All Forum Posts by: Taylor L.

Have you asked your QI for guidance? In my experience Tenants in Common is far more prevalent. Since you're married a lot of the survivorship rights differences likely won't matter. Probably worth consulting an attorney to discuss your specific situation and plans.

LVP all day.

It's not about the asking price vs the offer, it's about the reasoning behind the valuation. Occasionally you will run into a seller whose property is worth $600k, but they're asking $1 million. You can lay out the logic of your offer, negotiate, and so on. However, if the property is actually worth $1 million and you're offering $600k, you're just wasting your time and energy, hoping to run into a sucker.

It's all about addressing sellers' pain points. By addressing their pain points, you put yourself in a position to get a better price.

Lowballing for the sake of lowballing is just going to result in frustration and a lot of lost offers.

Focus on solving their problem - maybe they're in a tight spot and need a quick sale? In that case, you may be able to get a more attractive value by offering a fast cash close.

I have worked with 1031 TIC Investors into real estate syndication. The key is getting connected with them way before the clock starts ticking. Both parties have plenty of paperwork to handle, which is the main reason for the much higher minimums than a typical equity investor.

Most of the folks with $1MM+ in 1031 proceeds to reinvest are not out there in the sense that you can go FIND them. Set yourself up so they can come find you. 

Richmond is a great place, but has many traps for out-of-town investors. Before you buy, come here and drive the neighborhoods you're considering. Meet with property managers, and join a few of our local real estate meetups (via meetup.com).

Head on over to @Michael Wagner's Storage Rebellion and watch his content. There are a few good Storage investing books on Amazon, grab those as well. 

@Henry Clark has put up a lot of information on his past experiences and deals on BP's forums. Follow him as well!

You need a proper underwriting sheet for larger multifamily deals. Michael Blank's Syndicated Deal Analyzer is popular. There are many options if you jump on to Google or search BP's forums.

Just be aware that any underwriting tool is only as good as the user. Take time to research multifamily underwriting. Read books, listen to podcasts, watch YouTube tutorials, look at other investors' underwriting, and so on.

Be patient and look at a lot of deals! 

Go to meetup.com and find your local real estate investing networking events. Go to all of them. Pick a few to go to consistently, every month, for years. Print up some business cards if you don't have them. 

Before you go, think of how you'll pitch/present yourself and specific ways that you can add value to others. Good Construction Project Managers are hard to come by and have valuable skills. Bear in mind that you do have knowledge and skills to offer that are of value to many real estate investors! Don't sell yourself short.

Total spam/scam. If you need life insurance, get actual life insurance.

1.5% leaves very little margin for error. Projected Cash on Cash returns are just that - projections, based on assumptions. There it will vary over the months and years. As a beginner, it's almost guaranteed that some of your assumptions will be wrong, such as underestimating your expenses. I'd keep looking.