All Forum Posts by: Blake Boyles

@Tammy Mitchell Welcome to the BP community! We're glad to have you. I am also in the Longview area. I look forward to connecting with you in the future. My wife and I have goals of apartment syndication deals. There aren't many or any actual "deals" in this area that I've ran across so far. Maybe I'm not looking in the right place. We need an investor friendly agent on our team! Let me know if you have some info that would benefit us and we'll do the same.

@Account Closed Thanks for that! I will do research on the CCR's you mentioned. Very good value in your post and I will take it all in and apply it going forward.

@Ralph R. See, I have always been told and heard on podcasts here and elsewhere that sales comps are not applicable to multifamily since they are commercial. Maybe I misheard and they were actually referring to large multi families. I do see where you're coming from regarding the definite yes or no answer. There are a lot of different opinions and points of view here. Just trying to gather the best information and put to use the ones that I believe will be the most beneficial for my business moving forward. Your input is greatly appreciated! 

@Account Closed Okay. How would you run the numbers on this property to decide if it's a good deal or not? Just based off the numbers I've provided previously. I'm genuinely curious. I thought cap rate was an important point to factor into the equation here, but after reading your #3, I believe I need to reevaluate my knowledge of cap rate and analyzing multi families. So I'd like to sit back and let you take the floor here, to help me and maybe a couple others learn as well. Would you mind sharing your preferred analysis with me please sir? Thanks in advance!

@Brent Chauvin I see now! That makes perfect sense. Okay, and a 10% cap rate is the industry standard or at least a good rule of thumb to stay at? I seen someone earlier mention a 5% cap. 

@Brian Ragsdale Yes sir, divorces are tough. Maybe she is in a position of distress and just a mess right now. I have a friend going through a divorce at the moment and he was going to try to sell his house, but his attorney told him not to do that. I don't know what's different with this seller, but I will just wait it out. If the deal gets better, great. It really is a nice looking property in a  nice area, but I will wait on a better price. 

Asking who done the repairs is a fantastic question! I never thought about that before, but I will ask that from now on. That will give me sort of an insider glance at what is really going on, from someone other than the person profiting off of the deal. Great idea! Definitely learned a lot here over the past couple of days. Again, thanks everyone! 

I have a SFR that I received a call about yesterday from my marketing and will make a forum post on it later today, looking to get some more advice from the residential side of things.

@Brent Coombs Thanks! I am definitely learning a lot! I won't move forward with the deal. I will let the seller know that we are just too far apart, but if anything changes price-wise, let me know. I appreciate your help, Brent. She did send me an appraisal report from one of the properties from 2013 appraising it at 80K, but who knows what's happened since then..

@Seth Yankee I'm not sure. Depends on the type of landlord she is I guess. Like @Matt Hummer said, she can't even spell capitalization correctly so wouldn't surprise me! I joke, but seriously it probably is closer to $10-12K/yr. That's my guess anyway. 

The seller sent me this regarding the cap rate and other numbers: 

@Brent Chauvin Thanks for your help! I believe I have decided not to move forward with the deal from all of the opinions I received here of it being a bad deal. Do you mind sharing with me exactly how you got to those numbers? 

@Johnny Kang Thanks for that info! I will PM you regarding the spreadsheet. I would like to create my own. I hear that it helps a lot of people understand their numbers better. Only issue right now is...I have no idea how to make a spreadsheet that will calculate all of that at once haha! I'm learning though. I have Excel so I'll go look for a post on how to create one. I'll also take into account everything else you said and recommended. Wish you lived closer to Longview, TX so we could meet in person!  

@John P. The property taxes are about $3,900/yr.