All Forum Posts by: Thomas Willingham

Are you the owner or wholesaler?

Good stuff!

Whenever you move out, for sure consider house hacking.

That’s awesome that you are getting started so young.  I flipped my first house at 22 and been hooked ever since.  I wish I would have gone more aggressive back then.  You have lots of time on your hands.  You have time to get aggressive in the dips.  
A problem you may have is when you are considered an adult in your state. Until you are legally an adult, you can't sign contracts, including purchase or with the bank. I'm trying to help my soon to be 18yo son get started buying his first BRRR and he can't get a loan in Alabama until 19yo. Fortunately, I can finance it, but that may be a pitfall.

I have met dead end after dead end trying to find a smaller apartment complex less than $1-1.5m. I have not closed enough deals to be on a brokers short list and nothing on the mls seems to cash flow or is on a terrible neighborhood.  I’m considering direct mail.  Any services that do direct mail to apartment owners, or is that just too niche?

Can’t find a small apartment complex for less than $1.5m that cash flows and is not in a D area.  If I keep beating the bushes, it will eventually happen.

I don't know about residential, but an LLC company that I own, leases space from a building in an LLC I also own. I think it pretty much comes out as a wash for the most part as far as taxes go. It's an expense to one company, but income to another.

First I want to thank everyone for all of the generous suggestions on various items so far.  I've been in RE for over 20y and this first small apartment complex has me second guessing everything and feeling like the biggest rookie.

Got a quote from State Farm who does all of my commercial and the quote seemed crazy high compared to what the current owner is paying and a few other owners I've networked with.  Any recommendations on an insurance company that does apartment complexes?

Does 1% hold true for apartments?

Looking for my first small apartment complex ($1m-$2m) and just can't seem to make the number work out.  Everything I have found on or off market, even if it is priced at or below the 1% rule (monthly rent roll 1% of price), it works out as negative cash flow by the time I add in Mortgage, Taxes/Ins, maint, management, etc.  I'm either missing something, or finding a multi family priced reasonably is impossible.

This is my first multi- family, but I've done SFR and commercial for about 20y. I'm feeling like I just need to stay in my lane and stick with commercial.

Google search "GIS for county name and state". It will typically pull up an interactive map for the revenue office for your county allowing you to find out the owner.  Much easier than the old days of going down to the courthouse and digging through map books.