All Forum Posts by: Melodee Lucido

Josh,

Happy Happy Day you were born---a gift to your parents and to countless others in the world.

I read through every birthday wish here and was touched, I giggled and had tears in my eyes. How does it feel to be a true legend in your own time? You are a true contribution/inspiration to so many.

Thank you for using your life this way. May all you give be returned to you 100 fold. I love the funny podcasts---not everything in this intense biz has to be so dang serious!!

May this be your best year EVERRR!

What a great thread! Thank you everyone. I LOVE direct mail. Marketing is just another word for testing.

Amanda, how is your campaign going now?

Joel,

As I mentioned in the OP I am gathering info. We all know that some silly sellers are stuck on a ridiculous price for their props.

I understand what you are saying about putting a prop under contract. I put all my sfr and small multies under contract before marketing. I do not, however, put a contract on properties that I am not sure I can get sold---no integrity in that.

The point of my post was to be able to talk to people that work on these kinds of properties and learn; with the possibility of making some money. I have talked to two apartment rehabbers (not on projects this large) and they were fine with a discussion without me having a contract yet.

Upon entering any new niche being an investigator is necessary---for me anyway.

It's all good. I appreciate the POV you shared and will look into this more---if only for the learning experience. Thank you for your help.

Thank you Joel!

Joel, Great question how much per door in current state; because of my inexperience I was wondering how one would figure the value. He wants about $3.6mil for the $398 units; $9,045/door.

I have a condition report from the management co but it is LONG. It includes a lot of detail. I don't know if we can attach docs here but I could email it to you. This is definitely a redev project. As I was re-reading what he sent I was like YIKES maybe this is a mow down? You would know. But as I said I don't know this niche.

The Pm says this complex could return 25% cap after completion and gives caps at various stages of repair.

Hi Chris,

Welcome to BP. I giggled a bit when you said you want to continually be improving your properties because most of us want to get nice rentals and not have to always be fixing them up (you know how things hit you sometimes when you are speed reading).

But it sounds lovely that you want to provide a quality product to good people. Many landlords don't care much for putting the extra nice finishes on their houses (maybe because their houses aren't cared for by the renters). You kind of remind me of the podcast with Darren Sager; It is a GREAT listen!!

http://www.biggerpockets.com/renewsblog/2013/12/12/bp-podcast-048-duplex-managing-tenants-darren-sager/

Best of success to you.

My property finders have been bringing me all kinds of great properties and they go quickly; but I don't know how to go about finding someone that might be interested in a 398 unit complete rehab/redevelopment in Memphis.

It's in a decent area and completely vacant after being abandoned back in 2009. It used to be a lovely complex. I thought about putting it here on BP but don't know if it's a killer deal. I don't know if the price is fair for such a huge undertaking--a lot of unknowns on a whale like this.

This isn't my regular niche but I am intrigued at the thought of working with apartments. I am hoping I put this post in the right category. Any input would be much appreciated. Thank you.

Wow Curt,

That is a big broad over generalization about how investors invest/manage their turnkeys!! I am sorry that has been your experience. There are many people in any niche that try to take unfair advantage of unknowing investors but that doesn't mean all are that way.

The buyers that purchase turnkey houses from my group of investors/sellers (not in Ga) are mostly nationals with a few internationals. We stand behind our properties with a warranty even. But maybe it's different in your market.

As far as what renters are renting no one twists their arm behind their back to rent what they do. Renters aren't stupid; they know the rents for areas and look for the most value for their buck.

It seems that you are so strong on your point of view that maybe you have something in your business to offer the misguided people that you are warning. I don't know. Maybe I just mis-read your post. It just tweeks me when people put all of everyone in the same bad apple basket.

Best to you.

Hi Irene,

Welcome to BP!

You will know as you educate yourself in the different ways you can be a creative investor. For instance there are ways you can acquire properties without saving up 10% down.

A good place to start is The Beginners Guide---in the "Learn" tab at the top of the page, just under the logo. This will give you a great bit of information and then maybe you want to lean more about a subject so you can just enter that in the search bar and find tons of info.

I remember I was in a big hurry to get started in the beginning but there is no rush. It's better to soak in all the goodness here, start writing down your goals and a niche will call to you.

I am very excited to see you starting so young. I wish you all the best.

Hi Thomas,

Welcome to BP! I don't work with those companies but I am a former SoCal investor that went to greener cash flow areas.

Turnkeys are a wonderful way to invest without the headaches---provided you get in with the right people. I "interviewed" several people before deciding who felt like a good fit.

You will also find prices vary a lot depending on who you are buying from. One of my favorite markets is Memphis where you can still buy a nice turnkey in a nice area quite a bit below market value.

Great success to you!