All Forum Posts by: Manny Fernandez

Originally posted by @Jason Spicer:

wow, that’s great!  I was getting discouraged reading through the comments because of my own similar results thus far.  Definitely a mood booster that it started taking off. 

 Absolutely! But the key is networking. Everything took off in a hurry by networking with the right people. I was blown away by the fact that everyone hangs out on Facebook. I have made several friends this way and a very significant partnership which has in essence launched our business. I can't stress the importance of getting to know people. 

Over the last several months we have had 30 to 50 investors approach us about investing with us. In most cases we have turned them down because the amount they wanted to invest was between $10,000 and $40,000. However we are rethinking the strategy and wanting to develop a pool of investors that we could give an annual return to. I would imagine there are a great deal of legal hoops we will have to jump through but frankly I don’t really know where to start in putting this together. Would someone be able to offer some advice about how to go about this. Thank you!

They require a bit of rehab. Owner says 50 to 75k

We are looking to buy an off market multifamily property in Mississippi and are looking for lenders who offer asset based financing. We are looking how to structure the deal and whether or not to tie up cash in the property and pay it outright or if we want to finance. Thank you!

We are looking to purchase some apartment units in Mississippi and we are looking for a way to do it and I think it makes more sense to get a partner in who can put up the cash. We will manage it and do all the legwork. We have flipped nearly 100 homes in DFW but we like this deal out of state:

Purchase price is 775k. Monthly income currently is 17000. Cash flowing at 8,000 as is. Repairs of 75k needed to get up to full occupancy and rent needs to be raised to market value. Once that is done income will be 33.5k per month and cash flow will be 23k per month. If you want in and have cash for the deal contact me. Thank you!

Since posting, the last time, things have taken off! We are currently flipping two properties, wholesaling another and considering two apartment complexes!! So excited about how this has taken off! Thank you for your help and feedback!

Originally posted by @Josiah Cammer:

I'm sorry I was thinking Clarksville (Austin)

 No worries! Thanks for replying Josiah!

Hello Bigger Pockets!! We are looking to purchase an apartment complex in Clarksville,TX but need some leads for property managers and Contractors in that area. Any suggestions? Thank you!

Originally posted by @Patrick Ellis:

It's kind of funny how you're not getting any DFW responses.  I think it's like standing in line for concert tickets and asking everyone in front of you what you can do to get to a better position in line.  No one really wants to help the competition.

I'd tell you that your volume is low for a mailing. Usually 1000 pieces is the minimum mailing size most investors send. Add to that at least five repeat mailings to the same group. Even at 1000, the response is going to be very low.  I know some wholesalers that send out 5-10,000 pieces a month.

Good luck in your endeavors.

 That's good advice. Thank your Patrick. We thought that 1000 pieces wasn't going to be bad but yes, we are realizing we need a bigger marketing budget. Thank you!

Originally posted by @Ron Daugherty:

Manny, be careful not to "over" analyze in this market.  I have had to rethink my profit margins in order to get deals here in OKC, and it's not as hot as the Dallas market.  Deals I could get a year ago just aren't that easy to find now.  We are taking smaller profit margins to get deals now.  

 That is helpful Ron. I think this might be an issue. Our partner has been VERY conservative and though he is the experienced one, I do feel that many deals have slipped away because his margins are too big for this market. Case in point, he hasn't pulled the trigger personally on any deals for himself either. (Looking for a new partner now.) ;) Thanks again!