All Forum Posts by: Jeffrey Levy

@Ivan Barratt Ivan, we are looking for Indianapolis PM to manage a 30 unit.

Hi Frank,

This issue is not so the offer which I agree should be made based on current rents but whether we will be able to add value with rent increases if the market rent for the area is higher.  Without knowing the market rent, we won’t know.  The broker doesn’t know, rentometer and rent rage have a huge discrepency on this location and we have the trust issue with brokers and property management which are competing for the same type of properties.

Jeffrey

Challenge: 

Getting the local rent 700 miles away which varies every few blocks or so.  The broker that showed us the deal said that he doesn't know what the rents should be and we should check "Rent Range".  We checked both Rent Range and Rentometer and they differ much from each other.  It is a 30 unit deal.  I am also concerned to tell a local PM about it until I am in contract since I notice that they buy a lot of properties too and may create a competitor.  

It is a Catch 22

@Jose Ortega - Hi Jose,  there are a bunch of them in the files section:

https://www.biggerpockets.com/files/search?utf8=%E...

You can click the link above or got to Tools/File Place and then search for calculator.  Most of the names identify the type of calculator.  Good luck

I have not used Michael Blank’s coaching, but bought into the Ultimate Guide to Apartment Buildings which is a 4 figure cost and includes a book both audio and typed, some deals (not necessarily purchased) reviewed in his deal analyzer by video, access to his mastermind group and deal desk, lifetime online support and other odds and ends.  

I have not been that happy so far.  The day that I got the material, I started listening to the audio book.  I sent a question on Nov 21, 2018 asking him about something that he mentioned to read in his program which I did not see and got a reply on Dec 7, 2018 which is way longer than I would expect to get a reply. The reply was unsatisfactory as well and since it took 2 weeks to get that response and I had moved on from there, I wasn’t about the revisit the beginning by rephrasing my question and waiting another 2 weeks.

Most of the book (half way through) is pretty much review from so many other books that I have read already.  There are a few good pointers in there.

The videos seem to be available on Youtube for anyone to see for free.   I am emailed every few days to watch a video. Every video seems to end with a several minute long ad to sign up for coaching. 

The website is not well setup and there are inconsistencies and 404 errors with missing files and improperly named deals that don’t match the content. 

One of the deals had a missing file which I went to his Slack group a few days ago to ask for. Apparently, the guy responsible for that file answered that he would send it to me that night and wrote “Good luck in Indianapolis, there is way too much competition there.” How encouraging after I chose this city by following Michael’s method.  He didn’t send the file. I reminded him the next day. He didn’t send the file again. I then re-asked the group instead of this guy and he finally sent me a file. 

I just got a call today from a 3rd party asking me how I liked the Michael Blank’s webinar 2 weeks ago.  The lady could not understand most of what I was saying and misquoted me when reading my reply back to me.  She had an accent and a bad connection (overseas?). I was hoping that they were going to ask how I liked the program, but instead were just interested in the webinar while she had no idea that I was a paying customer.  

Overall, I am not happy. I wonder if his coaching is run anyway like this.  I, personally, would not spend the money to find out with what I have experienced until now.

@Shawn Holsapple Hi Shawn, can you PM me a couple that you are satisfied with?

@Scott Morongell  It is interesting how the Trulia crime map frequently contradicts the FBI crime maps which is based on data collected by the police departments in indianapolis. 

@Jon Holdman. Thanks.  I originally thought the same, but found a few non-conventional lenders that wait 30 days and 60 days, which seems strange.  This is even if you have paid cash for the property.  I think that your guess might apply to Fannie Mae, since it is 6 months whereas there might be a different reason for non-conventional lenders requiring only 30 days even when paying cash.  I was just thinking that if we can know for sure, then we could address the lender’s concern and allowing immediate refis.

@Jon Holdman. John, although the 6 months seasoning period is a Fannie Mae guideline, the non-conventional lenders usually have a 30 day or 90 day seasoning period too.  Do you know the banks’ purpose for a seasoning period at all?

@Brandon Hall  Brandon, thanks for the clarification.