All Forum Posts by: Mark Hong

I am looking for an attorney to help with the purchase of partial ownership, joint tenancy, of an apartment complex in the LA area. 

Does anyone have a good attorney that he/she recommends? 

Thanks in advance

@Becky Hiu Thank you so much for sharing the information. I will look into it. 

@Brooke Martinez Thank you for letting me know. 

Hi Guys,

I am looking to meet lenders in Iowa that would do a commercial loan with a 25-year amortization with LTV at least above 75%. Does anyone have a contact/bank/lender that they would recommend? Thank you in advance.

@Frank S. Thx for sharing your thought and experience! Sounds like listening and talking would be a way to go.

@Lee Ripma Thx a lot for the advice. I was debating if I should reach out to the owner again because I didn't want to be too pushy. Perhaps I should just talk to them again and see what I can do to make it work. Thank you so much.

@Lee Ripma Thank you for answering. 

The owner initially did want to sell but for unknown reason decide to back out. So I was trying to see if anyone here has experience in convincing the owner or perhaps have a creative way to make the deal more attractive to the owner. 

Hi All,

I am working with an agent trying to get an owner to sell me his MF. Other than presenting the potential tax benefits, are there any other creative ways to convince the seller to sell his/her property? Please share your experience or ideas. Thank you so much!

@Tim Swierczek Thx for the answer, I will just have to make sure my agent is on the same page. 

Hi All,

I have a simple/stupid question. Do you factor in property management fee as part of your formula to calculate Cap rate?

When I was searching for properties, the listing agent's calculated Cap rate almost never factor in property management fee and I have always include it in my calculation. My agent would send me the properties that "may fit" my criteria; however, it actually does not. My offer price often is significantly lower than they have anticipated.  

@Joshua Appel I started out by study and reading books and analyzing different properties. I, unfortunately, had analysis paralysis for almost 2 yrs before I finally bought my first property with the cash I saved from my day job. Now I still have tonnes of stuff to learn after purchasing the property including building a team that I can depend on. One of the shortcomings I have experienced is that even though many talks about the BRRR strategy here, but it is difficult to execute if you don't have a good team line up since you are just starting out. Hopefully this helps