All Forum Posts by: Robert Wade

I have an opportunity to buy 10 houses around a college due to owner wanting to retire due to age and working on some charity programs that he and his wife have started. He has a partner in the sense that they split the costs of staff(office and maintaince staff), properties are well maintained and cash flow. He is going to be sending me all the financials on the props. I have some properties already 3 SFR and one 6 unit apt building. I have never tried to take on this many at one time and not really sure what kinda questions to ask, is there anything different to look for? I will add more info once I get the financials. Just wanted to get the ball rolling.

Good Job!!

After looking at the deal a lot closer sand with another person who does deals also. I decided that I was not going to pursue the deal.  Thanks of your help Brent Paul and Aaron Montague

Thank you Gentlemen!  Good points and good advice. I appreciate you taking the time to respond.  I will keep you updated Brent Paul and Aaron Montague.

Need advice!  I came across a 12 unit apt building that has been unoccupied for about two years or less. In that two years it has been stripped of values materials. It is going to have to be gutted and redone.  It is brick so that its the only thing that does not need repair.  Will need windows, elect, sheetrock and bathrooms redone.  I happen to be able to get in to it today to look around briefly.  It is 51-100 yr old. 4450 sq ft building 12 units.  Gravel parking lot.  It is in the middle of a couple of areas that are known for drug use.  Buildling itself had shootings in front of it a couple of years ago.  Wife says no, but I can tell she is debating it in her mind, I would like to do it to try and help start/continue developing the area.  There is some developing going on in the area. New apartments in gated areas. $45000 appriased in 2005 for about 225000.  Do you pursue the purchase?

I am interested in doing notes, so I was intrigued by the posts here when I came across them. I have to agree with Bill Gulley that what I found lacking in the posts was education. Everyone is talking about the deals they made and very little about how they did it. One of the reasons I have gotten into BP is I wanted to learn from those that do not those that teach. I have done some SFR deals with mostly mediocre results by my standards and I would assume the standards by most of you on here. We all want to make money and the more the better. I connected with some of the local investors on here just to have local knowledge to talk to and join forces with if the situation arose. I want to offer my apology to Bill Gulley because when I initially contacted him, I just flat out told him I was looking for a mentor without even discussing with him why I needed a mentor or what kind of service I could be to him(one of the things that was brought to my attention because of BP). Why this long rant? People like me are trying to better themselves later in life and don't have the finances or the time to take classes to risk learning something new. I work (wife runs a daycare in our house and I have a full time job during the day and run a full-time business with my wife in the evening we have an employee who runs during the day for us and we are there on the weekends) to pay taxes right now so others can sit on their #@# and I want to get out of that race. I know I will have to pay more, but I will be making more also. REI is about the only way I can see to do that. Knowledge is powerful and is valuable. Long story short, I don't know that I have really learned anything of real value here tonight.

Sorry for the ramble, please help me learn what I don't know. Which direction do I go?

Thank you for your feedback.

Does anyone have experience in owning property around a lake and rent them out to vacationers/fisher people?  I am considering on doing this and would like advice on how to pursue types of properties.  Lots for rv/trailers, houses to rent out, etc.