All Forum Posts by: Brent M.

@Jackelyn Gonzalez just checked out your website.   Looks great.  Hoping for a local bank to only require 25% down.  If they need 30%, I might have to give you a call!

@Jackelyn Gonzalez it's in Atlantic Beach outside of Jacksonville.  I'm finding 5-7 caps on similar properties, I believe the seller is looking for a quick close.  The tenants are on annual leases and a fairly even distribution between 1st, 2nd and 3rd year tenants.  Made the offer today.  Fingers crossed.

Seven fourplexes (28 units) near the beach in Florida.  Seller has provided 3 years of tax returns and all related documents for expenses.  Appears to be very stable property, decent condition, in a B/B+ area.

Price- $1,750,000

Gross Rents- $220,000

NOI- $185,000 (Seller shows 16% expenses on taxes for past two years- his expenses are tax, insurance, maint)

After i put in Capex, Mgmt, Vacancy, and repair allocation my NOI is $151,000. I will of course be checking to find out about any major repairs due or major expenses in the near future. There's not a lot of room for value add, but I want this to be a solid base to build off of once I move to the area.

I think I'd feel comfortable acquiring for $1,677,000 or lower with 20% down.  Would appreciate any feedback- thanks!!

I'd look next door in Benicia. Lots of Oakland transplants in Vallejo.

Eugene Kemp thank you sir. Following the apartment acquisitions, I'd love to chase some deals at the beach! Robert Hetsler definitely! Confirm you received my voicemail last week? If not, let me know.

Thought I would post this to make it official and "hold my feet to the fire" or some other applicable cliche. I'm in the process of selling and 1031ing 350k of equity from another state and buying multi family in Jacksonville. Finding nice stuff with cap rates of 6 that I feel are speculative at this stage of the cycle, but feel comfortable buying higher cap in lesser neighborhoods, except the northwest. I love single story CBS type places. My goal is to acquire 1.5 million in RE that grosses 200k annually. I'm finding deals that may allow this in 32210 and 32211, but the acquisition process in onerous. Wish me luck!!

I've been allowing pets in my properties for over 10 years!  Love them and I think allowing them gives me a competitive advantage in the market.  Might aid tenant longevity too, but I haven't really seen that occurring...

Caveat being that I own B+ places and rent to pretty decent ppl.  I don't allow pits or any variant of, for the same reason I don't take bad credit- statistically more likely to be problematic.

Cheers to Will.  I believe I'd have done something illegal, but justified, long ago.  I'm in awe.

I'm an SFR buy and hold guy with most of my portfolio in Vegas. This year I'm selling 3 and keeping the remaining 5. It's been a nice run these past few years, but I feel like we're getting frothy. My last buyer put 3% down and had a 648 FICO.... shades of 2006. I survived the downturn without a bankruptcy or foreclosure, but I never want to experience THAT again.

Mssg'd you both.  Thanks Gents!