All Forum Posts by: Michael Le

@David VanWert, yeah, sounds pretty weak sauce. When I invested through CrowdStreet they had an option to use their 3rd party service to certify accreditation. Does your site offer that?

Just provide him a document stating that this is the the accredited investor requirements and that he acknowledges that you meet those requirements.

I think you answered yourself in your response above. If the numbers work then they work. If they don't then they don't. Unfortunately taxes and insurance can kill numbers a lot of times but I wouldn't put any specific cost or price/unit as a deal breaker.

If it's $500/door but the numbers work, is it still a deal breaker for you?

Hey @Cody L., do you have a link to the event?

That is not correct. A Reg D 506(c) can ONLY accept accredited investors but can indeed solicit publicly. You're thinking of 506(b) which requires a pre-existing relationship.

Congrats, @Gino Barbaro! Great job man

If you have no experience at all then I would be cautious of going large and remote on your first one. It will depend on how good of a property you buy, your risk tolerance and how good of a PM company you can find there.

'Besides' just that there is not much if you don't consider all of that much work. Monitoring PM performance is a lot of work for me because I just haven't found a 3rd party PM that has allowed me to be hands off. I have two 2000 built B-class apartments just like your example and I'm still fighting with expenses for landscaping, the pool, etc. Even without a ton of deferred maintenance the property still is 13/15 years old and things are breaking down. And most PM companies leave the marketing up to the onsite or regional manager and they're more than happy to just stick with craigslist and greensheets and apartments.com. And I just don't think there is a strong coherent strategy so we end up taking over and handling that. Most PMs are happy to have a stabilized property but we like to push marketing to allow us to have a waitlist so we can push rents.

Even with a 3rd party manager your work as an asset manager is not passive. It can be a lot of work. It won't be full time but it's not hands off either unless you want your asset to go down the toilet.