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Articles by Greg Dickerson
CapEx Reserve In multifamily Properties
Forum Categories All Los Angeles, CA · Member since 2017 · 29 posts · 7 votes Most Popular Reply Investor · Phoenix, AZ · Member since 2017 · 583 posts · 919 votes 7y See this reply in the discussion Investor · Phoenix, AZ · Member since 2017 · 583 posts · 919 votes 7y Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes 7y Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes 7y You are right - it's not enough.
Limitless vs Morris invest
The sales person I have been working with to send me deals recently left the Morris invest company and he has switched over to a company called limitless turnkey. I’ve already heard bad things from Morris reason why I didn’t buy from them. I would like to know what would be the down side or difference between these two companies. Or is it even worth buying turn key?
What’s your marketing cost to acquire one rehab deal?
Looking over my marketing numbers and trying to budget for second half of 2019. What’s everyones average marketing budget to acquire one rehab deal? How long does it take for you guys from first contact to close? What methods prove the best for you?
Compensation for design and build investment
Hi so I’ve designed, built and sold a couple houses over the years. They were all owner builder where I hired most of the work out and did some of the easy stuff myself. I currently have my latest house for sale, it’s a clean lines, modern style house on the big island of Hawaii. It’s been taking a while to sell but recently I got a call from someone who really likes it but it’s in the wrong area.
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When my wife and I first tried buying a home we spent about a year trying to find the perfect house hack. It was hard to do, maybe it was our market maybe it was us, not sure. Then, we had a conversation with one of our friends and they told us their plan. They would build a new home live in it for two years and sell it. I was interested. So my wife and I spent another 6 months putting together a plan on how we would do this. We started this back in 2010.
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How do I finance a commercial property in an LLC with no personal guarantee? A lot of people say oh you always need to personally guarantee because the lender wants to minimise their risk but I know it’s possible. Is their loans secured by the property as long as it cash flows and is at the required DSCR such as 1.25 or above? For example I’m pretty sure that when big companies finance real estate the executives don’t have to all guarantee the loan in their own personal name?
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Let's say I want to get investors and syndicate a 10 unit apartment building. I create Blue Estate LLC ( manager managed by me ) and Blue Estate Equity Fund I LLC which holds title to the 10 unit apartment building ( manager managed by Blue Estate LLC ) Syndication fees are 1% asset management fee of total capital raised paid each your to Blue Estate LLC, 1% of purchase price paid to Blue Estate LLC and 1% of sale price paid to Blue Estate LLC.
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Any syndicators here that are knowledgable and doing deals actively I have questions that I want. Comment below and I’ll get in touch. Disclaimer: I am not selling or offering any product/service I just want to gain value from experienced people.
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Speaking as an owner of thousands of units I can tell you that I get calls and letters and postcards all the time from people wanting to buy my properties. The letters and postcards go straight to the trash before I even see them. My staff is trained to do exactly that. Most phone calls end up stuck in our phone tree or voice mail and go unreturned. Every once in a while an email or phone call actually gets to me.
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I am starting to budget out and model some potential projects for MF developments. Is there a rule of thumb for operating expenses for MF in the los angeles area? My old AM firm always looked at 30% of EGI - after vacancy of 5-10% (Stabilized). I am curious if there are other developers that have other methods or historical price points for % of gross sales new construction MF units will run.
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Originally posted by @Andrew Taylor: @Nik Moushon You're right - all of my experience (20 years or so) is in residential construction and remodeling. I've worked for builders who were the first boots on the ground in a new development, but I've never worked on the development side of the business. FWIW, I'm not looking to bid the job based on rules of thumb; I'm looking for 50,000-foot numbers for use in an elevator pitch - the purpose of which is to get invited back to go into greater detail.
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Hello BP community! I started Wholesaling Real Estate about 4 months ago and I started generating leads through direct mail but quickly I found out that it takes more money than I expected. So I switched to cold calling and driving for dollars, which is much cheaper and has great results too. However, a few months ago I started hearing about the concept of an online sales funnel to generate leads, but I haven't seen any of the biggest wholesalers talking about it or using it on their business.
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Yes you definitely want to start with buyers. Here are some of the best ways to find cash buyers is networking at local REI meetups, masterminds, Facebook groups, Realtors, title companies, closing attorneys, property management companies, auctions, Craigslist. You can search real estate transactions in your tax database. Look for entities and individuals that have bought multiple properties.
