All Forum Posts by: Carlos Gutierrez

Hi, 

Here's the info on the units:

20 units total-comprised of the following:

2- triplexes

1-6 plex

1-8 plex

All on the same street right next to each other.

Here's the financials:

Sales price- $750,000

Renovation estimate- $80,000

ARV- $1,000,000-$1,100,000

The 8 plex needs a total rehab, roof, paint, carpet, AC, WH.

The other 12 units are rented bringing in $700 a month, which is below market.

Market rent for a 2 bed 1 bath is $750-$825.

Thank You,

Carlos Gutierrez,

CG4 Properties llc

Direct-703-307-0127

Hi,

I'm looking for a commercial appraiser to conduct an appraisal on unique set of properties. Total of 20 units compromised of the following:

2 triplexes

1-6plex

1-8 plex.

@Account Closed sounds good I appreciate the honest feed aback and the honesty.

Please send me the info to your lender. Again thank you

@Jennifer T.  Yes it is 60% occupied. I agree with in regards to the cap rate, that's my pitch to investors and also the ability to raise rents after rehab and having a low available inventory for rentals. It's also close to an area that's bringing in 4-5K jobs in the next 2 years. In my opinion the triplexes are worth $150,000-175,000 each. There's 1comp next door that just sold for that. The 6-plex is worth 300,000-$350,000. And the 8plex is worth 400,000-$450,000 once rehabbed and rented. That's a total of $1M-$1.1m I will refi at that point and pay all investors back.

I want to keep this as a cash flowing property because of the how close it is to my home and the long term appreciation possibility.

2banks have told me 25% down. I'm trying to do 20% down and $80,000 for rehab.

My first way for the funds is investors with a 10% ROI annually plus 5-10% equity. 2nd my own funds or 3rd a partner.

@Account Closed

Yes 1 owner, and I have a contract to purchase for all 20 units.

Yes occupancy rate, sorry I'm on a cell phone.

C to C+ area, cap rate usually 10% cap rate. 

MF are trading at or around $45k-50k a door. This area of Summerville SC is very low on available rentals under $1,000.

Thank you for your input.

Hi Guys,

Can we just put an end to this back and forth. 

I'm not wholesaling anything. I have this property under contract and I'm going to close it.

Never did I Say "wholesale deal" for sale!

I'm just trying to get a conversation started and relationships built!

@Robbie Reutzel exactly my thoughts. I'm trying to pick the BP brain, not trying to sell anything. 

Hi guys,

Definitely not trying to offend anyone or try and wholesale any deals. 

Here are the specifics;

Contract price:$750,000

Rehab cost-$80,000-$90,000 for all 8 units. 10K/door.

Rents: all 2 bed 1bath. $700 each 12 out of 20 occupied.

Expenses: nothing by the previous owner. 81 years old and didn't keep barely anything. So I'm using the 40-45% rule of thumb. They are going to be less than that since it's seperatedly metered and no common areas. The only expenses on the owner are:water,sewer,debt,taxes,insurance,maintenance and vacancy rate, loss to lease. Etc. (I'll be self managing and doing most of the small maintenance).

I know what to look for in inspections, just trying to start a dialogue with folks on here so I left it pretty basic and open ended.

Rents are below avg for the area, since I'm a local realtor and work with other investors. 

Proforma rents are $725-$800 for 2 bed 1bath. TH style APTS.

Vacancy rate in the local area is 92-95% with small inventory under $1,000 

Let me know if you have any other questions.

Hi BP,

I have a very interesting deal under contract and I wanted to get your feedback on somethings.

These 20 units are compromised of 4 different tax parcels, 6plex, 8plex, and 2triplexes all on the same street.

1. Is there a lender or private investor that would do a blanket type loan on all 20 units?

2. What type of equity or ROI should I offer investors?

3. The 8plex needs a full rehab, should I try and raised that capital as well as the down payment?

4. I have a 60 day due diligence period what type of things should I look for? 

5. What are some ideas to add to the units while renovating them to attract higher rents?

I know this is a lot of questions, you can answer 1 or all 5 or PM and we can talk about some details,investors, etc.

Thanks again BP, it's a great community and a wealth of knowledge!

Hi,

I'm looking for an investor friendly Realtor in the Savanah GA area. Preferably dealing with Fix and Flip investors.

I'm looking into the Rincon, effingham county area.

Please send me your personal referrals.

I'm an investor in the Charleston SC area looking for properties in the GA area.