All Forum Posts by: Adrian Fajardo

@Todd Pultz it will probably sell for 230k. I just spoke with a realtor and they probably will not accept 170k coz how fast things have been selling. If I do put in an offer for 200k, I can only buy 1. I'll probably put my best and last. If she doesn't accept it then I'll keep looking.

I like the analogy about the bases though.

@Todd Pultz on the far right, my asking price is $180,000. This will be bank financed. I'm putting 25% down and I estimate 4% for the closing costs.

The property doesn't seem too trashed but probably outdated. My PM said that one of her realtors renovated a property nearby and it's renting for $675. 

The numbers here are what it is currently running on and I use it as a stress-test. Based on the new guidelines of the CDC, I'm trying to see if it still is a deal as it currently stands.

What do you think?

@Todd Pultz I attached the file but it doesn't seem to show up as a picture. I'll post it here instead.

Please let me know if any of these doesn't make sense.

@Todd Pultz I get it now! Basically using short-term financing then refi for long-term once stable. 

To your point about staggering months, hard money lenders will probably need a track record of some sort before doing all 4 at the same time. That or pricey terms. 

I'm glad it isn't as easy as that. I don't want to be spoon-fed and it makes the gateway to being successful selective to those who are willing to put in the work.

I appreciate all your advice. If it's ok with you, I'll connect with you. If our paths happen to cross, I'll be glad to work with you. Also, I wanna share with you what eventually happens with the 3 4plexes.

@Todd Pultz don't get me wrong. Apartments is where I am shooting for too. I agree with what you initially said on your first post. I think money now is more useful than money later. Especially now, in these uncertain times.

I maybe confused because you mentioned "all in" which I assume that is purchase price and repair costs with closing costs that totals 100k. Then it appraises for 120k and you refi (70%) to pull all your money (around 80k). That's for 1 property.

Then rinse and repeat 3 more times?

Because to buy 4 quads all AT THE SAME TIME though, is to put 25% down (all 4 are priced at 100k).

I assume you prefer the former because it's reusing the same 100k many times over.

@Todd Pultz Wow! Your response is gold! I'll keep coming back to your message. Thank you so much Todd.

I'll get right on it. I already did my preliminary evaluations but it's more like a quick evaluation. I didn't even consider the exit strategies you mentioned. I'll run them through what you suggest and see what I can offer.

The property doesn't look too bad. It looks well taken care off. I haven't seen the interior so hopefully I can do some updates there.

Like you said, I won't know too much about the seller's current situation. I'll reach out again tomorrow.

Before you mentioned it, I didn't consider taking them down one at a time. But if I do pull out everything with a refinance then I can do the same again.

Thanks again Todd! I appreciate all your help! You're a good man.

@Todd Pultz understood. I'm on it!

With the initial scenario you posted, you're doing 1 4plex at a time correct? 

I only asked because I posted a question on a different thread which is similar to the scenario you pointed out. I am in the same cash position too. Here is the discussion.

https://www.biggerpockets.com/...

I was offered all 3 4plexes

@Todd Pultz I didn't realize how far this thread would go! Lol. Thank you for responding though.

I have no doubt there are. It's finding those value adds that are rare to find. Maybe I'm just not looking hard enough.

But appreciate the help.

I'm just injecting my positivity in this thread 😁

@Todd Pultz hello this is exactly what plan on doing. Although I couldn't find a quad that would make the 100k all in price.

Question, on the scenario you mentioned, how long are the holding periods before you refinanced?

@Frank Hinck

You know what, owner financing is a huge possibility. According to the tax records, the owner has owned these properties for 26 years.

Will do, I'll figure out which ones are performing and cut out the one that isn't. I'll get right to it.

Thank you so much Frank. Your advice helped a lot!