looking to rent it out. At the same time, I've started to explore the market, primarily in Hudson County, NJ, for commercial multifamilies for my second purchase. My ideal timeline for the second investment is within the next 6 months.

I have some questions about investing in commercial multifamilies as a newbie. Is there anyone here with experience in investing in 6+ unit properties, preferably as an owner-operator? I would like to chat with a mentor/investor regarding finding off-market deals, the due diligence process, and other related topics. Thanks!

Happy holidays BP family, 

I have a unique situtation and wanted to see if someone more seasoned might have any advice on how to approach this. 

There's a plot of land that I've found which is owned by a company. The land has 2 buildings on the same plot of land. However, the company is only using 1 of the buildings. The second building, has been abandoned for at least 12  months and is quickly becoming delapidated. I was curious how someone might approach this.

My idea was I could work with the company to "severe" the land or split the plot up and see if they would give me the building at a discount since it appears they have no use for it, and then I could put a tenant in it or flip the property to someone else. Any guidance on if that would be possible or any better ideas are greatly appreciated! 

Any advice on what to do with a large plot of land in Winchendon, MA?  I know nothing about raw land and its potential. My husband is inheriting this and will co-own 50/50 with his uncle so I would love to hear advice since I don’t even know exactly what to ask, who I need on my team, how much we are looking at to spend initially even assessing/appraising it, and what the potential is for it.  Anyone have experience in this area or connections? Thx! 

Hi BP community, I came across a pretty interesting opportunity that I am looking for some guidance on from someone experienced in this area.

in short, there is tremendous urban sprawl happening right now in West Palm Beach, and there is a particular piece of property on a main road that will increase in value 2x in the next 10 years. It is a 10-acre plot and the owner is willing to roll the equity into the deal for the development of something that generates cash.

My first thought was a self storage facility which we could always use here in South Florida, and the second was a car wash. The problem is there are two brand new ones both within a mile and a half of this piece of property. That said, I still think there are other great opportunities as far as what to build on the property to generate cash flow while the property value increases over the next decade.

I'm looking for help and guidance from someone who might have done something similar.

Title says it all. Currently live in Orlando. Made money from other businesses in a relatively short time and at a relatively young age, and now want to put it into real estate. Problem is this would be my first real deal. I would like some general advice from the knowledged community about where might be best to deploy this (I did make an STR-specific post elsewhere, but this is for more general wealthbuilding advice). Also don't have any agent at the moment, insurance people, or loan officer (if I even get a loan), so open to advice from people here in their areas of expertise. I used to work in CRE acquisitions so I understand the numbers but lack deal experience.

Some stats: 

- I am open to both debt and all cash depending on circumstances. 

- My biggest parameters are long-term appreciation, and enough cash flow to comfortably live off of (which is why I'm strongly considering an all cash "park and profit" approach without worrying about crazy interest rates). I want to cash out at the age of 115 and use the cash to buy artificial organs to live forever, lol. Honestly that is the main goal and what both keeps me going and up at night, so I'd say the ultimate "end goal" is having lots of cash and the means to withdraw it down the line, WITHOUT going absolutely insane.

- To this end I have primarily considered Hawaii (Honolulu Oahu, Kihei Maui, and Kailua-Kona - either short term rentals or long term, ideally able to live in one unit/room of the property or properties), Miami, Houston, and Space Coast Florida. Hawaii or Miami would likely be an STR, Houston would be MTR, and Space Coast also a STR. I have a buddy in Houston with large lumbar and tool yard that I believe could make good prices for new development, but again, despite the cash, I am inexperienced and don't want to make a mistake biting off more than I can chew.

- While I can manage 1-3 STRs (I think, especially if I live in or near them) and one sub-15 unit multifamily complex, I definitely cannot for more than this on my own, and still have my other businesses to run, and want to leave adequate time to devote to those as they are my only revenue sources (another reason why I'm interested in some more livable cash flow).

- And i guess as a bonus, if you had this cash, what would you do to exponentially multiply it over a 100+ year period? I am considering buying self storage, branding it, turning it into a real business and scaling with more self storage facilities to sell to BlackRock in 2077 or something like that. Standardized, corporate, branded. Or maybe some adventurerous, extreme vacation rental business. Open to putting in the time and effort for that, but I have 0 experience with self storage, turning around some old mom and pop, or managing something like that outside of what I've read online. I am not a "handy" person. I don't want to lose this money on my first deal.

Overall, I'd love to live in Hawaii and collect 6-figures a year while living for free in one unit of a multifamily or multiple condo group, just as much as I like the idea of going all in on some big brand. I wonder, where is the balance, what would be best for now, and could I start with one and scale into the other as i grow experience and hopefully more capital? I know this is a lot, but I think it'd be an interesting discussion and would really appreciate some advice from the communtiy! Thanks.

Land Wholesaler here looking to get into buying land, building on it, and then selling. Who are the best people to follow, courses, coaches, or mentorships? Yes, I know you can learn anything free online, but I need the process expedited a bit. Thanks

Had a few questions for you. You mind if we chat offline @Kristi Kandel

CONSTRUCTION LOAN question: I am looking to build a modest, small home for myself. I have just started looking into costs and am seeing a ballpark of $200,000. If I sold my current home, I would pocket $140,000. I imagine I would need a construction loan for at least $100,000. My question is: Aren't construction loans good only for a year? After a year is up, don't you have to transition that into something else? I really want to avoid having a 15- or 30-year mortgage. Any suggestions?

To subdivide a property or split in 1/2, what are the steps in doing this. This is just a single split in half for the property no more.  Can this be done through normal channels of zoning, appraiser and title company?  Or does someone need a more experienced representative.  The split would leave road frontage adequate and side to side requirements met.

I own 93 acres with a fully stocked, private large pond/small lake in a coveted area of the Triangle in NC where you can't find this much acreage available, and I would like to know the best way to partner with a development company or other organization to create a high end, beautiful community on this site.  How do I ensure the best profits with least amount of risk and avoid all of the scamsters out there?

Thanks,

Rich