All Forum Posts by: Amanda M Laird

Am I able to list my vacation rental property that grosses $100,000 annually as a commercial property?  I net somewhere near $60,000.  What would be a good cap rate to put on it that would attract some real estate investors?

Am I able to list my vacation rental property that grosses $100,000 annually as a commercial property?  I net somewhere near $60,000.  What would be a good cap rate to put on it that would attract some real estate investors?

I just put an offer in on a house yesterday.  It is the true meaning of a fixer upper!  Needs a new foundation, new septic, new siding, new heating system, etc.  But luckily there is plenty of room in the budget to make all these and still come out ahead.  So I was scouring the internet this morning and I decided to look up the tax information.  I found out they owe 4 years worth of back taxes equating over $21k.  The county said it starts the foreclosure process May 15th this year.  They weren't very helpful or knowledgeable past that point.  

I brought it up to my realtor and she said they would be required to pay off the taxes before it goes into escrow so it would have a clean title, and not to worry about any liens on the property.  My question is if they DONT pay the taxes, is there a way to buy the tax lien?  Im not sure of all the Oregon rules on tax liens.  I know there is a 2 year redemption period.  Can I buy the right of redemption?  Can I buy the tax lien?  Just wanting to know if anybody out there is an expert in this area and might be able to shed more light on the subject.

Thanks!

There is a beautiful home thats been in the foreclosure process for years.  I called the title company and got the notice of default as well as some other information.  They owe back taxes, and there are other liens on the property.  There are for sale signs out front showing its listed with a local realtor.   I called my realtor to find out more information about it, but she directed me to the listing agent to work with since it was a conflict of interest since her best friend was one of the lien holders.

When I called about it, the listing agent said that they are waiting for it to go into a short sale and that they already have a buyer for it.

Does this mean nobody else can bid on it?  Has anybody dealt with a similar situation and have some answers?

Donald Shaver I took that out of income immediately. It just didn’t sound right, glad to know it shouldn’t be there from what you and others are suggesting.

Very good points and very helpful! Thank you Bill F. I was definitely thinking I need at least another year to twos worth of info to analyze the numbers better

Hey @Jerryll Noorden!  This place is right down the street from my vacation rental so maybe Ill go for a stroll and see if I can find some tenants hanging outside on their decks and start talking :-) good advice!  The guy bought a house, and a nice truck and put it under the apartment complex as "expenses" which is why I'm guessing they are so high.  There are a ton of expenses on the second page I attached...just hard to figure out exactly how many of them are his personal expenses that he mixed in with the apartments.

@Yia Her If you click on the image it'll blow it up so you can read it. Im not sure Ill be buying it. Its my first property I'm analyzing. Just want to learn how to start analyzing. IF I were going to buy it, it'd be a BRRRR. It definitely needs to be renovated. Probably a C/C- property, and id try to get it up into the B/B+ What other documents should I be asking from the owner to get a fuller picture?

@Avi Garg thats what Im thinking!  I just done know where the personal ends and the apartment complex expenses begin.  Thats why I'm having a hard time analyzing this place to see if it could be a good deal or not.  Know what I mean? Hope to find somebody who has dealt with this scenario before!

So Im working towards investing in my first multi-family property.  Ive listened to many podcasts for months, and have read a fair amount of books on the matter as well.  I know the next step is to start networking, and learning how to analyze property. 

A 25 unit apartment became available in my hometown, It sits on a river and is just a couple blocks from the beach.  I called the realtor and she gave me the pro forma on the property.

Its technically losing money, so would this be considered a good investment because there is a lot of room for improvement, or does it mean run for the hills and avoid this property?   

Not sure if this makes a difference but Im not afraid of a fixer upper, and don't mind putting in sweat equity where I can to save some money since it will be my first multi family property (maybe not this property, but some other one will be).

My question is this: 

1.  Are there any books, or websites you recommend that really break down and show you how to properly anaylze a property once you are given some numbers

2. Has anybody dealt with somebody selling a multi family complex that has tied in their personal expenses.  For example, this guy bought a house, and had his car listed as an expense.  How do you know what other expenses can be "taken out" of this equation?

Any tips or suggestions would be great!

When you guys figure another day and time out, let us know! Definitely interested in coming to a meet up.  Glad it got cancelled (I would have had to drive over the pass from the coast), it snowed at the coast, so I can only imagine what it’s like in the valley

Jake Fugman congrats on your success so far! I’m in the exact same boat! About the same amount of money and am trying to figure out the best route to go. So far I have three options, and am still trying to figure it out. 1. Invest in multiple smaller deals (duplexes etc). 2. Invest in a larger deal (16+ units). Whether that be on my own or with a partner. 3. Invest in somebody else’s deal and try to learn from them as they go. Good luck and I’ll be following this thread to see what you end up choosing!