All Forum Posts by: Austin James

@Gino Barbaro an intro would be great! Thank you Gino 

I should add that they are interested in all of the future deals as well, not just one. 

Hello! A partner and I who buy multifamily properties together, have a few investors who want in on what we’re doing. I want to pay them a preferred rate of return on their money without giving up equity in the deal. 

How do I go about setting this up? What documents do I need drafted, & is there a website that will work for this purpose so that I don’t need an attorney to draft these? It will be a simple structure and our investors are friends. What are some examples of how this should be structured? What kind of return should we even offer?

thanks in advance, BP!

I need to get a new insurance policy on a 16 unit building in Morgantown WV. It’s a subject to transaction so mortgage is staying in sellers name

@Gino Barbaro 

Thanks for the comment Gino! I have this 47 unit under contract. The property is extremely mismanaged and the tenants are quite undesirable.

12 of the units are affordable housing tenants and 5 of them are on a master lease with this company who lets the homeless community use the units. (The shopping carts outside are a sight to behold.)

The dilemma i face now is that I can’t decide if it makes more sense to embrace the c class identity this property gives the impression of, or put a lot more into the renovation, get better quality tenants and convert it to the B class property that the building (and the area) should/could be. I own a construction company within range of the property that can handle the project.

90% occupied, the yearly rental income is around 460k with 336k NOI. Located in Morgantown WV

I’d love your feedback

I have 63 units under contract for 4.2M. The property is extremely mismanaged and the tenants are quite undesirable.

20 of the units are affordable housing tenants and 5 of them are on a master lease with this company who lets the homeless community use the units. (The shopping carts outside are a sight to behold.) 

The dilemma i have is that I can’t decide if it makes more sense to embrace the c class identity this property gives the impression of, or put a lot more into the renovation, get better quality tenants and convert it to the B class property that the building (and the area) should/could be. 

90% occupied, the yearly rental income is around 600k with 420k NOI.

Thanks in advance for any feedback 

What are some good things to be looking for and thinking about for a prospective buyer who is walking the grounds of a 47 unit building?

I have a pretty good idea, just hoped to snag a tip from a more experienced operator that may save me a headache.

95% occupied 

Purchase price is 3M

Rehab costs unknown at this time but likely around 150k

I have no experience with projects of this size. However I have done residential real estate deals in 13 states using various exit strategies and my main advantage for this project is that I own a GC company within range of the property with experience handling large scale projects. I have been working and educating myself for many years toward this type of project 

Want to buy and hold and fix up. Lender gave me these terms. Should I try to get them to extend term to 24 months and drop the origination fee to 1%? I have no experience in commercial loans. Thanks in advance!