All Forum Posts by: Matt Moreland

Kudos to @Ken Breeze, I'd have to agree with him. I haven't personally used Lockstate on any properties, but have spoken at length with their reps and know that they have a high quality product. They're especially well-suited for use with Airbnb now that they can be directly integrated. 

Another quality lock is the 660i by dormakaba that's designed for vacation rentals. Completely wireless and can be monitored/controlled from online. Also weather-proof and meets all hospitality security requirements. Just installed 10 on a project in Lubbock, and their customer service and technical support has been unmatched. 

Best of luck, Robin!

Thank you for your service, and thank you for contributing such an insightful post!

I couldn't agree more with your point on savings. Not enough people think about how much they're actually spending each month until they realize their bank account is at the same point as before. Saving a little bit early on can go a long ways, especially when it comes time to make a down payment.

What attributes do you look for in a property manager/how do you weed out the ones you know won't mesh with your business model?

Thank you for the resources and the welcome, @Dmitriy Fomichenko!

Thank you, @George Blower, I'm excited to be here!

Hi, Tricia! I can definitely relate. Lubbock seems to be good at bringing together couples; everyone in my family has met their spouse while going to school here, including myself and my fiancee!

Mostly in the western half of Texas, but the long-term goal is to be across the whole state. How about you?

Welcome to BP, @Steven Garcia. Always cool to see others who got sucked into Lubbock making their moves in real estate and staying active on the forums!

It sounds like you've got a solid foundation and are pointed in the right direction for long-term success. Best of luck to you, and make sure to keep the community updated on your progress!

Hi, Chris!

I can relate to your situation, and definitely know how hard it can be sometimes to coordinate work, school, investing, and friends/family! It may not be easy but it's definitely worth it at the end of the day, and I'm thrilled to see that there are people with as much drive and passion as you have. 

Best of luck, and I hope you keep us updated on your journey!

For commercial notes it's not uncommon for the rate to be 2.0-3.0% higher than what you might get on a residential mortgage, so you're at a great starting point with 5%. 

I've been hearing as low as 5.00% for floating and up in the 7% range for fixed lately. Hope this helps!

That's better than a lot of banks are offering on commercial notes right now, that sounds like a good deal to me.

Are you planning on refinancing through the seller at the 10yr mark or going through a bank?

Martin,

Both very good questions! 

Before moving forward with the property, you want to at least see historical financials (ask for the trailing 12 month financials, rent roll, and anything else the seller is willing to share). At a very minimum, they should be able to provide you with a historical/current rent roll. If not, run in the opposite direction. 

If they're trying to get you under contract before providing you with any information, that's typically a red flag. If they want you to sign a non-disclosure agreement, that's perfectly normal. As far as the structuring of a contract goes, my best advice is to enlist the aid of a local broker who specializes in working as a buyer's agent and can put together a contract with your best interests in mind (and maybe get you a better deal). 

Best of luck, Martin!

@Mike Taravella

Mike,

As Gino said, relationships in the multifamily sphere are a key aspect to success. The 80/20 law applies very clearly here, as there are often a small number of players who own most of the properties in any given market or sub-market.

My best advice would be to surround yourself with others who have invested in multifamily or at least have experience working with commercial brokers, and absorb as much knowledge as you can. Find ways to provide value to big investors or brokers, and you'll have a foot in the door when the next good deal comes across their desk. Having the opportunity to work with or go in together on a deal with someone who's done it before will catapult you forward in terms of your ability to penetrate the market again in the future.

Good luck, and keep us updated on your journey!