All Forum Posts by: Daniel Umstead

Quote from @Andrew Fogle:

Hello everyone, 

First time post, looking for some advice. I’ve found a property, an apartment building. Owner is looking to seller finance for 30% down payment, remaining 70%  at 7% interest, first 5 years interest only. I’ve got about 1/3 of the down payment cash, I’m unable to get a loan for the remainder from the bank. Looking for ideas on how to come up with the remainder of the down payment or change the terms so the seller may agree. ALL IDEAS WELCOME! 

Thanks

Greetings Andrew,
I would get an OM completed for the property with the details and specs and present it to a local REIA or reach out to a couple of investors who they might know that would be interested in speaking further about the terms. Don't feel that you need to do the deal alone, most deals are usually done in a JV format so that there is not that much risk put on one individual. Good luck to you!

Quote from @Jason Orr:

How hard is it to enter the syndication route ? I want to learn and dive into apartment investing. Currently I’m capable of managing single family homes in one city. To grow into the region and larger apartment buildings I believe syndication is the resource to learn. I’m

motivated and willing to learn. I understand it would be a long term process and long term game. I would be a great “boots on the ground” person and want to learn as much as possible. Can anyone relate to the position I am in ?

Greetings Jason,
I would highly recommend also take advantage of the BP podcasts if you haven't done so already, a lot of the presenters especially those in the multifamily sector offer their contact information to connect.  It starts with a conversation, I have a couple next week as I am looking to do the same.  I will be honest, the delay had a lot to do with my primary career, but now I am in a better position.  Good luck to you on your first syndication!

@Joshua Janus Thanks for the info about Columbus, venturing more into CRE and looking to check out various markets to get further insight.

@Mike Hern Great insight, appreciate the info regarding the labor costs👍🏾

@Christopher Bannister Awesome!!!!

@Christopher Bannister DIG is a big name as well, I would recommend reaching out to them to see when their next Zoom call will be, they also have recording sessions in case you miss a meeting

@Tri Nguyen First and foremost congrats on the property. I would also connect with other multifamily investors locally in the area to get their take on what to look for regarding inspections, there maybe specifics in the area that might be outside the norm when it comes to inspections. Don't forget to put away for capital expenditures especially if you're plan on keeping the property long term.

@Sanjeev Kumar To add on to my fellow BP experts here, you have to go with your comfort level as well, Atlanta is great but you might find yourself more comfortable in places like San Antonio or even Memphis. Rentals are everywhere, go with what you're looking for and comfortable with.

@Ryan Mainwaring Thanks for the link Ryan!

@Garrett Schmidt From recent posts, be careful of the college unless they have a solid game plan of keeping and retaining students due to with what's been going on and if you do decide to utilize the college market. Be sure to either get their parent as a reliable cosigner on the lease, good luck to you in your investment portfolio.