All Forum Posts by: Rick Pozos

A group where newer or more experienced investors get together and discuss what is happening in their real estate lives. I like to call it a support group for investors. We will discuss your problems, issues or whatever it is that is holding you back from making more $$$ in real estate. Come by and visit early to eat and network or 7pm for the meeting. We are way in the back. Very casual and there is no structure to the meeting.

Call me with any questions

rick pozos

210.639.0600

You really dont need a RE atty.  Use the TREC one to four family contract. Get the contract to a title company. If you already have a buyer, everything can be done by fax, email or fedex. If you dont have a buyer lined up, get a realtor. They will handle all of the paperwork for you.

PM me if you need more info.

Welcome Nathan,

There are a bunch of us here in San Antonio. There are a couple of meet ups here on BP downtown and on the NW side. I organize the one on the NW side. Great networking at both of them.

Buy and holds are the way to building your net worth over time.

Welcome to BP,

It is great that you are taking action. There are so many who want to do something and never do. Living several hundred miles away, be smart and hire a licensed local property manager. With 8 units you should be able to negotiate a better mgt fee than the common 10%, maybe 7 or 8%. It is vital that you know someone who knows what is acceptable as it pertains to fair housing laws, discrimination, etc. PLEASE dont try to save a few $$ and hire a friend or family member who can and WILL get you in trouble. You should have purchased the property at a good discount and factored management costs in to your numbers that you ran before you purchsed the property.

You can find higher cap rates for multi family, but they are going to have to be value add types of properties. These properties are NOT going to be on LoopNet or MLS. You have to find the ones that need some bigger ticket items like roofs, hvacs, maybe even foundation. These would also be the ones where there is about 10% or 20% vacancy. This is where you can turn the property around and raise rents.

You have to network with commercial brokers, Drive for $$$ and become a part of the commercial groups like the apartment association or property manager groups. Network with these people. The harder you work the luckier you get.

I am a little bit of a skeptic. When it is on MLS and does not sell for 95k and does not sell for 85k, then do you really think it is worth 130k?? If the seller told me it was worth 130k I would ask him, "then why has it not sold for 95k" If this was an off market deal, maybe, probably. MLS though is pretty market efficient.

There really has to be a motivational factor that causes the seller to sell their property at below market price. Can you wholetail other deals here in San Antonio, no doubt. I am getting ready to do that this week, buy it, clean it up and sell it to a buy and hold person. PM me and I can give all the details. You have to have the TRUE numbers. This property is probably NOT worth 130k.

Welcome to BP Jade,

Yes, you will find all kinds of information if you are trying to get started in the investment side for yourself. If you are looking for networking to help with your business side, as long as you are helping others, you will be sought out and your business will flourish.

I would recommend to everybody on BP, fill out your profile completely. People have to know who you are and see you in a photo to be able to feel connected to you.

Hey Christopher,

Welcome to BP. I have been investing for about 12 years and I just heard of this fantastic place about a year ago myself.  Lots of info, listen to ALL of the podcasts. I have about 16 to go. Look around at the site, fill out your profile and network with some other people. Attend some of the meet ups and larger real estate investor groups that meet in SA.

When you are buying your investment property, you get a contract with the seller and (in Texas at least) take it to a title company for title insurance as well as closing. The terms on the contract let the title company know that there is some financing. The closer will ask you who you are getting the loan from. You let them know it is from Uncle Buck and give him/her Uncle Buck's name, address, phone number, etc. You tell the closer that you are closing on the property 10% down, 90k loan, 8% interest for 20 years, payments $752.80 fully amortized. Thats it. 

They will confirm with Uncle Buck. Title company takes care of the paperwork. Your part is coming up with the TERMS of the agreement(int rate, term, down pmt, etc). Title companies have attornies that work for them who draft docs. 

Welcome to BP. 

Now when you say apartment complex, do you mean 4 units or 20 or 100units??