All Forum Posts by: Trenton Parks

Great and congrats on your flip. I do run across some from time to time. I am a member of the local Big Sky REIA (Real estate investors associations). Along with other flippers who sometimes find more deals than they can do. Just had a client close a duplex on a CFD with 10 % down which worked out great for him and the seller.

Could you give me more specifics on your ideas of a great cap rate and what you include in your expenses when you calculate?

@Tiffany Youngren

I do BPO's for First Interstate Bank here in Billings for $200. They do require some extensive research because of their guidelines.

It would really depend on the amount of information you are looking for and I would base my price off of time.

I would be willing to do the first one free of charge and from there we can figure out the next few!

P.S

I saw your link to your website and signed up for the cashflow game meetings!

One of the biggest challenges as an investor is finding a good agent. I've been surprised by the amount of people that have contacted me looking for an agent in Billings, Montana from BP.

When I start my search on BP for agents in certain cities I search previous posts.

Would like to offer myself as a resource if you are looking for real estate in Big Sky County :-). Our market is very steady here and our average cap rate (which is subjective to begin with) is 8%. Average price of a four plex is 300,000 and depending on area of town rents for 2/1's range from 625-825 per unit. I own rentals here and have helped many investors purchase their own in Billings.

If you ever need questions answered I would be happy to help, my office line is 406.551.6110 or drop me a message on BP!

I've been told here in Montana that all you have to have is a draftsman, the city will review your plans with their engineer to make sure they are up to snuff.

My partner and I are on our second spec build and a lesson we have learned that has saved us some money is that construction material sales places (here locally pro build, thomae lumber, bloedorn lumber) have draftsman and architects that you can utilize for FREE if you buy the majority of your building materials from that yard. Pro Build also has tons of pre designed plans that you can use for free and it is much cheaper to use something like this and have them alter it.

We have also purchased plans from other builders for half the price of original drafting. Here its about 2000 for a new plan and bought our current build plan for 1000 made some changes and the architect cost us about 200. 800 ahead.

I would first figure out what your end goal is, maybe five years down the road or more. Figure out how much cashflow you would like and equity you want to build.

Once you have an answer to this it may become much easier to figure out if the plan of action for this money is going in the right direction.

Your answer may be something like what Brandon is suggesting, buying on CFD, Lease Options, no money down etc. Or maybe you want to buy one larger multi family for steady cash flow that reaches your goal and then something like location becomes much more important because in this long term plan you will hold this property for some time.

Not yet, have some other projects occupying time.
I have talked to a few more lawyers and a great recommendation that is a financial planner who has a different way of setting this up through a Delaware Statutory Trust

Thanks for the welcome! I have not set up my key words yet. I have done some deals here locally but am going to be branching out! Kind of a rookie question but how do you set up the key words? Just under account settings or something?

Hey Bill, yeah there is some brain damage but I think it will be well worth it in the end. Between my partner and I; we do have the funds to get the due diligence, legal , and etc. started. I will send you a message with my contact information and see if we could arrange a time to chat over the phone!

Karen thanks for the insight. I live in Billings, Montana. However our state for the Trust/Fund itself would be in Indiana. So hopefully that helps add a little more information.

Has anyone ever tried to set up a REIT or a Real Estate Hedge Fund before? I am looking for someone who has experience setting this up and who can give me guidelines as to what the SEC will regulations are and good recommendations for accountants/attorneys/financial planners who can assist in the process.

Thanks for your help BP community!