All Forum Posts by: Michael Galesky

I was looking at Auction.com The deal isn't so much a deal as a question regarding how I would go about making something with kind of crappy rent rolls, though now that I look at it again it has 95% occupancy but the rent rolls look like it should be less, there are several units with past due amounts, and varying rent price for same style units.

@John Cohen A 72 unit in San Antonio has my eye at the moment.

Absolutely, if I could get away with it I would love to have someone else do the heavy lifting.  Much like the carpenter I hire to put in a door or the flooring guy to put in the tile.  I'm not saying I wouldn't pay a premium for the service, of course I would if I found the right people. That's not saying I shouldn't learn it all myself and do it myself.  In the end, I'm really just asking if anybody does that as a service.  

I am wondering if there are apartment building consultation services out there.  I am looking at a property in a different state and would not have the great amount of time to work on turning the property around (60% occupancy).  I would be willing to get into the property but would need someone who can train the current manager and help pave the way to increased income and decreased expenses.  

Foundation issues are scary until you get into one and find that most people are scared of them for little reason.  Make sure the numbers work after you get a quote for the repairs, if they don't work then you can go back to the seller and explain why you either need a lower price or have to drop the deal.  You should try to work with reasonable people so that you can sleep at night and have a more enjoyable commute not yelling at the steering wheel.

I think it would be just like the real estate home market, people are tucking in for the winter.  I would think that only really good deals on rent would get a bunch of action but then you have the problem of renter filtering to get the renter you want as opposed to filling the property.

Hello,

I am a new member to BP and I am reading and absorbing as much as possible at this time, adding a little here and there but mostly learning. I Joined BP and I joined my local REIA, also working on license.

Goals are looking like multifamily properties, maybe fix and rent.  I don't want to do flips or wholesaling at least I don't think so.  My final goal is the passive income that allows great freedom, and the challenge that goes with figuring out how to decrease expenses and increase profits.  

Thanks for being here BP 

Mike

Not sure if this is relevant here but what about the 1Br and the studio apartments?  

as I understand it they are the units that turn over quickly and tend to have less overall value.

Find a Real Estate Investment Association or club in your area, go visit and see if you like it enough to join.

BP podcasts, download them to your phone and listen to them on the drive to and from work. 

Networking and working the numbers, You can find the money if the deal is real.  You can find people in your area willing to give you money if you have worked the numbers and have not massaged them to fit.   Very important, If you think you have a deal and someone with money says no listen to them and go redo your math.  You may very well find that a duplex is just too hard to get the numbers with but a 4plex or 8plex gives you the profit margin.  

Read and learn. ABC's of real-estate investing is a good book for this section of the market.

Webinars at BP  usually one a week.

All of the above are well and fine, doing teaches you more than all of it combined.