All Forum Posts by: Aaron Thomas

 You're the second person to tell me that so far. I'll definitely be reaching out to him. Thanks!

Hey Bigger Pockets! Thought I should go ahead and introduce myself to the BP community. My name is Aaron. I've lived in Knoxville for about 1.5 years now and love it here. I'm looking to break into multifamily investing here in the Knoxville, TN area. 

I'm very new to real estate investing, but i'm looking to network and learn as much as possible. The plan is to buy my first multifamily property by the end of 2018.

I'm looking for C properties that have been mismanaged and under-rented and below market rents. A little bit of a fixer-upper is fine by me and possibly preferred. Ideally looking for those Mom and Pop landlords who are just looking to get out of the business. Minimum of 10 units

Feel free to reach out to me on here, as I'd love to connect with a few like-minded individuals and brokers as well.

I know I'm bumping an old thread, but...

Would it be possible to form a partnership in which you buy out 75% of the property from your new partner (the seller)? The partner's equity would remain in the property preventing the need for a down payment?

Shooting in the dark here,  but thought it may be possible. 

I'm looking into some creative financing options for the down payment. 

After analyzing the deal further, I think I'll probably end up offering something a little closer to their asking price. I ran the numbers using their asking price. I also used a 20% vacancy rate (their books show a 7.5% vacancy rate). I ran the numbers as if property management would be in place and as if I'd be paying somsone to mow.

So the numbers check out even if I assume very high operating costs.

I'm excited about this one. It looks should so better than the 2% rule and actually be a 3% rule property.

I'm doing a walkthrough on Monday. I may be taking another local investor with ~100 units with me to review everything.

It's on public sewer. Tenants pay all utilities.

I'm unsure of  the landscaping fees and other maintenance, but I live less than an hour away and I'm really handy. I travel near the area once a week or so and could easily take care of most of not all of the maintenance.

Based on full occupancy it should be pulling 4200/month and mortgage will be around 1000. Should leave room to contract everything out if needed.

Whats up everyone! First post here on BP, but I've been lurking around the forums and listening to the podcast for a while now.

I'm still looking for my first deal, and I came across a property that I find VERY interesting. Almost too good to be true. So, I'm wondering if I'm missing something.

Property Facts:

Asking price $165,000 (Initial offer would be ~$130,000
1 House - 1600sqft - no rental history - in good shape but wallpaper everything

7 Single Wide trailers - 6 of them are currently being rented at $485/month

3 additional lots for single wide trailers 


I have no idea what the condition of the trailers is yet, working on getting a walk through of the property. Based on craigslist and zillow comps, the house should be able to rent for $800-$1000/month. Trailers in this area typically rent for $400-$600/month. 

So, when you run the numbers for full occupancy you get roughly:

 $800 + $485x5 + $450x2 = $4125/month

mortgage + expenses somewhere around $1500/month

This deal seems like a no brainer with current renters and rental history. Could easily add 3 more trailers on the open lots for another $1500/month for a total income of $5625 and only add another $400/month to the mortgage.

Am I missing something???