All Forum Posts by: Eugene Mar

I'm thinking of investing into Cleveland.  Currently in other markets.  Will the seller carry?

Hi Bob,

That is a very detailed outline and I like the terms.  Do you lend to foreign nationals or only US citizens.

Hi 

Please send me more info.  Do you have a OM?

Hi Chris,

Good to hear from you.  It's in Raytown.

I am in contract to purchase a small multi family building in Missouri but my original lender backed out saying the loan is too small. Purchase price is $775,000. I am looking for a 75% LTV. The building is solid and I have a plan to value add by building additional units.

I have about 20 turnkey properties in West Side neighborhoods.  All homes are professionally managed.  Tenants have been prescreened, property taxes have been appealed and repairs have been made.

Rents and home prices will vary but if you are interested please contact me and I can give details.  I have had these homes for about 2-3 years.

Thanks Wayne!

Yes, you are correct about the depreciation which is very important. The building I am purchasing is in Missouri so I can definitely use the depreciation expense.

I think that alone is worth not purchasing the LLC.

Hi Sara,

I invest in KC myself but am looking to divest from SFH. Investing in SFH is very time intensive and you need to think about how to keep it running. If you are buying just one property is it going to be worth your while and the management companies time? Secondly, having a portfolio of homes is just as time consuming. You will have maintenance issues, late payments, Section 8 inspections, taxes, and if your properties are vacant the city will make sure you comply with grass cutting, etc and bill you for it.

Property management is one of the most important items on your list.  Find a professional company and don't use a realtor/PM.  They are too scattered brain to focus on management issues.

Not to rain on your parade but these are the facts.  This is one reason I am buying multi family buidlings instead.  One roof, one headache.

Hi,

Wondering if someone has some good insight to this.  I am thinking of purchasing a large apartment complex that has been owned and operated by the same family for over 30 years.  The properties have no mortgages.  

Initially I was going to use my company to buy the buildings but now I am thinking if there is an advantage to buying the shares of their company instead.  With over 30+ years I am sure the company will have good credit history.  Perhaps I can use that to my advantage on my next acquistion.  Of course, I will need to make sure that they are current on taxes and there are no liens or judgements.

Any comments will be appreciated.

Detroit is a market that when handled properly it will provide good returns.  I have been in this market for over 3 years and have over 60 SFHs.  It is VITAL that you have people you can trust on the ground.  Especially if you are out of state.  Never take anything for face value as I have been burned several times from property managers.  Spend a few hundred dollars and do background checks.

Or go with professionals who are real property managers.  I have done flips, high end, low end, buy and hold, you name it and I've done it.  Use trades that are certified and follow up on their work.  Get a 3rd party to verify.  Again, trust no one.

I've had real estate agents pull fast ones on me.  They send photos of other homes representing the one I want to buy.  

There is a lot to navigate when investing in Detroit.  A small oversight will cost you.

I'll be happy to carry on but I don't want to start rambling.