Job Interview - help to find 50-100 unit complex - Posted by Ann_NH

Posted by Ann_NH on March 05, 2004 at 07:30:42:

I agree, Loopnet is a good resource, however, a nationwide search returns too many properties, and I and looking for information to help narrow my geographic focus.

As for the investor, my protection is as follows:

  1. I was referred to the investor by a friend, who’s integrity is without question. The two are involved in several business transactions together (they are principals in two business acquisitions) and my friend vouches for the investor. That’s enough for me. As a matter of fact, the only reason the investor is willing to consider working with me is the recommendation from my friend.

  2. I don’t have to identify the actual property right away, I believe the investor is initially looking at my analysis skills and knowledge level.

  3. I don’t have the resources to purchase a property of that size yet, so what do I have to lose?

  4. You miss 100% of the shots you don’t take, this might be the shot of a lifetime.

Job Interview - help to find 50-100 unit complex - Posted by Ann_NH

Posted by Ann_NH on March 03, 2004 at 16:44:05:

I have been recommended to a commercial investor as someone who might be a good fit to work as part of his investment team. (I currently own 15 units in 3 buildings.) He has said he may be interested in hiring me to participate in finding, acquiring and managing new properties. Part of my compensation, besides the management fees, would be an equity stake in the property. My task, before the next job interview, is to find an appropriate property and present why I think it would be a good acquisition. (Working the numbers is my strong point.) Cap rates in Southern NH are currently 8% or less, and he would like to find property that provides a better return, 50-100 units, any part of the US is OK.

I feel like I am on “The Apprentice”!

So, I am seeking input from investors in areas (other than NH) where cap rates are higher, so I can then research available properties to present to him. If anyone can turn me on to specific properties, so much the better, but I am really looking for a starting point as to a geographic region to research. I know most people will want to keep this information to themselves, but I don’t have a great deal of time and am hoping someone will help. Thanks for reading this!

Re: Job Interview - A cynical question - Posted by RobH_WA

Posted by RobH_WA on March 04, 2004 at 10:11:24:

Maybe I am being too cynical, but…

What protection do you have if you bring a deal to this guy? What happens if he does it w/o hiring you?

In terms of searching, suggest you start with Loopnet.