All Forum Posts by: Ryan Hayhurst

@Salvatore Lentini Very well said Salvatore! It is really hard to find good deals these days so the more avenues you have and the more relationships you build and the more you get it known what you’re looking for, the more chances you’ll have of finding that deal. I found my first deal through loopnet, but that deal led to a series of relationships that now know what I’m looking for including a commercial broker, a local community bank lender, a commercial insurance agent, a property manager, various wholesalers and a remodeler.

Another example, I was driving for dollars, noticed a boarded up quadplex with a remodeler sign in the yard so I called him and told him I wanted to interview him for a remodeling job if I found a deal. During the conversation I casually asked about the quadplex and he said the guy that owned it just asked him to put the sign in the yard to keep the city off his back and the guys might be open to selling it off market on the cheap. Might be a helluva deal. And after I hung up, he texted me and told me he had an agent friend with an off market triplex that needed some rehab and wanted to sell. The point is there are deals out there and if you beat enough bushes, they turn up.

@David Jackson Yes, it was a small apartment, 2 buildings and 11 total units. I found it through a commercial broker and it was listed on LoopNet. These small apartments are fairly rare in OKC and owners that have them don’t seem to sell very often.

@David Beeson David, I’m in OKC and I’m closing on an 11 unit tomorrow with Great Plains NB with 25% down at 4.5% on a 20yr AM. It was my first deal so didn’t negotiate too much for a better deal, I just wanted to get my first property under my belt and I’ll work on better financing for the next one. For MF financing in OKC I have heard good things about Valor Bank, Quail Creek Bank and Stout Lending but I do not have any personal experience with them.

@Julie Marquez Julie, thanks for the input. How long ago did you use TenantCloud? I’m wondering if these issues people are having are more recent or maybe a while ago and they could have worked the bugs out by now.

@Pat Remi Thanks Pat! That’s great feedback. It sure looks like a good system and would meet my initial needs, but I got a little nervous seeing a lot of the bad reviews on the App Store. I’m sure you’re right and it comes down to just how tech savvy the tenants are.

I am a new investor that just purchased an 11 unit building and I think I have decided on using TenantCloud to manage the property. However, after reading a lot of the reviews on the iOS app store, it seems to get pretty mediocre review from tenants. Most of the positive reviews on the App Store and this site are from landlords that seem to really like the features and functionality. But on the App Store there seem to be a lot of bad reviews (as many 1 star reviews as 5 star) and they seem to be mostly from tenants that complain about the setup process, usability, reliability, etc.

My questions are for current users:

1. Do your tenants like the app and have a positive experience or is it difficult for them to signup and use?

2. What percentage of your tenants use the app to pay rent?

3. What percentage of your tenants use the app to submit maintenance requests?

4. Any other negatives you wish you knew before signing up?

Thanks in advance!

@Dave Spooner Thanks Dave, that’s good to know, I didn’t realize Innago had that functionality as well. I’ll dig a little deeper with it and maybe do a demo.

@Dylan B. Thanks Dylan! Can you recommend a meetup or a REI group to hookup with in OKC?

@Levi Ballard Levi, thanks for the comments. Do you feel this is unique to the OKC market? If so, do you think I’d have better luck looking at buying these smaller MFs is other markets like Tulsa or even farther afield for me like Indianapolis, Greenville, SC or Spokane, WA (all places I’ve considered)?

@Robert Johnson

For that kind of return in the first year with a passive investment, the best I've seen are from crowdfunding websites like CrowdStreet and RealCrowd. If you browse through their marketplace, you will occasionally see commercial real estate deals with 10-15% cash on cash returns in the first year, but potential for 15-20% IRR over the life of the investment. Obviously these deals are inherently risky (like all real estate) and these are not liquid investments so you won't be able to pull your money out after a year (most have 3-5yr expected terms). But they are the very definition of passive real estate investing.