All Forum Posts by: Scott Morongell

@Kevin Dean and @John Casmon covered basically everything. You mentioned capital, if you have a large net worth or are liquid you may be able to help on the loan at cheaper rate than a KP their currently using. 

@Dennis Johnson can you play a football game and win with no practice, no systems, no strategy, no equipment, and no team? What would be your chance of winning? Not good... The deal is the icing on the cake it is the game. Before you can play you must line up all the pieces needed in order to give yourself the best opportunity to win. Some of these pieces before you look at deals are find investors, property management company, lender, insurance, attorney, syndication attorney (if your taking that approach), etc. Once you've got everything lined up you can talk to brokers and be taken seriously to close deals. You've got one shot to make an impression with a broker (a source that has 90% of the deal flow) make the most of it!  

@Jose Ortega @Michael Blank has a very popular calculator many new investors choose to use. I do not personally use it as I have a much more detailed model but I think it'll be very substantial for what your looking for. 

 Your welcome! Glad I was able to help.

@Toben B. If you have a management company with in house construction they should be able to draw you up a few ideas. They should also be able to recommend what resident like in that specific market. What I like in NJ may be different where this property is. 

 Smart idea.

@Ben Hudman look to a larger market within driving distance. Also helpful if you know someone in that market to save you some time upfront. 

@Steven Greenspan great to connect with you the other day. I'm guessing you have done some digging already to pick this zip. Is it up and coming? New retail going in? Already a mature and developed zip code? For crime you can always reach out to the local law enforcement to get some more info.

@Erin Wicomb congrats on all of your success. Thanks for sharing your story. What are some actionable steps you've laid out to hit your goal of 400 units? 

@Samuel Lynch I love how your wife challenged you to think bigger and to take action now. You've done many actionable steps and your on a good path. I would highly suggest joining a group or getting a mentor/coach. Surround yourself with people who are already doing it and you become the sum of those people very quickly. I would also recommend going to conferences throughout the year to learn and network. There is a no prerequisite to get into larger multifamily deals but to think your going to buy a 50+ unit deal in 3-4 months from now may be a stretch. Network network network and you will find people willing to help and partner with on deals.