All Forum Posts by: Theo Hicks

As others have said, those shouldn't be on the T-12. They might have it in there to inflate the NOI.

Hi Will,

The two requirements to becoming an apartment syndicator are experience and education. Based on your post, it sounds like you have your bases covered. That said, what is your underwriting and asset management experience? Also, do you have access to passive investors? You may need to bring on a partner or two to help you in those areas, and you will add enough value to the deal (with your GC experience) that you shouldn't have much trouble attracting partners!

If you don't want partners, you'll need to do a few smaller deals yourself to gain the underwriting and asset management experience, while at the same time working on generating interest from passive investors.

I think the best events find the perfect balance between formal sessions (speakers, panels, etc.) and informal networking time. I've personally gotten the most value out of "after hour" events and networking in-between sessions. Ideally, you have an opportunity to speak 1v1 with at least one of the presenters to ask more specific questions. And no pitching is also nice.

Hi everyone,

 Make sure you check out the Best Ever Conference website (www.besteverconference.com) and scroll down to the BEC2019 Line-Up for the titles of the keynotes, panels, fireside chats, and presentations!

Which one you are looking forward to the most?

Hi Michael,

Thanks for buying tickets to the conference. Here is the thread for the conference: https://www.biggerpockets.com/forums/521/topics/62...

I recommend reposting this to the conference thread, as you are more likely to receive replies and DMs!

No problem @Paul S. and thanks for buying the book. Feel free to DM me with anymore questions.

Cap rates: work with your broker to get the cap rates for comparable properties in the market (that is, properties comparable to the finished product).

Rents: perform a rent comp analysis to calculate a $/sqft for comparable properties in the market (again, properties comparable to the finished product)

Expenses: based on how the current owner is operating and how you will operate once you take over the property. The former can be found in the T-12 and the latter can be determined by speaking with your property management company)

Other: ideally, your debt term is the same length or longer than your hold period, create an upfront operating account fund to cover the unexpected, add 15% contingency to your renovation budget.

I don't see why you couldn't live in one of the units, but I've never heard of an owner-occupied loan. I would still implement the house-hacking strategy, just on a 2 to 4 unit instead.

I wouldn't create the business entity, operating agreements, etc. until you are close to identifying an investment opportunity. Legal costs will run into the thousands, so you need to be 100% certain that you are going to close on a deal with the entity/group.

Your next step should be to find a property management company that specializes in the type of deal you are interested in investing in. Then, start underwriting deals sent to you by your broker. Once you find a deal you want to submit an offer on, you can start the legal process.

In regard to insurance, I am on my wife's insurance. Others, I assume, purchase private insurance for their family.

Paid coaches will provide you with a proven, do-it-yourself system, offer connections to investors and other apartment professionals, and help you navigate the gray areas. They can expedite the learning curve, keep you accountable and on-track to complete your first deal.

But a mentor is not a knight in shining armor. You will only get as much out of any paid mentorship as you put in.