All Forum Posts by: Cory Asrilant

Hello.  I am in escrow to purchase a beautiful 3+2 in South Lake Tahoe (in the county so I can still get the permit).  It's in Montgomary Estates.  I'm putting together my P&L, etc.  I'm looking for feedback on occupany.  Those that have vacation rentals in SLT, I'd appreciate your comments.  What is your annual occupancy?  Would also love to hear what your annual revenue is as well (if you're willing to share).  Thanks ahead of time for your help.

Interesting.  Still sounds like the Seller would be out the $80K.  What do you mean by "held in reserve"?  I'm paying $1,025,000 for the property.  Can you spell out your suggestion more?  I'd appreciate it Joel.

Cory

I'm in escrow to purchase my first office building.  It has great cash flow and in amazing shape except one thing.  The elevator is 39 years old.  Typically they last 20-25 years.  The seller is not willing to modernize it.  It would be entirely up to me and I don't have the funds (80K-ish) to do it for at least 5 years or more.  The cash flow on the property is good, but having a major upgrade like that would be tough.  The elevator has been well maintained and is currently working.  Would you buy a 39 year old elevator or would you pass?  I would lose my 1031, but not that much of a big deal.  Thoughts?

Thanks

Hi everyone.  I'm looking for some advice/opinions.  I have $220K in a 1031.  I named a 12 unit multi family (3 four-plexes) and a 15,000 sq foot office building near Reno NV.  I have some experience with multi family, but zero in Office Space.  After all expenses, it appears that the multi family could cash flow between 6-10K a year to start.  The Office Space appears to cashflow between 18K-22K a year to start.  Both are the same asking price of $1M.  The MF is 100% occupied.  The Office is 66% occupied (4 or 6 suites filled) and it still cashflows as above (those 4 tenents have leases through '18 and '19).  If I fill the other two spaces, that gravy on top.  

Office building day one has a 7.5 CAP and 7.3 Cash on Cash return. The MF is 5.5 CAP and 2.5 CoC. I have financing for both. MF is 3 conventional loans 30yr fixed at 4.875. Office is 25year amort with 10 year fixed at 5.875. Both are 25% down.

Both properties appear to be in great shape.  The MF is in a lower income area, but decent.  The office is in a downtown area surrounded by government buildings.  

The cashflow for the Office is so much greater and the potential is so much greater, but so is the risk.  I understand that rents go along with the economy and tenants could be challenging to find in a recession.  Losing one tenant could be a bigger hit in the office building rather than the MF.  

Which would you do?  My thoughts are that the 6K i'd get from the MF is a nice to have, but doesn't make a big impact on my life.  But $20K/year+ could catapult me into the next level of investing to purchase more and larger properties. 

Thoughts? 

Thank you.

Hi Karen.  I'd love to chat.  Can you give me your number or email address?

Dave/John, thank you for being on BP now (working or not), but really appreciated your help.  Dave, to make sure i have this straight...I'm going with the rule of naming 3 properties.  One is an office building, another one is an apartment building and the last one is 3 separate four-plexes all being sold as a bulk sale.  All three have their own parcel number and their own address (but next door to each other).  I'll be doing conventional loans for all three.  So with that, will I satisfy the 3 property identification rule?  Just making sure.  If so, should I put all three address on one line (same street, but different numbers).  Thank you thank you.

Hi there.  I may have just made a big mistake.  I am naming my 3 potential replacement properties now (due Sunday at midnight).  One of the 3 properties is 3 fourplexes in one deal (all from on seller).  They are all being sold as one purchase.  They are all next door to each other, but there are 3 different plots of land each with it's own address.  Can that be counted as one of my 3 replacement potential properties?  It's a holiday and no one from my 1031 company is around to answer.  Thanks for your help.

Cory

Hi Everyone.  Please don't make this into a political debate.  Wanted to get your advice on how a Trump presidency will affect investing in small apartment buildings (up to 12 units).  Would you hold off?  Buy now?  Thoughts?  I'm in a 1031 right now so if I hold off, i'll lose about $100K in taxes.  But I would still walk away with $120K in cash.  Do I take the $120K and save it for a potential recession stock buy?  Or do I spend the full $220K on a property right now.  I'd appreciate your opinion as I know it's pretty much guess work right now.

Thank you so much (and again, please refrain from personal opinions of Trump or Clinton).

Does anyone use the attached site to get detailed numbers on cities you're considering to invest in.  Looks like they have great info (employment, housing stats, population, income, etc all in one place).  Use the tabs on the left to get details.  BUT the info is only good through June 2014.  Does anyone know of a similar site that is more up to date.  I love the amount of info this provides, but concerned about missing 2 years.  

http://www.bestplaces.net/city/california/los_ange...

Hi everyone. Advice needed. Looking to purchase either some SFR or multi family properties, but not sure where. Browsing the internet, every site and every blog has their opinion of the best places to buy and every list is different. How do you select the best cities to invest in? Is there a great resource for current info? Do you have recommendations. Some of the cities that seem to show up on lists are: Grand Rapids MI, Denver CO, all over Florida and Texas. But some lists don't have any of those listed. Thoughts?

Thanks in advance for your help.

Cory