All Forum Posts by: Dan O'Neill

Thanks.  I came to that conclusion very quickly after seeing the numbers.  I was just wondering if this is typical.  Doesn't seem to be any downside for a seller to greatly inflate price.  Anyone who runs the numbers will make an appropriate offer anyways and they may get lucky and find someone willing to pay too much.  The gross rent numbers came from 4 years of tax forms the agent shared on the property so I guess they are accurate.

Hi,

Looking for some feedback. There is a 8 unit property in my area. The list price is 723k and the agent has stated that 80k is considered the value of vacant land which is being sold with the buildings. If I take out the 80k and only consider the income producing portion, we have 643k. She has stated it is a 10 cap. However, when I look at the financial info she provided, none of the gross rents for the past 4 years even reach the 64.3k let alone the NOI's. Unless I am missing something, it seems like this property is way overpriced. Is overpricing to this degree customary in the commercial space?

You could post the source of this.

@Randall Burris You're also from TC or Colorado?  If CO, how are you wholesaling in TC?

@Jim Clous It's good to find someone else from TC.  What are you looking to get back into?

@Jeff Winslow

I just found this thread.  How did the reo work (or not work) for you?

@Joakim Esaiasson I am also in the TC area, Lake Ann specifically.  The NMREIA has a regular meet, the most recent was June 7.  I wasn't able to go due to other commitments but I want to make it to one.  Their treasurer is also a member here, Chris Christensen.

This is helpful.  I also built a list with list source with equity 41-100% for a 5 county area and got like 177 results.  It doesn't seem like a realistic count.

@Jacob Pereira I agree.  Even if the bargains are not abundant, I will find some.

You're not alone.  I am in NW Michigan, also looking for small MF, 2-4 units.  There are few and the rents don't seem to justify the prices without a massive down payment.