All Forum Posts by: Tony Castronovo

Thank you @Erik Sherburne, @Huso Akaratovic, @Tom Chen, @Elias Tsoukalis

Thanks @Johnny Bravo!  

@Kinjal PatelThank you.  In single family I seldom used agents.  But I chose to work with a commercial broker that I have known for many years (but never worked together).  It was really great because not only was he an agent/broker, but he's also an investor.  So I got a real good education as we talked about everything from due diligence to negotiation strategies, operations, property management, tax strategies, lenders, financial analysis, etc, etc.  He never sent me "his" listings.  He knew my parameters and searched for me and networked with other brokers.  Very much worth it.

I don't know how many deals other investors have looked at before making a purchase.  For me, I probably looked at a couple dozen on paper, toured about ten, analyzed six or eight and made offers on two.  

@Brian Mcmenamin Thank you.  Check back with me in 6-9 months to make sure the plan is coming to reality.

@Michael Darten and @Eric Kottner Thanks so much!

@Jeffrey Almonte Thanks!  It's a bit of both.  It is stabilized at 90% occupancy.  But rents are way below market and we will be renovating and driving rents where they should be.

Thank you @Keisha Andrew.  I sure hope so!!

@Steve Pittman the proceeds from the sale of our SFH portfolio ended up being greater than what we needed for the MF. We ended up getting 80% LTV on the loan, which reduced our down payment requirements. The property is in Bryan (very close to A&M...although we do not plan to market to students)

Thanks @Mark Sewell!

Thanks @Jon Crosby!  I did use a broker and he helped me find some off market deals.  But both deals were also on LoopNet....just can't recall if we found them first.  On the eventual deal we definitely got in on that right away.  The first deal was on the market for several months before we found it.

Happy to share numbers....just let me know what you are interested in knowing.  PM me if you want to know more.

Thanks for all your help @Dave Foster!  It was great working with you on this deal.  At the end of the day I am paying taxes on a little over $1000 capital gains on the sale of a $1.2M portfolio.  Not too shabby.