All Forum Posts by: Blake Boyles

@Shawn Coverdell Why do you say it's a bad deal? I'm genuinely curious! This is why I wanted to get multiple opinions. It's a lot of money to spend and if I don't buy right, it's a lot of money to lose..

@Johnny Kang I will definitely keep at it! I have been doing research, listening to podcasts, reading books and forum/blog posts for months and I have finally decided that I just need to jump in and do it. Just do something to get my feet wet. This was the first property I ran across and I'm just trying to figure out what to look at to decide if it's a good deal or not. I know multifamily properties have numerous points that can make or break a deal, I'm just looking to find out what exactly I need to look at when analyzing these properties. 

Does anyone have a spreadsheet or tools/resources that would help me analyze multifamily properties? Even a specific post that you would recommend. Just anything that will give me a good idea of exactly what kind of numbers I need to look at and what info I should obtain from the seller to tell whether it's a good deal or not. 

@Brent Coombs Lol sorry buddy, it was supposed to post! Try this: http://www.loopnet.comhttp://www.loopnet.com/Listi...

If that doesn't work, just go to LoopNet.com and search for Multifamily in Longview, Texas. Address of property is 3735 Kriss Drive. 

@Brent Coombs Sorry, here is the correct link: LoopNet Listing

I am awaiting her response regarding 4/14ths or clear title now, but I believe since the CAD shows appraisals for each unit (#14, 15, 16, 17, etc..) that there will be seperate title for all units. 

This property does not have an HOA.

I don't have any agent friends to pull comps for me at the moment, but I am actively searching for one who is an agent and investor. 

She did reply regarding the repairs, she said," I'm taking care of any work orders that tenants request as they come in and will continue to until they close. Theres nothing huge needed. The outside trim needs to painted soon but isn't bad. Roofs are good. no leaks.

I just had #14 come open so I'm going through it again and replaced the outdoor storage room doors. It needs some fence work. I've got tenants for it at the $750.

#15 is happy as far as i know. I had the AC serviced and a fan motor on the outside unit had a loose wire. Its fine now but also has an older fence that needs some wk.

#16 is happy. She had a slow drain. Theres a tree in back I've been wanting to get trimmed back. It's fine.

#17 was just gone through and a fresh make ready done this month. Its fine too. The parking lot is concrete so its been no problem." 

@Johnny Kang This is my first ever deal. Actually, the first deal I have done an "in depth" analysis on. I am still learning the process of analyzing deals, hence this post. Maybe I am relying too much on the seller. I don't know what's too much and not enough. That's why I am coming here to hopefully get some help. 

And sure, walking through dozens of properties will help me with estimating repair costs and whatnot, but that takes time. At the moment, I'm relying on you guys' help while I'm getting more experience. 

Also, thanks guys. I really do appreciate you working with me, I know it's a hassle and headache working with a newbie! 

@Brent Coombs Sorry, I guess it would have made sense to post the numbers with the post lol! 

Asking price: $273,000

4 units, all 2 bed 1 1/2 bath - rent for $750/month according to seller

Expenses: $6,000/yr

I have recently asked if there are any repairs needed, have not heard back from her yet. From the pictures I've seen, it doesn't look like it needs any repairs. I will post the link to the property listing on LoopNet. 

I would put it at a B+/A- neighborhood (not sure how to calculate that, but there are really nice houses at $1M+ within 2 miles). 

Also currently awaiting the comps from the seller. 

She is selling due to a divorce, so she may be motivated. She says there are 14 total units on the property and she wants to keep all but 4 to avoid capital gains tax. 

Property Listing on LoopNet

I have a 4 unit deal that I am currently analyzing. From what the seller has told me and provided me with, it seems to be a good deal. I've used the BP calculator but it doesn't pencil out all of the units the way I want it to. If anyone is willing to take a look at the info I have, please contact me! Thanks in advance! 

We are looking for a recommended, KNOWLEDGEABLE real estate attorney to do deals with locally. The couple I have talked to seemed very uneducated on real estate investing in general. I just decided to see who is recommended rather than calling and wasting time with all of them. All replies are greatly appreciated!

@Sachin Acharya Thanks buddy! 

@Mark Nolan Glad to be here!

@Darlena Jones I was made aware there is a REIA group in Lindale, which is about 45 minutes down the road. I am going to join this one and see where it leads. I appreciate your comment. If I ever do need to start one, I'll know exactly where to start! Thanks!

@Lennie Holland Thanks! I guess my response to Darlena's comment can address yours too. I appreciate both of you taking the time to help me! 

@Andrew Baker Thanks brother! I joined meetup and am definitely going to attend the January 10th meeting! If you don't mind me asking, have you met any investors that are willing to mentor you in the right direction or even sponsor any of your deals in this association? Thanks! 

Hello BP nation! My wife and I are new to BP, as well as the real estate industry as a whole. We've been doing research and reading books, blogs, forums and talking to real estate professionals for a couple of months now and we feel ready to dive in head first! We don't currently own a home. I am driving for dollars to find deals and then once I do, I plan on finding the funds to invest. One of my biggest questions is where should I begin looking for private money investors that would help fund my deals?? We don't have a local real estate club here in Longview, Texas yet so there isn't much I can do in the form of networking at events.

Once we figure this out and have a solid foundation to grow our business on, we will take it by the horns and make the absolute best we can out of it! We are very motivated individuals and even more so as a team. My goal is to be able to quit my job in 2 months and live strictly off of real estate profits. 6 months from now, I would like to have our own storefront business and be a big enough investor that we're comparable to other real estate companies in our area. By this time, I would like to be doing at least 5-10 deals per month.

Any and all comments are greatly appreciated and will be put to great use!