All Forum Posts by: Matt Burns

@Rachel Smith highly recommend the Meetup in Cary. Great group of folks looking to help each other out!

Thanks Josh! Will be there with my partner @Matthew Torres.

This looks like a good letter you can copy and edit: https://penlighten.com/notice-to-vacate-letter Highly recommend sending it certified mail. 

The goal is to get the tenant out. You'll get more out of this situation with honey rather than vinegar. If they turn keys into you, you're all set. If they don't move out, then you're still stuck with them and now you'll have to file for eviction and deal with the court system. Be accommodating but let them know that you need the property back. 

Document everything. Because if you do end up evicting the tenant, you'll need to back everything up in court. It's not what you know, it's what you can prove. Be familiar with the landlord tenant laws:  

https://www.ncleg.net/EnactedLegislation/Statutes/PDF/ByChapter/Chapter_42.pdf 

Good luck!

@Chris Shelton typically 30 days is what's written in the lease agreement. If they're not out by then you'll need to file for eviction....in which case they'll be there for longer.

@Mark Karelin one of the better recommendations from the BP podcast is to do a personality assessment when you have a partnership. It's a good idea to know each other's strengths and weaknesses before you start out. There's a free DISC assessment on Tony Robbins' website.

@Lamont Marable I definitely recommend J&G if multifamily is the arena you wanna be in. I have read their books and listened to their podcasts. I have institutional experience in apartments. I don't get coaching from them but they are the real deal if you're new to MF investing and management and need support

We had a conference call with Costar a couple weeks ago. They mentioned opportunity zones several times and now have a feature to search for them on their maps. We're in Raleigh and I can tell you that the zones here are not in favorable submarkets (obviously). The fundamentals just aren't there. If you do find a deal worth pursuing, I'd consult with a CPA or compliance agent and ensure they'd perform without the incentives in case they were to go away. 

My advice would be to read Wheelbarrow Profits and if it strikes a cord with you, make that investment. You can also follow them on social media to see how genuine they are. I've got 13 years' multifamily experience and I can tell you that they know what they're talking about from both a management and investment perspective. Let us know what you decide!

Hi Au, I've managed residential and commercial investment properties. They're different in almost every aspect (investment fundamentals, leasing, marketing, daily operations, etc.). That's why you don't see a lot of people working in both asset classes. I would find an experienced partner to do your first commercial deal. The acquisition, leasing and accounting are slightly more complicated than a residential deal. But just like everything else, approach it as if it's just another thing you haven't figured out yet. And then you'll get comfortable in the space. First thing I would do is talk to a commercial real estate broker in your area. They're the people connectors who can help you get your momentum going. Good luck! -Matt

I believe you'll want to form an entity. If there was no partner involved, I'd say buying them yourself and getting an umbrella policy to protect your own assets would be an option. But it's complicated with partnerships. 

Don't cheap out on legal and tax advice. Spend the extra money and talk to an experienced CPA. Your first meeting will be free. If you need help with the down payment I'd find private lending and refinance with institutional lending once you have the appropriate equity invested in the properties. You can save money by managing the properties yourself. The value on SFH's will be based on comparable sales in the area. So be confident in your numbers, too.

Good luck!