All Forum Posts by: Ambrose Brooks

Located in Texas and am looking to purchase my first apartment complex. Have a potential deal to purchase an older complex from the late 1960s between 25-30 units, I have various operating costs from the seller: insurance, property taxes, gas, water, electric. What other fees should I verify. Also how should I determine maintenance costs and what sorts of capital expenditures am I looking at over 10 years+ that I need to consider. What documentation should I get from the seller to verify all this? What sorts of cap rates are really good, anything above a 7%? Cap rate doesn't take mortgage payments into consideration right? How much are management costs typically if we get someone else to run it? 

Anyways just looking to make sure I check out everything before buying and any guidance is appreciated. Thanks!

Got a 2 acre lot under contract but according to the seller the land is undivided with a larger 12 acre lot. When I look-up the tax info his name comes up as the owner and it's free and clear. Has anyone ever had an issue like this before? Trying to see where I would start with it, thanks.

We have a buyer who is using a hard-money lender and can only finance part of the transaction while putting down the rest in cash to bring it to the price we're getting the deal for. He's willing to pay more but since he isn't able to get anymore credit from his hard-money lender, I thought we might be able to finance the remainder and put a lien on the property for that remaining amount. This is the Texas market. Has anyone ever done that before? Would the hard-money lender have an issue with us putting a lien on the property for that small amount? Is there any other way to do this?

Thanks!