All Forum Posts by: Mark Neiger

Thanks Adam and Vincent. I'm reevaluating my whole game plan right now. Thanks for the insight.

Thanks to all of you. I have a lot to consider and you've all given e really great insight.

@brian 

@Brian Burke I love the approach analogy! You've obviously spent some time behind the control yoke. 

And now I have to go to work and fly some airplanes for real. I'll do some more work and get back to you all soon with what I've 

@Serge S.

So 5 of the tenants (of 8) have been here for 10, 14, and 23 years. That tells me one of two things. Either they are really comfortable and want to stay or they are skipping paying their rent and like the discount. These same tenants are under section 8 vouchers. They're all paying well above $500 rents. Actually $600-700. It's a tougher neighborhood but not one I'd be afraid to drive in at night. I'd like to provide them with a stable and safe place to continue to live. Having said all that, is this still a crappy deal? Again, my plan right now is to get nto something, even if it's not a fantastic deal, to be able to establish a track record. I'd look to refi or get out of this building and use my now gained experience to move up to better properties. I mean, you have to start somewhere, right? I'm sure you had a rough start. Just give me some encouragement and let me know that I can get in this game now. If it's a bad time then please tell me to hold off until the market is more favorable.

@Account Closed

Bob, thanks! I'm definitely going to do my homework and look into what you say first thing tomorrow. Thanks for some new insight into what I've been staring at for months now. I really do appreciate it! 

@Serge S.

Well Serge, I guess I should extend the offer to you as well. The three of us could hang out on the beach and discuss the finer points of RE. LOL! 

I respect his conservatism and I also respect your experience. You guys are killing me! What to do?! What are your thoughts on my measly little 8 unit building (compared to your impressive holdings) and what others have mentioned here? I really want to get this ball rolling. Hell, I just invited you both to my house, that must show dedication! 

@Ben Leybovich

Totally serious. Brian and Serge can't see your genius through their own. They say (whoever "they" are) that in this industry it's all about networking. What better way to network than to share a cool drink on a hot beach with a friend who has common interests! We love to host guests at our home and would welcome your family. I can't believe you've never been to Florida! While I'd invite you anytime, you really should come in January or February while the Winter winds blow strong in Ohio. I grew up in PA so I can relate! Disney is always a big hit with the kiddos too. I'm not very savvy on this forum stuff and social media in general so use whatever is the current cool way to get in touch with me personally. I believe that would be to PM me or just use my contact info on my profile. 

"It is much better to have a healthy sum in your bank account than a bad deal ..."

That is gold!

@Roy N.

 Yes, I know. I'm just really getting discouraged. Better to keep the cash in my account. Maybe I should revisit the whole assisted living thing now. Seems like a lot of growth there.

@Ben Leybovich

"So damn hard to find something to buy" seems like an understatement. I'm starting to think maybe MF is out for me right now. Without having a track record, brokers at my command and lenders begging me to sign a note it seems like I may not be able to break into this market right now without the risk of losing my shirt. Such a disappointment as I've spent so much time trying to learn about this market over the past few years. My goal has been to buy something with my own capital and then springboard that into syndication deals down the road. "A day late and a dollar short" comes to mind right now. 

On a lighter note, I'm a huge fanboy. You just seem to make more sense than most on here; or maybe I just like your style. Either way I'd love to get the chance to meet up some day. I'm an airline pilot and I can hook you and your family up with some free tickets to a nice beach vacation down here in Florida where my family lives. We're all big music lovers and would consider ourselves blessed to not only have an accomplished real estate investor in our midst but also an amazing musician. (I need to pimp myself out to Josh and Brandon as well, LOL)! Or I might just knock on your door the next time I'm near Lima!

@Account Closed

I feel we got off on the wrong foot. I was just hurt by your assuming I don't know anything. I'm not a 23 yr old newbie out to conquer the world. I'm in my 40's, have a family, make a 6 figure income, have saved up a lot of cash and want to put it somewhere other than the stock market. I have several SFH rentals but keep hearing all this talk of MF being the place to be. I've been studying, pod casting, researching and analyzing buildings for close to 2 years now. You seem like someone with quite a bit of experience. This is exactly why I come to BP. I want to LEARN. Everything I've been studying so far points me in the direction of cash flow and Cap rates, blah-blah-blah. You know what I'm talking about. This way of evaluating properties by comps and GRM is a new concept to me. I'm not talking smack, I honestly want you to give me some insight as to how this is done. Where can I read up/learn about this. Also, you mention knowing market Cap rates. I've asked this question numerous times here on the forums and I've asked brokers. I can't seem to get a good answer. Brokers tell me what they have been seeing recently. Common knowledge seems to put MF in major metros around the 8CAP area (according to posts and articles). I've been told to do market research on M&M and other similar sites. This info seems very broad reaching per market and is all over the board. How do I get realistic Caps? It seems like the holy grail to me to be able to find this info. If I could find it it would be so much easier to put a value on a property. Market rents seem easy to find but how do I find comp sales on MF? I've been led to believe it's nothing like shopping on the MLS. Seriously, please give me some solid guidance on this. I need it!

@Joel Owens Reading your posts really discourages me. I definitely value your opinion and it makes me feel like maybe I should just not jump into this game right now. I have too much to lose to make a bad investment. It's just frustrating because I've put so much time and effort into learning MF and in the end I may have to find a different place to concentrate my efforts.