All Forum Posts by: Darius Howell

@Brian Gerlach you gave me really great advice that I will be able to take with me for the rest of my journey in real estate I appreciate your time and advice sir. I apologize for the ridiculously late response.

@Bjorn Ahlblad it appears that I may be heading in that direction if we cant come to terms or price point within the month and just stay in touched with him monthly to follow up. I appreciate your advice for sure thanks man.

@Ellis Hammond I really appreciate your interested and advice. I will send you a PM and we can definitely talk.

@Luke Sass great advice give till tomorrow and I will have the answers to the "biggest challenge you face? To know find out his why. " And update you. I do know he owns it outright and tenants pay for utilities. His expenses are insurance-$3600, taxes-$4000, garbage-$1200, water $-6000. (Per year) Obviously this isn't including the repairs that need to be addressed to the property within the next 60 months which we calculated around $100k in order to get rent premium for them. The units mix is a 6 unit townhome and a 4 unit townhome right beside each other. I believe there on month to month lease but I need to double check before I guarantee that. It was built in 1973.

Hi everyone, quick question. I have a seller that believe his property apartment complex in gastonia NC is worth around $400k because "my wife works at the bank and she deals with multi million dollar company everyday." Which doesn't mean anything but I digress. However he think the 6%-7% cap rate is reasonable even though that particular property need a good bit of updating in cosmetic. Also in downtown Charlotte that's the return your looking at is 8% or a little lower for class A type neighborhood and property with all the amenities most luxury apartments/complexs gastonia especially not in the area and condition these units are in.

He gross is around $56-57k per year. The NOI is $35k per year. He only has rent roll and no Trailing 12. Now the only thing I know to do is to let time go by and let him think about it instead of insulting him or ridiculing him to see my point of view and how the cap rate is off 7-8 percent at least for me to buy it. I have sent it many investor in the area which majority has given the same feedback. The location of the property isn't in the best part of town which mean you can't increase rent to market rent at least for 2-3 years.

All10 units are rented out. However the property currently have 2 tenants pay $500, 4 tenants pay $475, and last 4 teants pay $450. Even after completely fixing them up; the highest they can rent out for is $650-$700. Which Avg rent in a 2 miles radius for a 2/1.5 is $800. Any advice on how to approach the seller from here when he isnt flexible on price nor terms.

Hi everyone,

I closed on my first rental property today. Looking forward to building my portfolio but right now I wanted to know is there anything I need to know about how to screen prospect tenants. Any advice would help.

@Lou Gonzales The seller never said how they did but she did say that she had been in financial distress and need some kind of help.

@Tom Gimer Also does the property doesnt have a mortgage on it figuer I forgot to mention that

@Tom Gimer Thanks man for your advice. Also one more question for you would be I'm getting it for $500 dollars as a "quitclaim" deed. So can I talk to the state liens also the biggest problem is the credit card lien which half of the total lien by it self. Can I negotiate with them?

@Nicholas Covington I appreciate your advice my man! It doesn't fall on deaf ears!!