All Forum Posts by: Scott ONeill

Got it thanks @Andrew Linderer !

I agree with Thomas S. We use a similar strategy. I’m not sure what market you are investing in. If the vacancy rate in the market is low this is even more true. Think as if you were the renter and what other options you would have. If the rents are extremely low there probably aren’t many. My other suggestion that we have used on some projects is offering a recently rehabbed unit to a current tenant at the market rate. This way they pay market rent. Your rehabbed unit is leased day one with no marketing. An old unit is vacated and you get to rehab it and get it to market rent.

@Matthew Schroeder Strictly multi family. We are closing on the aforementioned deal next Friday. We plan to do some pretty extensive rehab and add some additional ground up units. 

@Chris Tran let's talk. We are actively looking for others. 

@Matthew Schroeder there's a ton going on. We are closing on our first deal in Phoenix in the next couple of weeks. In the months leading up to buying we made a lot of trips since it seems to vary greatly even by street in seemingly decent areas. Most of the stuff I like is north of McDowell, South of Camelback, West of the 101, and East of the 51.

@Percy N. Yes it was a three person account for the LA market. $5k I have no idea what they were quoting you for but it could not have just been CoStar. That's insane.

I just went through a nightmare cancelling their service. It is almost laughably expensive for what you get. Their customer service is horrifying. I was told by the sales MANAGER that if I didn't want to pay $395/mo for their product that "maybe it's time to step back and re-evaluate as a CRE professional."

If you are looking for data on a apecific market as an investor I would just get in touch with an active broker in the area. Most will gladly provide you with it.

I realize it is a year later but figured I’d reply anyways. I had PrspectNow when I was with KW Commercial and it is a pretty useful tool. It is far less useful than say CoStar for data but is also a quarter of the price. For the bang for your buck you really can’t beat it.

@Kyle S. We own a couple of condos on the river right up the road in Bullhead City. We rent them out as short term rentals and do very well with them. The snowbirds love it out there and we have had the same tenants (mostly from Canada) book month plus stays year in and year out. 

We self manage and have a local handyman and cleaning lady that we use. One thing we just discovered that cut down our expenses big time was installing NEST thermostats in both units since often times people forget to turn them back up when they leave and we can control and program them remotely. 

I am looking out in the Laughlin/Bullhead market since we're already there but seems to be A LOT more activity than in recent years. 

All the Best,

Scotty

Hey Kurt Z.! I am a small apartment building broker in the LA area. I typically deal with almost all mom and pop investors and a few syndicators. Not sure how many units the building you are buying is or what area. 

I would definitely check the Apartment Owner's Association (AOA) though. Many of the members are attorney's, CPA's, roofers, plumbers, etc. It's almost like it's own little self sustaining community. Along with your membership you have access to legal docs such as leases that are very strong and favor the owner that have been written by attorney members. 

As far as collecting rent I would do it myself if it is a decent area have ok tenants and feel comfortable doing so. Another good idea is to set up a PO Box for them to mail to and I would use that as my mailing address. Make sure to use that on escrow paperwork as well this way you don't have any angry or unhappy tenants showing up at your home. 

If it's a smaller building I think Excel is fine for accounting. I have had a lot of clients use appfolio property management software with good reviews if you wanted to go that route. 

I can't speak to the other issues as much but hopefully this helps and good luck with your building!

Hey Wyatt! Like you I am new to the Bigger Pockets community. I found the podcast to be so insightful in so many ways I decided to check this out.

To give you some background on myself I am a founding partner of a small boutique commercial real estate brokerage based in Manhattan Beach. I started off in your market at Marcus and Millichap's Long Beach office in 2011. My second year there I was one of the top 5 agents in an office of over 40. 

Enough about me though I agree with Bill S. as it has been my experience the best way to find a mentor is not to ask but to investigate as sounds like you have already begun doing. I called about 10-15 different brokers and spent some serious time speaking with them and understanding what it was that made their business successful and how I could add value to their businesses first before selecting a partner. This can be applied to anyone in any facet of the industry. For me I selected small multi family   brokerage (5-15 units)  because it had the lowest barrier to entry and the ability to make enough money in the first 12-24 months to begin investing myself. As an added bonus I was being PAID to become an EXPERT in what I wanted to invest in. 

For you Bill already offered a chance to close for further conversation. Ask him what he does and about his business. See if he has time for a phone call. He already took the time to reach out to YOU! Take that information and think to yourself. How I can add value to his business? Many times it is just sweat equity. I started off cold calling 30+ hours a week for my mentor and that was UNPAID since I was commission only. 

I realize this is not the easiest path and it almost certainly takes a year or two but you will find a great mentor rather than a good one if rather than asking someone successful you demonstrate the ability to add value and put in some sweaty equity into their business and you get to watch and learn first hand. Hope this helps!