All Forum Posts by: Steve Morris

"I hear a lot about buying Realestate with little to no money down."

Most likely case is to find a motivated seller that is willing to do a carryback.  It happens especially on properties listed that don't move.

"So how do you even begin to achieve this goal of 80% without being told to F-Off??"

Pre-screen if it's been on market for a while and is still listed, they want to sell and maybe more amenable to a lower offer.

OTOH, so they tell you f-off, you're still alive and move on to the next deal.

"Do any online tools/techniques exist to make a list of properties that fit a certain criteria (location, units, etc) that would also include the phone numbers of property owners? "

I'm a broker and short answer - No.  There are things like Yardi, RealData that offers access to larger properties with some detailed info.  

Then there is CoStar.  Expensive A/H (like $600/mon for single-user), but it's driven by transactions, so if a property hasn't changed hands in 20 years, prob not there.  If all the info is filled in correctly, it has what your looking for.

If you want the DIY version, you can usually get title (you need to have potential as a client) to send a list of multi-fam properties.  Besides the address and recorded owner, the info is pretty hit-and-miss, but it's pretty thorough.  After that, you start the search for names and phones.

Of course, you could find a good broker with that same info.

"real estate investing on the blockchain"

Anyway you can nuance the name?  I'm curious.

However, I have no clue, beyond maybe more secure deposits, of what it would do for real estate investing.

Blockchain AFAIK is used for transactional security.  Hence mostly with Bitcoin.  I guess it would also allow you to hide the transactors, but not getting why that is important except for some very select instances.

"It is Appfolio. I am not clear on what account manager you are speaking of? Account manager at Appfolio?"

Call AppFolio and explain your situation.  I'd move quickly, some times ex-managers can get like ex-wife's and be pretty vindictive with your info.  AppFolio, if used right, has a lot of tenant info and records and reports that are very useful.

In general, I've told owners the best tool you have is prop mgmt system You can't manage it if you can't measure it.

What software do you use?  If something like AppFolio, you should be able to go to your account manager and get it opened.

If it's QuickBooks, I guess call them and ask, but if they do it, it will be a lot more rigorous.

Go to a commercial mort broker and explain your situation.  

You are limited to 401k money only (in almost all circumstances). So the lender may want a lower LTV or more reserves or higher rate.

"I would create a newLLC for each property that you are partnering up with someone else on. Then each of you can be % owners of the LLC. That way you can create an operating agreement which will outline how to handle all the bad junk that will come your way during a partnership (not bashing partnerships but get everything in writing on how to handle the bad situations to come before they actually happen)."

100%.  Plus the LLCs limit recourse to the property only.

If he's a broker, ask where he's applying at.  If you can't get a response, I'd find another broker, he may be too busy and wants to hold on as long as he can.

In general, lenders are getting tougher on underwriting since low rates don't leave much room for margin of error, so want monthly updates on I&E during the process, maybe larger reserves also.

Right now in OR, my biggest issue is with appraisers.  3 years ago when banks wanted apt debt, I thought they overpriced stuff, now they're going in the opposite direction.  So make sure you have an accurate view of your property.

Forgot, most important, WRITE IT DOWN and get mutual signatures in case there is a divorce.