All Forum Posts by: Adrian Tilley

Hi,

I have a lead on a 28 unit motel near Denver Colorado (actually in Commerce City).  It's in rough shape, but the owner states that the units stay rented.  They are about half 1/1 and half studio, all with kitchenettes.  Apparently the studios rent for 800/month, and the 1/1's for 850/month, or they rent for 220/week.  Apparently most of the tenants have been there for years.  I've never heard of this model.

I have an asking price from the owner, but I have no idea how to evaluate.  Does anyone have any knowledge in this area, or if you're local, does anyone have a connection who may be interested in partnering on or purchasing this deal?  If I can make it work, I would be happy to just flip this property.

thank you,

Adrian

I actually just did a similar thing on a rental I have. I used a HELOC from my house to buy it, then since it's free and clear, I took out a HELOC on the rental to fund future investments. No problems from the bank, it's a local community bank - they've been great.

 Based on the questions you're asking, you need to consult with a CPA before you do your taxes.  You don't want to mess that up.

I'm not worried.  I don't have much at stake, because I'm not involved in the MJ business, but there are so many states where it is legal both medically and (in growing number) recreationally, not only would there be a revolt if the feds started cracking down, but I don't think they have the money to do it.  As potus would say "we'll see."

Hey everyone,

Sorry to dredge up an old thread, but I'm about to start mailing a small multifamily list (the properties are small, 2-30 units, not the list).  Has anyone used the postcards mentioned in this thread and had any luck?  Better luck with another method?  How often are you mailing?  Response rate?  Thanks!

@Eric S. it really depends on where you want to live.  There are neighborhoods in  that price range all over, but they can be more than an hour from each other, so you might want to rent first until you figure out where you will work, then find a house near there.  I'm not sure you can see it on the public mls, but on the real estate agent version, you can search for income properties, and that is where a lot of the multi-family properties land.  Feel free to reach out if you need help.

@Brian Adams Looking forward to hearing all the juicy details after the property closes.

@Rob Wilson

Hi Rob,

Sorry to dredge up an old thread, not even sure you're still active here, but I'm starting to mail multifamily properties in my area.  For you or anyone else who has experience, how often and how many times did you mail?  I'm starting with mailers to 2-10 unit properties that haven't sold since 2000.  Any other criteria I should use to filter out?  

I'm excluding any properties where it's hard to find a good address and contact due to complicated LLLP/LLC type business structures. I figure if someone went to the trouble of setting it up, getting a paid registered agent, etc, they may be less open to selling off market.

Thanks!

@Anastasia Jordan pretty sure you don't pay insurance when you get a tax lien and don't need a security system.  Even if you did, $5,000 lien plus all costs for 8 years is still pretty good to get a $165,000 free and clear property.  I'll take that deal any time.

@Simon Stahl your lists need work.  "Pretty much everyone in a certain area" is not a targeted list and getting a deal from that would be pure luck.  There are lots of posts on BP regarding what lists to target.  The harder the list is to get, the better it is, on average.