All Forum Posts by: Brandon Thomas

Thanks for all the advice and input. Trying to  sit down with seller and show them what the property is worth. Although I plan to buy and hold I'm concerned with the future of the next appraisal if I want to sell. Like  Barbara said "you make money in real estate when you purchase." 

It will come down to the sellers sense of pride and sense. Thanks again

@Wes Eaves I'm new to rei other than buying and selling my house. Is it common practice to purchase mfh at 75k over appraisal value? 

I've been searching and grinding and finally got my first fourplex into escrow. Asking price is 375k and today the dreaded appraisal came in at 300k. How do I tell the seller the property is way over priced when they think it's worth 400k?

sorry cash flow is $600 per month. Utilities and misc are $300 per month 

@Ron Averill @Eric Taylor thanks for the reply. With three units paying for the debt service leaving me with the 300 a month in utilities at 5% down, does this sound like a deal worth doing? 

I have been through the grueling awesome process of selling my house to buy apartments. 4 plex $375k 5% down (18750) 2bd 2bath $3250 total income $2350total debt service $300 total utiltes and misc cash flow $600 month. My question to you wise experienced investors. I will owner occupy and the offer at 5% down I will live there rent free but pay $300 a month in utilities. I have enough capital to pay down the debt service to 12% ($45k) so I can live there 100% free. Should I take advantage of the low down opportunity with no rent and hold on to the capital or use the capital to pay down the debt service and raise cash flow?

@wendy noble

Thanks for the input. I guess I'm still learning what the right numbers are.

I'm 30yrs old and have been an electrician for 13 yrs, I currently live a high liability no asset( except house) life style. The current housing market has allowed me to gain $120k equity and I would like to sell and buy a commercial multifamily unit.  I have waken up early, put my boots on and gone to work for too many years. I completly new to this arena and would sincerely appreciate any feed back.

1. Not sure what cap rate is good for a multifamily home in San Bernardino,Ca

2. Is it best to negotiate a price that reflects that desired rate?