All Forum Posts by: Yosef Lee

@Daniel Lozowy Once you decide on the city you are going to buy in, then research on the PM while you are putting in offers. Do not buy a place until you have a PM on board. Otherwise you will be more involved then you want. You also want to have a list of criteria of what kind of PM you want to work with. Read their contract and make sure you understand it (mark-ups, time at site, filling vacancy, etc). Make sure you include enough fees for them in your analysis, along with annual bonus so you positive cash flow.

I agree with Huong, find the target market first before looking for any PM. Once you find the city, it will be easier to find PMs within the city who knows which neighborhood to invest based on your criteria. Depends on the city and your capital, the same amount of money may get you bigger deals.

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@Daniel Sager

Keep looking and good luck!

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Originally posted by @Daniel Sager:

I just met with a commercial lender today to plan for my Fall 2020 plan and ran some numbers on a couple of properties I had selected currently on the market. I say Fall because that is roughly when I will have the funds for 20% down on a 6-8 Plex property.

After looking at the cashflow numbers, they aren't really as high as I had hoped (looking at mainly C properties) and am now thinking I would actually be better off buying a 4plex sooner with 20-25% down and then, as soon as I am eligible to move out of the 4plex I am currently hacking, doing another FHA and moving into a third 4plex for 3.5% down. The cashflow would be better and I would be less out of pocket. Also, as my realtor mentioned, 4plexes are much easier to unload when I am ready.

I had wanted to move into commercial because of the cashflow but now rethinking. Thoughts?

I was tempted in the same way but I decided to stick to my criteria of 6-12 units as I want to get experience in the commercial side of multifamily real estate. One option can be to keep looking for 5+ units until you find a deal with CoC that makes sense to you. but quads are so tempting.

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Hi Kevin welcome! I'm similar to your situation. I've been studying multifamily real estate and actively saving seed money for my first deal in 2020. But as we both know, NY is very expensive and therefore, I'm currently looking out of state. Why don't you try to look at deals out of state? There are many opportunities out there. Of course, you would have to be prepared to make connections with the people from out of state especially brokers and property managers in your future target markets. In any event, good luck!

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Originally posted by @Michael Ealy:

Originally posted by @Yosef Lee:

I'm sure it makes more sense in your case to focus as you have already established capital pipeline and a good team. Good luck to your goal 2020!

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Thanks!

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Originally posted by @Tyrone Roundtree:

@Matt Everling I’m currently in Louisville Kentucky and the buyers market is horrible here right now. Not sure what area he may be talking about possibly the west end area.

Hi Tyrone, can you be more specific as to why you think the buyer's market is horrible there now? Is it simply the price is high or something else? Thanks!

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@Alina Trigub

Alina thank you! I can totally relate to what you are telling me. So grateful for them who shared their experience here. Yes I will be looking into a meetup group.

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@Brenden Mitchum

Hi Brenden! Thank you for the comment. No I am not looking in to move. I an trying to find out of state MF properties in GA, TX and FL area eventually. Beginning with a couple of my friends as active investors but eventually want to be a syndicator. GA is my first target since I already have a renovation company to work with for soft value add purposes. I happened to speak to one PM who seemed to be very nice and personal but was too late to respond to my email and I was like well I cant work with him like this.. =(

Anyway let’s connect!

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All Forum Posts by: Yosef Lee

Yosef Lee has started 6 posts and replied 225 times.

Post: syndication vs Joint Venture

Post: How would you partner with a property manager?

Post: 6-8 Plex VS Two 4plexes?

Post: 6-8 Plex VS Two 4plexes?

Post: Investing in ny market ?

Post: Class C neighborhoods

Post: Best Louisville KY areas to buy 2-4 unit properties

Post: Best Louisville KY areas to buy 2-4 unit properties

Post: Is GP taking the equity in the deal as a company or individual?

Post: Getting Decent Deals on MF in Metro Atlanta (The Suburbs)