All Forum Posts by: Sachin Amin

@Remington Lyman 2 separate parcels

Hello Experts,

Background: we are working on a 8 unit deal (2 parcels x 4 units on each building) - we thought this would fall into residential loan and we almost completed the paperwork, but the lender came back stating they cannot proceed forward because the zoning is classified as commercial. lender is asking us to work with listing agent/owners get it re-zoned as residential. (don't think we have time or knowledge to pursue that) . alternatively the lender has asked us to work with a commercial lender.. we have not done any commercial loans so far, but basic research provides core diff is the 30 yrs vs shorter duration 10-15yrs in commercial + ARM (floating).

Do you think its worth spending time rezoning by working with owners/listing agent or just get on with commercial loans and close the deal and deal with re-zoning once we own it for future purpose. (is it OK to not re-zone at all?)

Cheers,

Sachin

@Kevin S. understood. 

Thanks for insights @Chris Seveney. I was also wondering if the investors were to be friends and family do we still need to go with this model or can we have an internal agreement. Most of the family and friends are willing to invest with us as we give them a steady return %...do you see any issues with that ?

Hello BG experts,

looking for some guidance on how to structure a syndication model. we have spent lot of time securing 5 investors for a deal we are working on. In past mostly we had family and friends who invested with us to get % return. We are at a point where we are scaling our operations first time and have external investors who are willing to put in $$. I did lot of research on PPM and Operating agreements for syndication. Any referrals who can help structure our deals. I know there are syndication attorneys but they charge anywhere from 5k-10k , is that worth investing in or can we just come up with our own agreement with terms and conditions ?

Any guidance on this would help us a lot making the right decision and taking the right path.

Cheers!!

Sachin

any Investors impacted with Hurricane Ian, I heard lot of damage in Cape coral , Fort Myers, Punta gorda etc...the whole west cost of FL seems impacted. How do you deal with such a catastrophe as REI. I am sure you have coverage and insurance etc... but what happens to tenant living in your unit or how to you react when you are out of state investor, what are your immediate action items etc.. - how do you even start ? do you just leave it to your PM to co-ordinate or as a land lord - boots on the ground ?

Please share your experiences

@Vikas Grover to get the first hand info, i would recommend drive down in the area you are investing, meet few property managers and brokers in the area.

@Jon Kelly   nice!!!!! congratulations i think thats the way to scale...

@Jon Kelly how is the 10 unit ROI are you satisfied with the returns so far? do you have a property manager who manages day-day. did you finance the deal or was a cash purchase ?

@Uri Katriel - yes as others recommended try full turnkey first, and just to let you know columbus does not have full turnkey providers similar to other markets like Memphis and Indiana. so you better have some one boots on the ground who can relay the right information back to you