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What resources are there besides CoStar and listsource to purchase lists of apartment building owners? I’ve tried list source but it gave me majority 2-4 unit buildings in the cities/counties I selected. I am looking for 5+ unit lists
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Originally posted by @Demetre Dyse: So I’ve recently came across a list of off market hotels that my acquisitions team sent me. And I’m thinking of acquiring one of the hotels. I’m wondering how do I get an investor or investors involved that look for these types of deals. And what’s the best way to go about making an offer on the hotel? Hotels are a retail business inside of a real estate asset.
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I have the money needed for the down payment on a rental property, but not sure if I have the money to cover repairs. When I buy the home (say it’s $100,000), I have the $20,000, but I don’t have the $10,000 for repairs. What kind of loan can I use to cover not only the rest of the $80,000 but for the repair costs?
Structure for Raising Capital without Broker-Dealer
(Yes, I understand comments provided are simply educational, I will consult with an attorney before moving forward. Thanks in advance for your input!) Over the years, I have 1) invested heavily in education (underwriting, financing, market analysis, asset management, identifying macro/micro trends per market, etc), and 2) developed strong relationships with a network of accredited investors who are interested in diversifying and jumping into the multifamily space.
Commercial tenants not paying, how should I structure?
The SBA is currently out of funds and waiting for more with the PPP loans. Not all businesses will qualify. If they don't follow certain rules on how and when to use the funds then the loan may not be forgiven and the bank will still want to know the borrower can repay. On the retail strip center side most tenants are sending letters asking for 3 months rent relief.
What area of real estate will be hit the hardest?
Originally posted by @Tommy Ciccarone: In reading and discussing I am hearing different opinions on real estate sector that will be hurt the most? Retail / Office / Industrial/ Multi Family There's no debate. The big three are hospitality first, retail second and office third. Housing both SF and MF will feel some effects depending on how long this goes but nothing like the big three with the exception of STR.
Best Books/Resources for Learning Development
Hello BP! I am looking for everyone's favorite books or resources on learning real estate development. I have experience buying distressed duplex/tri/four, renovating, and holding long term, but would like to learn more about the development strategy. I see land for-sale around me often (Southern California) and would like to be able to analyze the ability to develop land and/or build SFR through small multi-family profitably.
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First Steps to Land Development
Hello! Is $100k enough to start a Land Development company/venture? Nothing crazy! When I started working towards this, a "mentor" who built a successful development company started with $100k building metal buildings. 7 years later, his company does $1million + deals and is in multifamily now. I'm looking for that ember that needs a little life breathed into it so it can become a bonfire! :D I'm not sure if it is enough in todays market. I wouldn't know where to begin! Any input is appreciated.
Subdivision education and/or classes
4,756 Posts 4,413 Votes Greg Dickerson#2 Land & New Construction Contributor Developer Charlottesville, VA 4,413 Votes | 4,756 Posts Originally posted by @Jake Engle: I am looking to get involved in sub dividing larger parcels of land into building lots. I have been educating myself with local ordinances in regards to zoning and subdivision, but know I need to be very careful and fully aware of the ins and outs of subdivision before totally diving in.
I’m 18, Are there any re developers here???
I’m 18 and have been interested in real estate development for couple of years now. My father is a developer and I’ve had a bit of experience in this field. Are there any developers on this app? Maybe you have some wisdom to share for my first development deal? Since I am nowhere close to my father to get any advice from him.
Best’s Market Segment Report: AM Best Revises Global Reinsurance Outlook to Stable from Positive, Notes Accelerated Softening in Property Pricing Original
Best’s Market Segment Report: AM Best Revises Global Reinsurance Outlook to Stable from Positive, Notes Accelerated Softening in Property Pricing OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised its outlook for the global reinsurance segment to stable from positive, citing an acceleration of reductions in property reinsurance pricing and continuing challenges in the U.S. casualty space as being among its key considerations.
fill up Low occupancy property
@Ben Haridim In many areas retail is way overbuilt. Many retail centers need substantial upgrades to attract tenants and in many cases the obtainable rental income doesn’t justify the investment. The main reason for obsolescence of retail properties are 1. Continuing increase in online sales especially with Amazon Prime next day delivery 2. Continuing shift from independent retailers to big box stores 3.
