All Forum Posts by: Sergio Fetter

Joseph,

It depends on how many units you have. I have a lot of experience with Easlan Management. They are out of Greenville, SC, but very good company. @Jason Coleman is right, it is not easy, but not too difficult either. In my experience, I have seen property management kind of destroy files before passing to the next company. If you are planning on switching, I would suggest getting a copy of all the files before you announce to your current company. 

@Tony Gunter @Henri Meli

I have started to look into the Invest Georgia Exemption, but have not achieved much. 

I have not purchased a list. The more I thought about it, the more I decided not to. 

Hello all,

Since we are always looking for investors, I thought about doing a simple video showing what we do, and the criteria we are looking for in a property, and what we do once we purchase the property. Not going into much detail in order to comply with SEC regulations.

What are your thoughts? 

@Sam Epperson

I have done his course as well. It is very helpful if you are trying to get into the syndication. He is a very competent person, and he will help anyway he can. I have personally spoken with him more than once, and he did not hold back any information. 

@Brenton Tigner Jr

I admire your risk taking by pushing through with the deal. However, you do not want to find yourself with a undercapitalized deal, it is a recipe for disaster. My suggestion is to have everything lined up prior to placing a LOI, this includes investors for downpayment, lender, insurance, property manager, etc. That way you go into it with knowing all the risks. Now, since you are so well advanced in the deal, I would contact my first line, meaning, family and friends and pitch it to them, I believe that is your best way out.

@Matthew RUSINAK, there is room for everything. Orlando, FL is a fantastic market right now, but the price per door is much higher than somewhere like Columbia, SC. It will depend on what kind of investors you have. 

@Derek Moore by your description it is hard to give you any suggestions on price. As a project manager for the last fifteen years specialized in multi-family capital projects, I have seen a lot of different things. I do have a company that turns apartments, and I would gladly give you a quote provided that I am able to look at the property. 

Also, keep in mind what Gino said. If you are spending $60k/door, you might want to re-consider it. 

@Marysue Connelly definitely walk every single unit. That is something that you can do personally. Take notes of the big ticket items, such as appliances, kitchen cabinets, HVAC, flooring, etc. I backed out of a property once before due to broken sewer lines, it would back up into the apartments causing floods. The answer to your last question depends on how comfortable you are to inspect yourself. Now if the building is older, you will have to get someone to check on lead and asbestos. 

Hope this helps. 

For some time now I have been discarding any deal from Detroit, the risk is higher than what I am willing to take. However, in the last couple weeks I have been looking into a couple deals from very motivated owners. 

My question... Is this the right time to invest in Detroit? is the city at the end of the bad cycle, and reading for the recovery years? 

Your thoughts.

@Seth Williams

@Hadar Orkibi is absolutely correct. Contact a property manager to find out more about the market. Even if legal in your state, if your property is the only one doing it, it will shun away your prospects. This is specially true if you are targeting blue collar workers, they are less willing to accept an upcharge.