Vacancies
Hello..
I live in Denver. Vacancies are scarry. Ive never seen it this bad. I need ideas on how to NOT have so many vacancies once I acquire properties.
Im also wondering if you more seasoned investors believe that its possible to acquire a larger multi-unit say..40-60 units first time out. Ive been told over and over that you have to start with a single home and work your way up.
Im also looking ( as always ) for good lenders.
Thanks for any input.
Real...
I started with a 2-unit and then tried to jump to a 23-unit commercial/residential complex. The banks listend, I had a great sales agreement, there was a 35% margin...Basically, I had all my ducks in a row. Everything went well until it came time for the "commitment" from the bank and that was a no-go.
So, unless you've got cash, or some partners with cash, you're gonna have to do what the rest of us have done...start small.
Don't sweat it...even Warren Buffet started small.
Legend 7...thanks for your input..by the way...was that a conventional loan or lender you were using for the 23 unit?
Have youu ever tried to put together a deal with A HARD MONEY LENDER?
Realestater, you could start out with a large multi-unit but the advice that you received about starting out with a SFR is probably a good start, especially if you are new. It would be good to learn how to deal with contracts, acquiring and screening good tenants, fixing and maintaining a rental property, dealing with professionals and banks as well as dealing with all the decisions that go into acquiring good RE. Unless you already have a good background in RE, I think it would be advisable to start out small.
I am a newbie also in the denver area and am looking to find someone to learn with.
Quote:
On 2004-01-21 22:14, barbaralell wrote:
I am a newbie also in the denver area and am looking to find someone to learn with. <IMG SRC="images/forum/smilies/icon_smile.gif">
Hello barbaralell..
How do you see the market in denver?
Do you belong to any investment clubs here locally in denver?
I see the market as great potential, but I don't know where to look. I am just starting out. I have been trying to find an investment club but I have only found one that I can attend, but I work 12 hour shifts and I would have to be late and havent got a response from them about coming in late. Do you have any suggestions of where to look for the clubs.