350k cash at 18 years old
Originally posted by @Ben Haridim: Hey bp, no ********t, my dad is willing to lend me up to 350k cash to help me start my career as a real estate entrepenuer. I personally am interested in starting out as house flipper to build up personal capital. However statistically, I live in the top ten worst cities to flip homes (Los Angeles).My question is, I would love to know where the Bp professionals believe my 350k can go the furthest in a three to four year span.
Question: how to 1031 exchange duplexes in a competitive market.Question: how to 1031 exchange duplexes in a competitive market.
Sounds like you're considering selling cash flowing assets to 1. pay off debt (at historically low current interest rates) and 2. fund a more expensive lifestyle. Given your long term goal of increasing cash flow this doesn't sound wise. HELOC, REFI, or just hold and keep a tighter handle on your finances so your cash flow can fund the next deal. This is all assuming that the current duplexes are good assets, not a hot mess, and from your post it sounds like they are.
Is it a bad time to fix and flip do to the virus?
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First multifamily purchase advise
Hey guys, hope everyone’s doing well this morning. I’d like to get some thoughts and advise from folks that made it from zero in the multifamily world. I’m 28 years old, I’ve been in real estate for the past 6 years; own a brokerage firm in Houston and have been in development (spec homes development ) as well.
Building multifamily ground up
@Jeffrey Fawaz Although Houston has no zoning restrictions or requirements they do have parking, stormwater and building code requirements so you should check with the building department for specific requirements. Generally you can only go up to six stories and 85 foot for wood framed construction. There are some exceptions but its more cost effective to stay 6 or less as diminishing returns start to come into play.
New Construction W9 and COI
Specialist from Los Angeles, CA Member since Jun 25, 2014 Posts 44 Votes 31 Experience 14 Yrs 44 Posts 31 Votes Specialist from Los Angeles, CA Member since Jun 25, 2014 Posts 44 Votes 31 Experience 14 Yrs Nick Marrs Specialist Los Angeles, CA 31 Votes | 44 Posts I'm a structural engineer. Industry standard is to carry $1,000,000 professional & general liability policies (they're not required, but almost every professional qualified to design your home will carry it).
Project Management Software
If you have any experience with construction/project management software, what are your recommendations/tips? I work for a small/mid-sized development firm and we're in need of a new management software. Our needs are more geared toward project management (making sure projects are progressing as they should) and budgeting - not as much on the construction side of things like bids, estimates, etc.
Ready to go. Boxabl. The future. Coming to your backyard
Pro Members Get Full Access! Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Learning to Flip Houses
#2 Rehabbing & House Flipping Contributor Developer from Santa Clarita, CA Member since Mar 7, 2008 Posts 15,750 Votes 10,948 Experience 22 Yrs Investments 18 15,750 Posts 10,948 Votes #2 Rehabbing & House Flipping Contributor Developer from Santa Clarita, CA Member since Mar 7, 2008 Posts 15,750 Votes 10,948 Experience 22 Yrs Investments 18 Will Barnard Developer Santa Clarita, CA 10,948 Votes | 15,750 Posts Originally posted by @Bryan Devitt: Originally posted by @Will Barnard: Originally...
Having a hard time growing.. Looking for ideasHaving a hard time growing.. Looking for ideas
Hey all, I've been in the real estate game for a good many years, and I will say I've learned more from my failures than my successes. I originally started with 2 and 3 family homes, which I purchased with cash. Then I purchased one rehab in a good area, but been fighting with the city government on approvals for the last year. And I purchased so far one multi-family in a good area, which is doing fine. The others are in C areas and I own them outright.
Red X on building - how to acquire?
I was walking in Jersey City today and there was this shell of a building of central ave I believe. I'd like to see if I could buy it and rehab it. How would I find out how to acquire it from the city or bank or whatever? I cannot find it listed anywhere aside from when it was last sold a few years ago.
Multifamily in Garfield, NJ - seller financing - tax returnsMultifamily in Garfield, NJ - seller financing - tax returns
Our lawyers are going back and forth on this and I wanted to get the forum's take. The seller is requesting to review the LLC's annual tax returns each year. I know, with banks this is usually done, this would be my first with seller financing requiring this. I'd rather not give my tax returns on my entire company to the seller. The are not a bank, just a group of four family members selling a 25 unit building. What's everyone's take on this?
