All Forum Posts by: Karl Watson

I live in a 6 unit building that is all owner occupied at the moment. Our HOA is incorporated. My idea is to have our HOA "business" save enough cash for a down payment and set it aside. Then, if any unit wants to sell in the future, the HOA can purchase the unit and we can rent it out. Based on the current rental market we would be able to cash flow between 3-500/month.

There are obviously many different factors that play into this scenario, but I wanted to get an idea of what people thought about the basic idea of it. I am not looking for every little detail of why it might not work, but simply if you think it could work and if you think it would be worth it.

I am also wondering if this would count as REI "experience" when I go to apply for loans in the future. I am the president of the HOA and I would be the one handling the rental.

Thanks for the help!

I have been trying to find a part time opportunity to get experience in REI. I recently met with an old employer who owns and manages over 150 units (my job in the past was not working in his RE business).

As we were catching up I shared with him my interest in RE and he told me about his current properties. He then shared that he is starting his first project with an investment fund in which he finds the property, renovates, finds tenants, and then manages the property for the next 5 years. He plans to do multiple deals like this in the near future.

I have a great relationship with him and I have always done great work for him in the past. We are meeting soon to go over the first project, and I would like to come to the table with ideas on how I can not only help, but add value to his business, whether they are short term or long term solutions.

In the past, my positions were always as beneficial and as lucrative as I made them to be (The harder and smarter I worked, the more responsibility and $$ I was given). He is very flexible, and if he sees value in what I bring to the table then he will want to act on it.

I only have a few ideas so far:
Long term: become RE Agent to broker all of his deals and help him find future properties
Short term: help to find properties and tenants, help with managing renovations, find cost savings within his current properties

Any feedback is greatly appreciated and I would love some more ideas!