All Forum Posts by: Account Closed

Hey guys, 

I'm looking to buy my first apartment complex and I'm in search of some guidance on what exactly to do first. I found a 34-unit complex in a quality area. I have some basic info on the property such as cap rate, GRM, price per unit, and NOI that I got off the online posting.

I know I need more information like a rent roll, occupancy rates, economic occupancy rates, history of expenses and maintenance. And I definitely know I need to walk the property, probably multiple times. 

But I am unsure of what I should do first?? Do you just call up the listing broker and say "hey I need all this information and I'd like to come see the property" or what?

I'd really appreciate any feedback.

Thanks,

Hey Matt,

Let me start off by saying I'm not an expert on this matter and I'm kind of surprised that no one has replied yet. I just recently purchased a property in the same area so here is my 2 cents on the matter....

The new tax rate should be recalculated at the newly assessed value of ~$250k and any tax bills from the time you closed escrow on the initial purchase until the close of escrow on the final sale would be your responsibility. Anything from December 2016 on would be the responsibility of the new home owner. I would check your tax bill to verify what period of time the $1000 increase reflects. I know when I purchased my property, the old owners paid a prorated tax bill for their time of occupancy during that calendar year (2016). I'm almost positive that this amount was paid at the close of escrow.

Again, I'm no mortgage broker or escrow officer, I'm just speaking from my recent experience. I would suggest checking the start/end dates of your supplemental tax bill and if it is still unclear I'd contact the escrow company and ask them to explain it thoroughly.

 Hope this helps!

-Chris

@Steven Leigh and @Darrin Carey Thanks for your inputs guys. I will keep in touch!

Hello everyone,

A little background: I am originally from the Dayton area but have been living in Southern California for the past couple years. I live in the outskirts of LA county where prices aren't astronomical ($160/sqft). In the near future, I plan to come back to the Dayton area for work. 

My goal is to find a primary residence in a quality area that I can essentially rehab to my liking and live in. So I am seeking advice on what areas/cities to focus my search on. Also, any connections with agents, contractors, wholesalers, etc. would be very valuable to me as I wish to continue my real estate investing career once settled in Ohio. Ideally, I am looking for a C or D home (foreclosed is perfectly fine) in a A or B neighborhood. 

Please feel free to comment, any and all input is much appreciated!

Thanks,

-Chris

Hey everyone,

I am looking for someone in the Palmdale, Lancaster or Rosamond CA area to recommend a quality landscaper. I currently have a landscaper that services my property bi-weekly for $50/month. I don't mind the price/frequency but the communication is subpar. Ideally, I am looking for someone that is very knowledgeable about drought landscaping, irrigation, etc. and wouldn't spend the time explaining things to me.

Thanks for your time.

-Chris

Hey Brad,

Welcome to BP and congrats on closing your property in Rosamond.

I have a gentleman I just worked with for my property in Palmdale CA. I would categorize him more as a handyman than a contractor because I believe he is currently working on getting licensed as a GC. However, he did really great flooring and painting work for me. For the electrical work, even though it may be minimal, I would hire a licensed electrician.

Shoot me a PM if you're interested and I'll be glad to pass his info along.  

-Chris

@Daniel Cuevas I can't speak from personal experience but I know several close friends in the AV who are on both sides of the room renting equation. One owns a 4 bed 2 bath home in East Lancaster and rents out 3 of his rooms for between $300-500/month per room. I'm sorry I don't have exact prices. The other is currently renting a room in a large 5 bedroom house in West Palmdale for roughly $400/month.

I definitely think there is a market for people who are just looking to rent a room. Most of these people will come from one of two demographics: (1) young professionals who work in the aerospace industry (Edwards AFB, Northrop Grumman, Lockheed Martin, Boeing) or the medical industry (2) students who attend AV College.

That's just my 2 cents thought.

Let me know if you have any questions, I'd be glad to help!

I'm looking to connect with any real estate agents, brokers, investors, or landlords in the Athens, Ohio (Ohio University) area. I am a alumni of the school and since moved to southern California. As you could probably image, the prices out here are astronomically higher than back in Southeast Ohio. For that reason, I am looking to invest in college towns like Athens where the rent-to-buy ratio makes more sense.

I would also appreciate any suggestions from experienced investors in the area. I should also mention that I am from the Dayton, OH area and am open to investment opportunities around universities in that area as well. (Wright State, Univ Dayton, Univ Cincinnati)

Please feel free to connect and/or message me if you would like to speak further.

Thanks,

Chris

Hi guys,

I want to begin my marketing campaign because I am located in southern California and the market is pretty competitive out here. I have already contacted a title company in my area and obtained a pretty extensive list of people with both positive and negative equity in their homes. Obviously, I will try to target motivated sellers over a period of months. 

What I am struggling with now is WHAT DO I PUT ON MY POSTCARDS???

Any examples, or suggestions would be greatly appreciated!

Thanks,

Chris

I am looking at this property as a buy and hold. Description below, tell me what you think.

Single Family Residence:

Location: Lancaster, CA near Ave. K and 25th West

3BD/2.75BA

1120 sq. ft.

Built 1986

Price $200k

Let me know if there are any other details that would be useful, I tried to upload a pdf and couldn't figure it out. Is this doable?

Thanks,

Chris