Why would a contractor ask if a property is my primary residence?
Why would a contractor ask if a property is my primary residence? What are the differences between a consumer hiring a contractor to work on an investment property v/s a primary residence? What are the implications, as far as my rights and protections as a consumer? How do you classify inherited property that is not a primary residence?
Can I Flip Houses For A Living Right Out of College?
I am going to graduate college at 21 next year and plan on jumping right in on flipping houses as my main source of income. In addition, I plan to work a part time job in order to keep saving money and help offset my monthly living expenses until I'm flipping enough to live comfortably on that income alone. Is this a wise decision? Or should I get a more stable job and work more hours and in return only work on flip houses in my off time. Any advice is appreciated.
Newer to Flips (Need Advice)
I have a potential house for a flip. It's in a great location that is growing rapidly. The owner will take a lower cash offer than posted on MLS. However, I am new to flips and am trying to get some feedback..... The house was built in 1915 and is 3235 square feet. Again, this is in PRIME LOCATION and walking distance to hospitals, dining, and nightlife. I have done a walk through and it basically needs to be completely redone, from wiring,foundation, to plumbing.
How to Analyze a Hotel
Originally posted by @Patrick Gray: I have been presented a hotel that is for sale, but have no idea how to analyze it. Is it the same as an apartment? Do you ask for T-12 or vacancy rate? Any tips would be very helpful. Hotels are very specialized and require serious expertise especially right now. They are nothing like apartments. Hotels are a retail business inside of a real estate asset so you will be analyzing the P&L, Balance sheet and tax returns.
First time flipper - Partnership model question
What should be a standard agreement between 2 partners- one that bring the money and the other in charge of finding the deal and manage the project ? I have a friend who partner with a project manager with flipping experience, and my friends takes all the risks , responsible of all the expenses and get 2/3 of the profits while the project manager responsible of finding the deal, manage the renovation and sell it.
From single family to multi family
@Tiffany Smith As suggested, education is great. Here are some recommendations for some great books on commercial real estate of course: Crushing it Commercial Real Estate, Brian Murray ; Confessions of a Real Estate Entrepreneur by James Randel. Best Ever Apartment Syndication Book by Joe Fairless covers quite a bit on the Commercial Real Estate acquisition process even if targeted more towards people interested in syndication.
He is new to Syndication though...
Would you invest with a Sponsor with no track record has a mentor with over 28 successful syndicated deals? Extremely trustworthy and sharp with over 5 years of experience in wholesaling and flipping but new to syndication. I trust him but what would you do? Would you entertain a listen or pass based on a lack of experience? Let me know BP.
Flipping Single Tenant Retail Locations
I recently watched a podcast with Cherif Medawar and he talked about flipping vacant, single-tenant retail properties. His process seems easy (the devil is always in the details), and I was wondering if anyone had any experience with this strategy? He sells a "coaching" program (of course) for the low price of $9,000, which is not in the budget right now. Anyways, if anyone has any experience with this strategy, I would love to hear it.
Cell Tower Lease Questions
Hello BP, For folks who have any experience in cell tower leases. I have an opportunity to purchase significant acerage with several cell towers on it. The rents on the cell towers are below market and locked up that way until 2030, at which point I'll try and get them up to market and I believe I've got a good chance at success as the towers have already been built, and they are already on the highest piece of land in the area.
Multi family vs single family home
Hello everybody thank you for the last information on the room most recent post it was amazing a lot of insight from everybody and I hope that we can get more input on this topic the current topic is: I have pre-qualifications for price range of multi family property out here in San Diego and Am able to put down the required down payment. My only issue is that I cannot find a current multi family home with a good enough ROI.
Buying based off projected income
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Guaranteed 21% Annual Appreciation? Columbus, Oh?...where else?
How is your MF market price appreciation? I hear a lot of folks claiming their market is on "fire", but nobody ever supports that with data...our local MF market in Columbus, Ohio has appreciated at a year-over average of 21% in the 20 most productive zip codes for the last 5-years...the highest appreciating zip code grew at a rate of 64%... How is your MF market price appreciation in other major metro areas?...Raleigh? Nashville? Indianapolis?....others?
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