All Forum Posts by: Mark Kuster

Take a look at John Hyre CPA Most of his clients are done remotely. He is also a real estate investor. You can look him up on the internet and see what you think. I've been using him for a long time.

@christian cascone I forgot the @ on my last post.

Christian Cascone My wife and I will be at Up9. We also went last year, and it was a great event. I look forward to meeting you there this year.

I would probably pass on that property unless you have a lot of experience dealing with environmental issues. I'm licensed in Ohio to do that type of abatement and cleanup and I wouldn't even purchase it for myself. The cost of cleanup could easily far exceed the value of the property. Also, even after you resell it you can't release yourself from future environmental liability since your forever on the chain of title. That's my 2 cents so I hope it helps.

If you partner with a strong multi-family operator that does a syndication you can fast track yourself into your own 80+ unit deals fairly quick. The reason I say partner instead of passive investor is you need to be in the operating agreement to get the operational experience that the lenders require.  Unless you're quite wealthy you'll probably need to do your own syndication at some point. Partnering with a team that does syndication now will give you access to all the systems and processes that make the back office stuff work smoothly. You can't discount the amount of time and effort it takes to build that out, such as the Operating Agreement, PPM, Subscription Agreement, and myriad other documents. @jeff Greenberg puts out a good podcast, it's definitely worth listening to. You can also message me if I can be of any help. Good Luck on your journey

Here's the link to the SEC website where they define an accredited investor and all the nuances involved. If I'm correct in reading your post, your goal is not to be a passive investor but to also be part of the operational entity that will purchase and operate the property. If that's the case then the bank or Freddie or Fannie will want to see much more than your accredited investor status. They will want to see liquidity, net worth, and if you have experience operating a multifamily property. What is your end goal? https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=8edfd12967d69c024485029d968ee737&r=SECTION&n=17y3.0.1.1.12.0.46.176

In my experience you will find that when the sill is rotten you also have a lot of rot with the rim joist and the floor joists. We've always had to jack part of the house up to replace that much rot. Does this have a crawl space? Is there tile inside that could crack? I would just be careful and make sure what your quoted is the extent of the damage. The job itself is not that difficult so it wouldn't scare me away. Good luck

Bryan

I bought houses I was flipping through auction.com They are miserable to work with if you are purchasing them with a retirement account like I was. You really have to keep on top of things and you'll spend a lot of time keeping things right.  Are you buying and holding or reselling?  Most everything I bought was not allowed to be resold for a certain time period. That's just my experience. others may have a different view.

Taylor. I spent 12 yrs in the military and had investment property the whole time. My son in law  and brother in law are presently in the military and also have investment property. There are some things I'd do differently if I'd known then what I know now. Give me a pm or a call if your interested and I'd be happy to give you my feedback from hindsight, which might help you in your decision

Hi @Harrison Helmer and @Porsche Thompson. We have 2 properties in LOI in Fayetteville. We're out of state investors so it would be nice to get your take on the local market from a local perspective. Give me a shout if that's something that would interest you.