All Forum Posts by: Wes Short

@Brian McCombs heard good things about Quickbooks for single family portfolios but not sure about larger unit counts and properties. 

One aside that I would note is make sure you separate and classify expenses as general maintenance vs. capital expenditures. Some PMs lump them all into general maintencae. This is huge when preparing for a sale, which sounds like is far down the line, but it makes a big difference when marketing for sale if those expenses are above NOI or below.

Just a quick tip! :)

Hi @Jennifer Zhou, we are currently structuring a deal in similar way. Bank is loaning close to 80% with seller financing of 15% and buyer is bringing 5. This is a cheaper property in a small town Indiana. 

Another notable part of this is buyer has a great relationship with the local bank. He has a single family portfolio and they hold the mortgages on those so they are very comfortable. Think it would be a lot different if he didnt have the previous relationship. 

Just have to find the right bank!

@Mike Hoffman Much appreciated Mike and best of luck to you as well!! If your stacking that means next one has to be 96 haha jk but that would be awesome! 

A lot of good info above. Would add that the right coaching seems to be a major benefit in a lot of investors journeys, just finding the right one is very difficult. 

One course that I took that I thought was worth the money was Adventures in Commercial Real Estate (acres) course on modeling investing. Think it was like 300 or 500 but really helped get a good grasp of deals larger than 4 units and makes analyzing deals a lot easier. 

Know thats not a coach but definitely a good resource when jumping into this space.

@Jason Hodges, Have heard mixed reviews about DM in the multifamily game. Used them a lot when I was wholesaling and my provider was Yellow Letters.com I believe. Another one out of Indy here is ballpoint marketing. 

Would be curios to hear @Brian Adams if your messaging changed from the normal "we buy houses" tagline of wholesaling to something a little more sophisticated and personalized for multifamily? 

@Mike Hoffman, Great story above and congratulations!!

Would love to hear your take on how you built the confidence to forgo the "stack" method and jump right into the deep end?

Sounds like having an experienced mentor really made a big difference but even though how did you overcome the anxiety that I'm guessing was present. 

I'm currently in the "stack" investing strategy but am contemplating saving up for longer and trying to jump into a bigger deal so any advice is much appreciated! 

Congrats again!

@Hunter Heimer, a lot of great suggestions above. 

Would also recommended asking for an example deal they have done in the past. If they have absolutely no deals in the past would be slightly weary, even a single family run down example would build my confidence in a new syndication. 

If they don't have any examples of past deals could also ask about their analysis of a new property. Ask to see their model and how they analyze. A good model can tell you a lot about if they know their numbers or are just talking the talk. 

Hi @Thomas James Calderone, think a good first step would be to find a local or regional bank that is of decent size but not to large. Reason for finding a mid size bank is they will give you the time of day but will also have high enough loan limits to loan on a multifamily property. 

Some smaller local banks have tight upper loan limits and thus stick solely to single family. 

Your going to be looking at probably a 70% down payment if its your first time. That of course depends on the properties financials and your personal credit as well depending on deal size. 

A lot of variables here but would recommended getting in front of a lender and trying to build a relationship. 

Hi there, so one of the current trends in my local market, Bloomington, IN, is a lot of long term rentals being transitioned to AirBnBs/short term rentals. I have personally done both long term and short term and see benefits to both.

One newer method of running an AirBnB I have come across is "AirBnB Arbitrage", think I've see a few articles here on BP and from other resources as well. I have given this idea some thought and would love to try it out but I think one major factor is making sure the landlord is comfortable and feels confident enough to trust you, the AirBnB host, will pay the rent and take care of the unit.

My question to current long term landlords is what are some of the concerns or negatives you would see in renting your unit to a person/company who would plan to use it as an AirBnB?

I think there could be a lot of benefits for both parties but what negatives/or concerns would you have for renting to someone planning to run it as a short term rental?

@Jeff Mason Hey Jeff, yea I have been skiptracing more consistently now and have been using batchskiptrace in my business. They are super easy to work with and results are consistent. Not every name gets the right number but for the price and consistency I think its a good value tool. The wholesaling inc guys seem to be doing some teaming up with them now to so that gives me confidence they will continue to get better as well.