All Forum Posts by: Matthew Masoud

Hey guys,

Is it just me or are these closing costs high?

Closing costs of $15,000 on a $150,000 mortgage? 

Thoughts?

Hello BP Community,

I'm a smaller real estate investor, a triplex and 6-unit under my belt.

My plans has been to get into real estate syndication. I want to syndicate large multifamily deals. Obviously the idea of taking other people's money makes me VERY nervous. I'm learning like crazy and gearing up for my first deal.

I want to start by syndicating a smaller deal (10-25 units).

What I'm concerned about is that the legal fees might not be worth syndicating a smaller deal.

Does anyone have experience syndicating a smaller multifamily deal?

So I'm purchasing a 6-unit property in cash.

My plan is to purchase the property at $220,000 (way under market). Do some repairs and raise rents to market rent. Then refi the property (ARV $300,000) and take my $220,000 out. Pretty straight forward BRRRR

I'm about to close on this property so I start calling mortgage lenders to start discussing the refi. The first few I called wanted to wait 2 years before the refi.

How long after purchasing a commercial property does it take to refinance it?

My plan was to refi after I do my repairs and get the rent to market rent. (3-6 months)

Yeah, the previous landlord had no screening process. I just got to get him out so I can do my own intensive screening for the unit.

I inherited a tenant that was playing loud music at all hours of the night and having friends over where they would have weird screaming parties (drugs maybe?) 

Anyway, I send him a 30-day notice to leave the premises and he calls me going ballistic. "This is ********". "We are going to have real problems" "You don't know who you're talking to" "I'm a real ni**a.

Naturally, I hire an eviction attorney but I'm lowkey worried about going to the property. It's a 3 unit in which one unit I'm still getting rent ready. I don't know what to do. I'm going there tomorrow to meet with a plumber but I'm concerned he could get aggressive. 

Thoughts?

Hey Evan. Rental numbers are good but it's in price hill so a C class area. 

I got this property WAY below market rent (current appraisal $140k) going to do a few cosmetic changes this month then let it go in February. Stay tuned!

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $100,000
Cash invested: $32,000

Ohio Triplex
$600
$850
$600

I'm considering doing a syndication in Ohio but don't know where to begin.

My family/friends have seen my success with small multifamily and want to invest their money with me, it kind of just fell into my lap.

I'm interested. I've always known I'd end up in large multifamily but I thought it would be through a 1031 exchange not through syndication. 

Anyway, the problem is, I don't know where to begin. Like the actual formation of the corporation, how to collect money, etc.

I want to shadow someone that is going through the day to day operations of owning a syndication. That'll teach me the ins and outs and while I put together my first deal. I'll work for free, I don't care.

I purchased Volume ll of the multifamily millionaire, I'm sure that'll help.

Thoughts? What to do next?

 My goal was to get a cleaner that could also serve as a manager. My buddy does that to minimize costs.

Hey BP community,

I'm closing on a triplex in a few days in Dayton, OH (3 miles from downtown Dayton).

Not a big city but not a small city either. Two of the units are rented already. I'm considering Airbnb for the last unit (1-bedroom) rather than a typical rental. Traditional rent would go for $650 but I estimate I'll pull in about $1,200 (gross) from Airbnb.

I'm moving to California in a few months so I'll have to set up systems before I leave (cleaning, check-in, check-out, etc). I'm big on just trying things and seeing how it works but to try Airbnb, I'll have to furnish the apartment for at least $2,500.

If it does not work out, I'll have wasted that money.

Hoping to lean on the knowledge of the BP community. What is your experience with long-distance Airbnb? Is my Airbnb revenue reasonable?

Any advice and welcome and appreciated!

Thanks,

Matt